October 08, 2024 2:00 AM EDT | Source: PetroTal Corp.
Calgary, Alberta and Houston, Texas–(Newsfile Corp. – October 8, 2024) – PetroTal Corp. is pleased to announce its recent operational and financial updates. All financial figures are denominated in US dollars unless otherwise specified.
Key Highlights
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Q3 production averaged 15,160 barrels of oil per day (bopd), marking a 39% increase compared to Q3 2023.
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Anticipated annual production for 2024 remains on track to meet upper range guidance.
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Total cash balance as of September 30, 2024 amounted to $133 million, reflecting an 18% increase compared to Q3 2023.
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Well 20H achieved initial production rates exceeding 5,300 bopd.
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The President of Peru granted a Supreme Decree for the transfer of Block 131 to PetroTal.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, expressed:
“PetroTal’s production performance in Q3 2024 exceeded expectations, showcasing the dedication of our operational and logistics teams in navigating challenges, such as low river levels impacting our crude export capability. We anticipate a return to full production capacity by mid-November as the dry season concludes. Despite the decrease in oil prices during September, PetroTal maintains a healthy liquidity position of $133 million and remains committed to a balanced capital returns policy.”
Q3 2024 Production
PetroTal achieved a production rate of 15,160 bopd in Q3 2024, surpassing previous guidance. Despite a seasonal decline in production relative to the previous quarter, PetroTal noted a significant increase compared to the same period in 2023. The company’s proactive logistics management enabled maximum barge fleet utilization in response to challenging drought conditions in the Loreto region of Peru. Year-to-date production through September 30, 2024 totaled approximately 17,800 bopd, slightly exceeding full-year guidance.
Well 20H Drilling & Completion Update
The 20H well at Bretaña achieved an initial production rate of 5,357 bopd, with an average of 3,120 bopd over six days. The company continues to monitor river levels to optimize field output during upcoming rainy seasons. Drilling of well 21H commenced in September, with completion expected by mid-November.
Cash and Liquidity Update
PetroTal’s cash position stood at $133 million at the end of Q3 2024, with $121 million unrestricted. The company maintained a strong liquidity position throughout the quarter, emphasizing its commitment to a stable dividend and strategic development initiatives.
Block 131 (CESPA) Acquisition Update
The President of Peru signed a decree facilitating PetroTal’s acquisition of Block 131. The finalization of the agreement is pending the renewal of an investment certificate from the Peruvian tax authority in the next 30 business days.
Ecuador Export Pilot
PetroTal conducted a pilot shipment of Bretaña crude to Ecuador’s OCP pipeline, with ongoing evaluations of export routes and commercial viability. Final sale of the Ecuador pilot crude is anticipated in October.
Social Update
PetroTal’s contributions to the Social Trust Fund reached nearly $20 million, funding community projects in the Puinahua District. The company was recently recognized for its socially responsible initiatives in Peru.
Q3 2024 Results Webcast
PetroTal will host a webcast on November 14, 2024, to discuss its Q3 2024 results. Registration details are available here.
Corporate Presentation
For an updated corporate presentation, visit PetroTal’s website here.
About PetroTal
PetroTal is a publicly traded oil and gas company focused on developing assets in Peru. The company’s management team has extensive experience in the region and is dedicated to responsible resource development.
Reader Advisories
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