TIDMPTAL
RNS Number : 4420O
PetroTal Corp.
29 May 2020
PetroTal Provides Update on the Filing of
2019 Year-End and First Quarter 2020 Results
Bretana oil field operations expected to resume in July 2020
Calgary and Houston - May 29, 2020-PetroTal Corp. ("PetroTal" or
the "Company") (TSX--V: TAL and AIM: PTAL) advises that, due to the
impact of the global COVID-19 pandemic, it is necessary to delay
its corporate filings for the three months ended March 31, 2020, as
provided for by Canadian Securities Administrators.
First Quarter 2020 Filings
As a result of delays in accessing information due to mandatory
stay at home orders in Peru, the Company will postpone the filing
of its unaudited consolidated financial statements and management's
discussion and analysis for the three months ended March 31, 2020
("Interim Filings") until no later than July 16, 2020, in reliance
on the exemption provided in Alberta Securities Commission ("ASC")
Blanket Order 51-517 Temporary Exemption from Certain Corporate
Finance Requirements (and similar exemptions provided by the other
Canadian securities regulators) ("Blanket Order").
2019 Year-end Filings
As previously announced on April 29, 2020, the Company will also
postpone the filing of its audited consolidated financial
statements, management's discussion and analysis and annual
information form (inclusive of the reserves disclosure required by
National Instrument 51-101 - Standards of Disclosure for Oil and
Gas Activities) for the year ended December 31, 2019 ("Annual
Filings") until no later than June 12, 2020, in reliance on the
exemption provided in the Blanket Order.
Until the Company has filed the Annual Filings and the Interim
Filings, members of the Company's Board, management and other
insiders are subject to an insider trading black-out policy that
reflects the principles in section 9 of National Policy 11-207 -
Failure-to-File Cease Trade Orders and Revocations in Multiple
Jurisdictions.
Annual Shareholder Meeting
The Company continues to monitor public health directives and
recommendations relating to the COVID-19 pandemic, including
continued restrictions on in-person gatherings, and looks forward
to holding its annual meeting of shareholders without having to
limit physical attendance by shareholders and guests. In the
circumstances, the Company has determined to defer its annual
meeting until the second half of the year and, in connection
therewith, the filing of proxy materials containing disclosure on
director nominees, the Company's auditor, executive compensation
and corporate governance, in reliance on temporary relief issued by
the TSX Venture Exchange and the Canadian Securities Administrators
as a result of the pandemic. In particular, the Company relies on
the exemption in ASC Blanket Order 51-518 Temporary Exemptions from
Certain Requirements to File or Send Securityholder Materials (and
similar exemptions provided by the other Canadian securities
regulators) with respect to the filing of executive compensation
disclosure, which is included in the information circular for
annual shareholders meetings. The requisite shareholder
communications and other actions necessary to call the meeting will
be undertaken when the meeting date is decided.
Corporate Update
An update on material business developments since the press
release dated April 29, 2020 is described below, the majority of
which have already been disclosed in prior press releases:
-- On May 7, 2020, the Company announced that the Bretana oil
field was temporarily shut in due to a Peruvian government health
directive for COVID-19 prevention, that caused the oil sales
pipeline, operated by Petroperu, to be shut down. PetroTal
continues to monitor this situation closely, and based on
discussions with Petroperu, expect that in July 2020, the oil sales
pipeline will re-open allowing for Bretana oil field operations to
recommence;
-- PetroTal announced on May 7, 2020 a contingent liability
under the Company's oil swap and sales arrangements with Petroperu,
of approximately $42 million as at March 31, 2020 arising from the
drop in global oil prices. As a result of the recent recovery in
oil prices, the Company estimates that the contingent liability has
decreased to approximately $35 million as of May 28, 2020. The
ultimate liability will not be crystallized until Q3 and Q4 2020,
when the physical oil sales materialize. The Company is in
discussions to facilitate an arrangement whereby the contingent
liability, when crystallized, will be settled over a three-year
period from future cash flow , and;
-- As announced on May 7, 2020, PetroTal continues to assess a
variety of financial arrangements to ensure it has the necessary
funding for its operations. When finalized, the Company will update
the market.
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 the Bretaña oil field in Peru's Block
95 where oil production was initiated in June 2018, six months
after acquisition. 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 Bretaña 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
Manolo Zuniga
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
Numis Securities Limited (Joint Broker)
John Prior / Emily Morris
T: +44 (0) 207 260 1000
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: PetroTal's business strategy, objectives, strength
and focus; the Company's ability to operate in accordance with
developing public health efforts to contain COVID-19; the timing of
filing the Annual Filings and the Interim Filings; the timing of
the Company's next annual shareholder meeting . 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 for the
year ended December 31, 2018 and management's discussion and
analysis for the three and nine months ended September 30, 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.
Neither the TSX Venture Exchange nor its Regulation Services
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRBLGDUSXDDGGC
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May 29, 2020 12:44 ET (16:44 GMT)
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