PETROTAL CORP ORD - PTALF STOCK NEWS

PetroTal Corp. (TSX: TAL, AIM: PTAL, OTCQX: PTALF) has confirmed its Q3 2024 dividend payment and the grant of performance share units (PSUs) for dividend equivalents. The company paid a dividend of US$0.015 per share on September 13, 2024, to shareholders of record as of August 30, 2024. This dividend represents a 12.8% annualized yield based on a US$0.47 share price.

Additionally, PetroTal issued 546,053 PSUs as dividend equivalents, with 359,990 granted to officers and 186,063 to employees. The company now has a total of 17,411,838 PSUs outstanding. This issuance aligns with PetroTal's performance and restricted share unit plan, demonstrating the company's commitment to aligning employee interests with shareholder value.

PetroTal Corp. (TSX: TAL, AIM: PTAL, OTCQX: PTALF) has provided an operational update on Well 20H at the Bretaña field. The well is being completed in both the Vivian 1 (VS1) and Vivian 2 (VS2) sands, marking the first joint completion of these formations. During a brief production test, the VS1 flowed at an equivalent rate of approximately 320 barrels of oil per day with 18.6 API oil, similar to VS2 oil. This development could potentially lead to including VS1 in Bretaña's future 2P oil reserves certification, potentially adding meaningful production from existing wells and improving reserves and value. The well is expected to be completed by the end of September 2024.

PetroTal announced its Q2 2024 financial and operating results, highlighting significant achievements.

Average production and sales were 18,290 bopd and 18,050 bopd, respectively, generating $69.5 million in EBITDA and $36 million in free funds flow. The company ended the quarter with $96 million in total cash and declared a $0.015/share dividend payable on Sept 13, 2024.

PetroTal drilled two new oil wells, with Well 19H achieving a 30-day average of 6,860 bopd. The acquisition of Block 131 was signed, enhancing its production capabilities. The company's OCP route to Ecuador received all necessary regulatory approvals with actual sales expected in October 2024.

Q2 2024 net income was $35.4 million ($0.04/share). Capital expenditures were $38.9 million. The company repurchased 1.2 million common shares.

Guidance reaffirms 16,500-17,500 bopd production for 2024, with an estimated EBITDA range of $200-$240 million. The company secured a $20 million line of credit with JP Morgan.

PetroTal announced its Q2 2024 operations and corporate updates. The company achieved an average production of 18,290 bopd, despite a brief river blockade, and exited June 2024 with 20,555 bopd. Key highlights include the successful completion of wells 18H and 19H, with 19H achieving initial production rates over 8,500 bopd. PetroTal now totals over 20 million barrels of oil produced since inception.

Significant milestones include securing approvals for the OCP pipeline in Ecuador, with a 100,000 barrel pilot program starting soon. Cash and liquidity stand strong with $96 million, including $84 million unrestricted. The company also bought back 1.2 million shares and paid $13.7 million in dividends. The Q2 2024 results webcast will be held on August 8, 2024.

PetroTal announced that all resolutions at its annual general meeting on June 19, 2024, have been approved. A total of 211,361,360 common shares, representing 23.09% of the issued shares, were represented at the meeting. Shareholders set the number of directors at eight, with each nominee elected with an overwhelming majority. Manuel Pablo Zúñiga-Pflücker received 99.83% of votes, Mark McComiskey received 93.40%, and other nominees such as Gavin Wilson, Eleanor J. Barker, Roger M. Tucker, Jon Harris, Felipe Arbelaez Hoyos, and Emily Morris received between 98.89% and 99.82% of votes. Deloitte LLP was appointed as auditors with 99.85% approval. Detailed voting results are available on SEDAR+.

PetroTal Corp. announced the grant of performance share units (PSUs) to employees and officers, aligned with its performance and restricted share unit plan. On June 14, 2024, the company paid out a dividend of approximately US$13.7 million, equating to US$0.015 per share, to shareholders on record as of May 31, 2024. This payment represents an annualized yield of 10.9% based on a trading price of US$0.56 per share. Following this dividend payout, an additional 522,120 PSUs were issued, with 315,276 PSUs granted to officers and 206,844 PSUs to employees. Currently, the company has a total of 10,598,317 PSUs outstanding.

PetroTal Corp. announced the renewal of its share buyback program, allowing for the purchase of up to 14.6 million shares, equating to about 2% of its shares over the next year. This program aims to enhance long-term shareholder value.

The company also announced leadership changes, including the appointment of Sudan I. Maccio as Chief Legal Counsel and Corporate Secretary, and the promotion of Jose Contreras to Chief Operating Officer. Additionally, PetroTal detailed dates for its upcoming Q2 2024 dividend and its annual general meeting.

PetroTal Corp. announces the 2024 annual grant of performance share units (PSUs) to employees and officers, totaling 6,372,974 PSUs, with specific vesting criteria tied to key performance indicators (KPIs). Officers receive 3,526,270 PSUs, while employees receive 2,846,704 PSUs, with varying vesting schedules over three years.

PetroTal Corp. (PTALF) reports strong Q1 2024 financial and operational results with high production, free funds flow of $53 million, purchase agreement for Block 131, dividend declaration of $0.015/share, and key operational updates.