PetroTal Achieves Q2 Production Milestone and Strong Financial Position

PetroTal Corp., an oil and gas development and production company, has announced its operational, financial, and corporate updates for the second quarter of 2024. The company achieved an average production of 18,290 barrels of oil per day (bopd) during Q2, with June’s average production reaching 20,555 bopd. Despite a brief river blockade during the quarter, PetroTal successfully maintained its production levels.

The company completed two wells, 18H and 19H, in May and June 2024, respectively. Well 18H performed within expectations, with initial production rates of 4,621 bopd and 3,929 bopd at 7-day and 30-day periods, respectively. The well’s investment payback is expected to be around six months at current oil prices. Well 19H, the company’s 20th oil-producing well, achieved strong 7-day production rates of 8,511 bopd. The well was completed below budget and is expected to have an investment payback of less than two months at current oil prices.

PetroTal has now produced over 20 million barrels of oil since its inception in June 2018. The company’s Bretana oil field in Peru’s Block 95 has more than tripled its proved and probable (2P) oil reserves, with an estimated ultimate recovery of around 120 million barrels of oil. PetroTal still has nearly 100 million barrels of oil to be recovered from its current 2P well inventory.

In addition, PetroTal has achieved regulatory approvals for the Oleoducto de Crudos Pesados (OCP) pipeline in Ecuador, enabling the commencement of an oil loading pilot program. The program will evaluate the transportation route and work towards long-term route optimization for efficient and cost-effective oil transportation.

PetroTal also announced a significant milestone in its social initiatives. The company transferred $12.6 million to the Social Trust Fund’s operating bank account, which will finance various community projects. These initiatives include establishing internet connectivity, providing scholarships, creating an external technical team, and installing solar energy pods for clean power access.

Financially, PetroTal exited Q2 2024 with a strong position, holding approximately $96 million in total cash and liquidity. The company purchased shares under its share buyback program and paid dividends related to Q1 2024 operations.

PetroTal’s achievements in production, reserves, social initiatives, and financial stability demonstrate its commitment to sustainable growth and community development. The company continues to focus on safely and cost-effectively developing its oil assets in Peru, contributing to the energy sector and benefiting all stakeholders.

More Posts

Bank First Corporation (NASDAQ: BFC) has announced its financial results for the second quarter of …

Universal Technical Institute, the transportation, skilled trades, and energy education division of Universal Technical Institute, …

EQT Corporation, a leading independent natural gas production company, has declared a quarterly cash dividend …