PETROTAL CORP ORD - PTALF STOCK NEWS

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.

PetroTal Corp. (PTALF) reports a 23% increase in production Quarter over Quarter, reaching 18,518 bopd in Q1 2024. The company maintains a strong cash position with $63 million in unrestricted cash as of March 31, 2024. Operational updates include successful drilling activities and progress in erosion control measures. PetroTal plans to host a webcast for its Q1 2024 results on May 9, 2024.

PetroTal Corp. issues 1,323,473 Common Shares to employees as part of the annually vested performance share unit plan, following the achievement of 2023 KPIs. The Company now has a total of 11,383,283 PSUs outstanding. Application will be made for the admission of these shares to trading on AIM, with an expected effective date of April 11, 2024.

PetroTal Corp. reports strong financial performance in Q4 2023 and 2023, with average production growth of 17% and a 30% return on capital employed. The company generated $91 million in free funds flow, returned over $61 million to shareholders, and maintained a robust cash position. Despite challenges due to dry season conditions, PetroTal achieved market guidance and exited 2023 with a production of approximately 20,000 bopd. The company's strong balance sheet positions it well for future growth opportunities.

PetroTal Corp. announces the payment of a $18.4 million dividend to shareholders on March 15, 2024, equating to a 13.9% annualized yield. The Company also granted performance share units (PSUs) to employees and officers. PetroTal will host a webcast for its Q4 2023 and 2023 full-year results on March 21, 2024.