PetroTal Announces Completion of 8H Horizontal Well

PetroTal Corp. ("PetroTal") (PTALF) has completed the BN-8H (“8H”) well, PetroTal’s fourth horizontal well in the Bretana oil field.

Bretana field achieves record production of approximately 15,400 bopd

PetroTal commenced production of its fourth horizontal well 8H on September 4, 2021, with unrestricted flow rates of approximately 7,600 barrels of oil per day (“bopd”) over a ten-day period. Selected highlights are as follows:

- Initial 8H production rates of 7,500 - 8,000 bopd; and,
- Total current field production is now approximately 15,400 bopd, a record production level for PetroTal.

Completion of well 8H below budget

- The 8H well cost came in 3% under budget, at US$11.8 million;
- 8H estimated payout of 8-10 weeks production based on current Brent oil strip, assuming unrestricted rates;
- Well 8H targeted oil sand intersected 4 meters higher than prognosed; and,
- The horizontal section of the 8H well was completed with autonomous inflow control device technology (“AICD”), which will better control water influx.