TIDMPTAL
RNS Number : 3672L
PetroTal Corp.
12 January 2021
PetroTal announces contemplated $100 million Bond Issue and
Operations Update
Funds anticipated to be primarily invested to expand development
of the Bretana oil field and prepay 100% of Petroperu's
restructured debt
NOT FOR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY
WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES
LAW
Calgary, AB and Houston, TX - January 12, 2021 - PetroTal Corp.
("PetroTal" or the "Company") (TSX--V: TAL and AIM: PTAL) is
pleased to announce that it has mandated Pareto Securities AS to
arrange a series of fixed income investor virtual meetings
commencing January 14, 2021.
Subject to, inter alia, market conditions, a new USD 100 million
senior secured three year bond issue (the "Bond Issue") may follow.
The proceeds of the potential Bond Issue will be used to settle in
full the cumulative oil price difference liability owed to
Petroperu (approximately USD 16.6 million - as previously
announced); to finance the ongoing development of PetroTal's
flagship Bretana oil field in Northern Peru; to provide funds to
support the Company's hedging program; and to finance potential
synergistic acquisitions.
Further details will be provided as and when appropriate.
Bretana Oil Field Update
On January 7, 2021, the Company announced that, coincident with
full commencement of Petroperu's Northern Oil Pipeline (ONP)
operations, PetroTal's production was approximately 9,500 barrels
of oil per day ("bopd") and was expected to increase as operations
returned to a stabilized level. Since January 7, 2021, oil
production has increased to an average of 10,025 bopd, with
optimization continuing.
Additionally, as PetroTal continues to ensure it has export
optionality, the Company has now signed an agreement for a second
pilot shipment through Brazil in February 2021, of up to 220,000
barrels of oil. The increased volume of this shipment over the
initial pilot export is expected to improve overall economics and
lead towards the establishment of regular exports, complementing
sales into the ONP and to the Iquitos refinery.
Proceeds from the contemplated Bond Issue will allow PetroTal to
resume development drilling at Bretana in March 2021. In
anticipation of expected higher oil production, the modular
processing equipment for expansion of the second phase of Central
Processing Facilities (CPF#2) is complete and is currently en route
to Bretana.
Updated Corporate Presentation
The Company announces that an updated presentation is now
available on the Company's website at www.petrotal-corp.com .
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
Pareto Securities AS
Fixed income sales
T : 47 22 87 87 71
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
This announcement includes inside information.
READER ADVISORIES
NO OFFER: The information contained in this press release is for
information purposes only and does not purport to be full or
complete or constitute: (a) a prospectus or offering memorandum; or
(b) an admission document prepared in accordance with AIM rules.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION,
SOLICITATION, RECOMMATION, OFFER OR ADVICE TO ANY PERSON TO
SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF
PETROTAL CORP. The publication, distribution or release of this
announcement may be restricted by law in certain jurisdictions and
persons into whose possession any document or other information
referred to herein comes should inform themselves about and observe
any such restriction. Any failure to comply with such restrictions
may constitute a violation of the securities laws of any such
jurisdiction. The Company does not intend to register any
securities referred to herein in the United States or to conduct a
public offering of securities in the United States.
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 Bond Issue being conducted and the successful
marketing and closing thereof; the terms of the securities proposed
to be issued under the Bond Issue; the use of proceeds of the
potential Bond Issue; the Company holding virtual investor meetings
and the results thereof; the Company providing further details in
respect of the Bond Offering; and PetroTal's business strategy,
generally, including development of the Bretana oil field and
potential future acquisitions.. 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. These include,
but are not limited to, risks associated with the oil and gas
industry in general (e. g. , operational risks in development,
exploration and production; delays or changes in plans with respect
to exploration or development projects or capital expenditures; the
uncertainty of reserve estimates; the uncertainty of estimates and
projections relating to production, costs and expenses; and health,
safety and environmental risks), commodity price and exchange rate
fluctuations, legal, political and economic instability in Peru,
access to transportation routes and markets for the Company's
production, changes in legislation affecting the oil and gas
industry and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures. In addition, the Company cautions
that current global uncertainty with respect to the spread of the
COVID-19 virus and its effect on the broader global economy may
have a significant negative effect on the Company. While the
precise impact of the COVID-19 virus on the Company remains
unknown, rapid spread of the COVID-19 virus may continue to have a
material adverse effect on global economic activity, and may
continue to result in volatility and disruption to global supply
chains, operations, mobility of people and the financial markets,
which could affect interest rates, credit ratings, credit risk,
inflation, business, financial conditions, results of operations
and other factors relevant to the Company. Please refer to the risk
factors identified in the Company's annual information form and
management's discussion and analysis for the year ended December
31, 2019 which are available on SEDAR at www.sedar.com. The
forward--looking statements contained in this press release are
made as of the date hereof and the Company undertakes no obligation
to update publicly or revise any forward--looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
OIL REFERENCES : All references to "oil" or "crude oil"
production, revenue or sales in this press release mean "heavy
crude oil" as defined in National Instrument 51-101 - Standards of
Disclosure for Oil and Gas Activities.
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Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
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END
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