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PetroTal Announces 2019 Year-End Oil Production

Source: www.gulfoilandgas.com 1/13/2020, Location: South America

PetroTal Corp. (PetroTal) (PTAL), the Peruvian focused E&P company, is pleased to announce 2019 year-end production of 13,300 barrels of oil per day (bopd) from the Bretana oil field, operated 100% by PetroTal.

2019 OIL PRODUCTION

The Company achieved 2019 exit rate production of 13,300 bopd and has averaged 12,500 bopd for the first eleven days of 2020. Average oil production from the Bretana oil field for the fourth quarter was 7,757 bopd, a 77% uplift on the 4,382 bopd achieved during the third quarter of 2019. In 2019, PetroTal produced just over 1.5 million barrels of oil, representing average oil production of 4,131 bopd, an increase of over 330% from the average production of 958 bopd realized in 2018.

The 5H well continues to perform above expectations and has now produced 240,000 barrels of oil in its first 30 days of operation and is currently producing 6,500 bopd.

Commissioning of the central production facility (“CPF”) commenced on December 22, 2019 with the successful hydrostatic test of the new 20,000 barrel oil storage tank. Commissioning will continue for another 30 days while all components are flow tested. During this period, overall oil production at the field is expected to fluctuate.

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