TIDMPTAL
RNS Number : 1119K
PetroTal Corp.
30 December 2020
PetroTal Completes First Oil Export Sale through Brazilian
Terminal
Initial shipment of 106,000 barrels of oil into Brazil for
export to the Atlantic region
Calgary, AB and Houston, TX - December 30, 2020-PetroTal Corp.
("PetroTal" or the "Company") (TSX--V: TAL and AIM: PTAL) is
pleased to announce the first export of Bretana oil into the
Atlantic region through Brazil. This provides PetroTal with an
additional option to monetize oil sales, beyond the Company's
existing important sales arrangements with Petroperu using the
Northern Oil Pipeline ("ONP"), and to the Iquitos refinery. This
will facilitate future oil production growth when the Company
continues development of the Bretana oil field, targeting to reach
20,000 barrels of oil per day in Q1 2022.
This initial shipment of 106,000 barrels was arranged between
PetroTal and Novum Energy Trading, a British Virgin Islands
registered Corporation ("Novum"), to establish the viability of
Bretana oil exports using the Amazon river through Brazil. In early
December 2020, a convoy of barges were loaded at Bretana and have
now reached the terminal area near Manaus, Brazil for transfer into
a tanker that will deliver the oil to the Atlantic region.
The sale was completed FOB at the Bretana field, where the oil
was loaded onto the barges, with the invoice based on the February
2021 ICE Brent oil price forecast, net of transportation costs and
export-related fees associated with the Brazilian - Atlantic coast
route. The net proceeds of US$2.7 million have been received and
are not subject to any further price adjustments when this oil is
sold to the end user by Novum.
Based on the success of this initial export shipment, PetroTal
and Novum have signed a letter of intent to establish long term
sales through Brazil to complement the Company's existing sales
arrangements with Petroperu's ONP and the Iquitos refinery. Future
export cargos through Brazil are expected to be at least 200,000
barrels and, with the volume efficiencies expected, will result in
a higher netback per barrel for PetroTal.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive
Officer, commented:
"We are pleased that all parties worked seamlessly together to
manage the logistics associated with this pilot shipment. This
represents a milestone achievement for PetroTal, since having the
ability to manage oil sales to both the Pacific and Atlantic coasts
provides for maximum flexibility and pricing. The ONP will continue
to play an important role in the Company's ongoing growth."
ABOUT PETROTAL
PetroTal is a publicly--traded, dual--quoted (TSXV: TAL and AIM:
PTAL) oil and gas development and production company domiciled in
Calgary, Alberta, focused on the development of oil assets in Peru.
PetroTal's flagship asset is its 100% working interest in Bretana
oil field in Peru's Block 95 where oil production was initiated in
June 2018, and in early 2020 became the second largest crude oil
producer in Peru. Additionally, the Company has large exploration
prospects and is engaged in finding a partner to drill the Osheki
prospect in Block 107. The Company's management team has
significant experience in developing and exploring for oil in
Northern Peru and is led by a Board of Directors that is focused on
safely and cost effectively developing the Bretana oil field.
For further information, please see the Company's website at
www.petrotal-corp.com , the Company's filed documents at
www.sedar.com , or contact:
Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101
Manuel Pablo Zuniga-Pflucker
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643
Strand Hanson Limited (Nominated & Financial Adviser)
James Spinney / Ritchie Balmer
T: 44 (0) 207 409 3494
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Auctus Advisors LLP (Joint Broker)
Jonathan Wright / Rupert Holdsworth Hunt / Harry Baker
T: +44 (0) 7711 627449
READER ADVISORIES
FORWARD--LOOKING STATEMENTS: This press release contains certain
statements that may be deemed to be forward--looking statements.
Such statements relate to possible future events, including, but
not limited to, the members of the board of directors of the
Company and the termination of the Relationship Agreement. All
statements other than statements of historical fact may be
forward--looking statements. Forward-- looking statements are
often, but not always, identified by the use of words such as
"anticipate", "believe", "expect", "plan", "estimate", "potential",
"will", "should", "continue", "may", "objective" and similar
expressions. The forward--looking statements are based on certain
key expectations and assumptions made by the Company. Although the
Company believes that the expectations and assumptions on which the
forward--looking statements are based are reasonable, undue
reliance should not be placed on the forward--looking statements
because the Company can give no assurance that they will prove to
be correct. Since forward--looking statements address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and
risks.
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