Petrotal Corp - PTALF STOCK NEWS

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.

PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) has announced the strategic acquisition of Block 131 in Peru, including the Los Angeles field, for approximately $5.0 million in cash. The acquisition adds 900 bopd of production effective January 1, 2024, with recoverable reserve estimates up to 4.9 million bbls and significant upside potential from deeper reservoirs. The assets are synergistic and accretive to the company's operations, with immediate development plans. PetroTal aims to increase sales capacity, realize lower Brent differentials, and lower operating costs through operational initiatives. The acquisition is subject to regulatory approvals and offers strategic attributes such as low-cost light oil reserve additions, refinery capacity synergies, and netback enhancements.

PetroTal Corp. announces leadership team updates with the appointment of Mr. Camilo McAllister as Executive Vice President and Chief Financial Officer, bringing over 25 years of experience in the international energy sector. Additionally, Mr. Emilio T. Acin Daneri joins as Vice President, Business Development, with over 30 years of experience in global oil companies. The Company expresses gratitude to Mr. Douglas Urch for his contributions as he retires from his role as the Chief Financial Officer.