TIDMPTAL
RNS Number : 6823N
PetroTal Corp.
02 February 2021
PetroTal announces Successful US$100 million Bond Issue
Calgary, AB and Houston, TX - February 2, 2021 - PetroTal Corp.
("PetroTal" or the "Company") (TSX--V: TAL and AIM: PTAL) announces
that it has successfully completed the placement of a 3-year US$100
million senior secured bond (as announced on January 12, 2021) with
a fixed coupon of 12% and a borrowing limit of $125 million (the
"Bond").
PetroTal intends to use the net proceeds from the Bond to repay
all existing outstanding loans (in particular the restructured
derivative liability with Petroperu, details of which were
announced on January 19, 2021), to finance the continued
development of the Bretana oil field, to provide support for crude
oil hedging transactions, and to finance potential acquisitions
.
The Bond is expected to close on or about February 16, 2021,
subject to customary closing conditions.
Pareto Securities acted as sole bookrunner and manager of the
bond issue.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive
Officer, commented:
"PetroTal is pleased with the investor interest in this $100
million inaugural bond offering. This financing significantly
enhances PetroTal's liquidity and will immediately lead to a return
to development activity at the Bretana oil field, with the next
well expected to commence drilling by the end of Q1 2021.
Additionally, the bond offering provides PetroTal with capital that
enables us to pursue synergistic and accretive transactions to
diversify the Company's operations. As promised to our
shareholders, all this will allow PetroTal to exit this pandemic
crisis stronger than before."
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
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, RECOMMENDATION, 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, including the size and terms thereof; the
closing of the Bond and the timing thereof; the use of proceeds
from the Bond; 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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February 02, 2021 02:00 ET (07:00 GMT)
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