PetroTal Announces Q4 2024 Operations and Financial Updates
PetroTal Corp reported strong Q4 2024 performance with corporate production averaging 19,150 bopd, including newly acquired Block 131. The Bretana field achieved 18,938 bopd in Q4 2024, marking a 27% increase from Q4 2023. The company's 2024 annual production averaged 17,733 bopd, exceeding guidance of 16,500-17,500 bopd and showing a 24% increase from 2023.
The company ended 2024 with total cash of $115 million, a 3% increase from Q4 2023. PetroTal secured two Technical Evaluation Agreements surrounding Block 131 in Peru and obtained an extension for Block 107's exploration period until February 2027.
Recent drilling activities include the completion of well 21H, which initially produced 7,144 bopd, and well 22H completed within budget at $12.0 million. Well 23H was spudded in December 2023 with expected completion by end of January 2025.
PetroTal Corp ha riportato una solida performance nel quarto trimestre del 2024, con una produzione aziendale media di 19.150 barili di olio al giorno, inclusa la nuovamente acquisita Blocco 131. Il campo Bretana ha raggiunto 18.938 barili di olio al giorno nel quarto trimestre del 2024, segnando un aumento del 27% rispetto al quarto trimestre del 2023. La produzione media annuale dell'azienda nel 2024 è stata di 17.733 barili di olio al giorno, superando le previsioni di 16.500-17.500 barili di olio al giorno e mostrando un incremento del 24% rispetto al 2023.
L'azienda ha chiuso il 2024 con un cash totale di 115 milioni di dollari, un aumento del 3% rispetto al quarto trimestre del 2023. PetroTal ha ottenuto due Accordi di Valutazione Tecnica riguardanti il Blocco 131 in Perù e ha ricevuto un'estensione per il periodo di esplorazione del Blocco 107 fino a febbraio 2027.
Le recenti attività di perforazione includono il completamento del pozzo 21H, che ha inizialmente prodotto 7.144 barili di olio al giorno, e il pozzo 22H completato entro il budget di 12,0 milioni di dollari. Il pozzo 23H è stato avviato a dicembre 2023 con un completamento previsto entro la fine di gennaio 2025.
PetroTal Corp informó un sólido rendimiento en el cuarto trimestre de 2024, con una producción corporativa promedio de 19.150 barriles de petróleo por día, incluyendo el nuevo Bloque 131. El campo Bretana alcanzó 18.938 barriles de petróleo por día en el cuarto trimestre de 2024, marcando un aumento del 27% con respecto al cuarto trimestre de 2023. La producción anual promedio de la compañía en 2024 fue de 17.733 barriles de petróleo por día, superando la guía de 16.500-17.500 barriles de petróleo por día y mostrando un incremento del 24% respecto a 2023.
La empresa cerró 2024 con un efectivo total de 115 millones de dólares, un aumento del 3% respecto al cuarto trimestre de 2023. PetroTal aseguró dos Acuerdos de Evaluación Técnica relacionados con el Bloque 131 en Perú y obtuvo una extensión para el período de exploración del Bloque 107 hasta febrero de 2027.
Las recientes actividades de perforación incluyen la finalización del pozo 21H, que inicialmente produjo 7.144 barriles de petróleo por día, y el pozo 22H, que se completó dentro del presupuesto de 12,0 millones de dólares. El pozo 23H se inició en diciembre de 2023, con una finalización esperada para finales de enero de 2025.
PetroTal Corp는 2024년 4분기 동안 기업 생산량이 하루 평균 19,150배럴에 달하는 강력한 성과를 보고했으며, 여기에는 새로 인수된 131 블록이 포함됩니다. 브레타나 유전은 2024년 4분기 동안 하루 18,938배럴을 기록했으며, 이는 2023년 4분기 대비 27% 증가한 수치입니다. 회사의 2024년 연간 생산량은 하루 평균 17,733배럴로, 16,500-17,500배럴이라는 가이드를 초과하였고 2023년보다 24% 증가했습니다.
회사는 2024년을 총 현금 1억 1,500만 달러로 마감했으며, 이는 2023년 4분기 대비 3% 증가한 수치입니다. PetroTal은 페루의 131 블록에 대한 두 개의 기술 평가 계약을 확보하였으며, 107 블록의 탐사 기간을 2027년 2월까지 연장하는 계약을 체결했습니다.
최근 시추 활동에는 최초로 하루 7,144배럴을 생산한 21H 우물의 완료와 1,200만 달러의 예산 내에서 완료된 22H 우물이 포함됩니다. 23H 우물은 2023년 12월에 시작되었으며, 2025년 1월 말까지 완료될 것으로 예상됩니다.
PetroTal Corp a signalé une performance solide au quatrième trimestre 2024, avec une production moyenne de 19 150 barils par jour, y compris le nouveau Bloc 131. Le champ Bretana a atteint 18 938 barils par jour au quatrième trimestre 2024, marquant une augmentation de 27 % par rapport au quatrième trimestre 2023. La production annuelle moyenne de l'entreprise pour 2024 s'est élevée à 17 733 barils par jour, dépassant les prévisions de 16 500-17 500 barils par jour et affichant une augmentation de 24 % par rapport à 2023.
L'entreprise a terminé 2024 avec un cash total de 115 millions de dollars, soit une augmentation de 3 % par rapport au quatrième trimestre 2023. PetroTal a sécurisé deux Accords d'Évaluation Technique concernant le Bloc 131 au Pérou et a obtenu une prolongation pour la période d'exploration du Bloc 107 jusqu'en février 2027.
Les récentes activités de forage incluent l'achèvement du puits 21H, qui a initialement produit 7 144 barils par jour, et le puits 22H qui a été achevé dans le budget de 12 millions de dollars. Le puits 23H a été lancé en décembre 2023, avec une finition prévue d'ici la fin de janvier 2025.
PetroTal Corp hat eine starke Leistung im vierten Quartal 2024 gemeldet, mit einer durchschnittlichen Unternehmensproduktion von 19.150 Barrel pro Tag, inklusive des neu erworbenen Blocks 131. Das Bretana-Feld erreichte im vierten Quartal 2024 18.938 Barrel pro Tag, was einem Anstieg von 27% im Vergleich zum vierten Quartal 2023 entspricht. Die jährliche Produktionsdurchschnitt des Unternehmens im Jahr 2024 lag bei 17.733 Barrel pro Tag, was die Prognose von 16.500-17.500 Barrel pro Tag übertraf und einem Anstieg von 24% im Vergleich zu 2023 entspricht.
Das Unternehmen schloss das Jahr 2024 mit einem Gesamtbestand von 115 Millionen Dollar, was einem Anstieg von 3% im Vergleich zum vierten Quartal 2023 entspricht. PetroTal sicherte sich zwei Technische Bewertungsvereinbarungen für Block 131 in Peru und erhielt eine Verlängerung der Erkundungszeit für Block 107 bis Februar 2027.
Zu den jüngsten Bohraktivitäten gehört der Abschluss des Bohrlochs 21H, das zunächst 7.144 Barrel pro Tag produzierte, sowie das im Budget von 12,0 Millionen Dollar abgeschlossene Bohrloch 22H. Bohrloch 23H wurde im Dezember 2023 angestoßen, mit einer erwarteten Fertigstellung bis Ende Januar 2025.
- Record Q4 2024 production of 19,150 bopd, up 27% year-over-year
- Annual production exceeded guidance at 17,733 bopd, up 24% from 2023
- Strong cash position of $115 million, up 3% from Q4 2023
- Successful acquisition and integration of Block 131
- Secured two new Technical Evaluation Agreements in Peru's Ucayali Basin
- Block 107 exploration period extended to February 2027
- Total cash decreased from $133 million in Q3 2024 to $115 million in Q4 2024
- Planned pause in Bretana development drilling program after well 23H completion
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - January 9, 2025) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) ("PetroTal" or the "Company") is pleased to provide the following operational and financial updates. All amounts are in US dollars unless stated otherwise.
Key Highlights
PetroTal corporate production averaged approximately 19,150 bopd in Q4 2024, including volumes from the recently acquired Block 131
Bretana Q4 2024 production averaged 18,938 barrels of oil per day (bopd), a
27% increase on Q4 2023Bretana 2024 annual production averaged 17,733 bopd, a
24% increase on 2023, and above guidance of 16,500 - 17,500 bopdTotal cash of
$115 million as of December 31, 2024, a3% increase on Q4 2023PetroTal secures two Technical Evaluation Agreements (TEA's) surrounding Block 131 in Peru
PeruPetro extends current exploration period for Block 107 to February 2027
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:
"PetroTal finished 2024 on a strong note, with production from our Bretana field hitting new highs in Q4. We ended the year with a cash balance of
I am pleased to announce that PetroTal has been granted two new Technical Evaluation Agreements in Peru's Ucayali Basin, immediately surrounding and on trend with our recently acquired Block 131. Several exploration prospects have already been identified on existing seismic coverage, setting up a new high-potential core area for the Company in central Peru.
PeruPetro has also worked with us to extend the current exploration period for Block 107 to February 2027, which will give us ample time to undertake an exploration program at the Osheki-Kametza prospect. Peru's oil industry is open for business, and we continue to see plenty of interesting business development opportunities in the country.
We are in the final stages of approving our 2025 budget and guidance update and look forward to providing more details on January 16. PetroTal delivered on its growth and return of capital objectives in 2024, and we will continue to deliver for investors in 2025."
Q4 2024 Production Update
PetroTal's production averaged approximately 19,150 bopd in Q4 2024, a new record for the Company. This total includes 18,938 bopd from the Bretana field at Block 95, and a quarterly average contribution of 212 bopd from the Los Angeles field at Block 131, where PetroTal holds a
Following the conclusion of the annual dry season in early October, PetroTal's operations team responded quickly to rising river levels, restoring Bretana field production to capacity by October 15. As a result, Bretana's Q4 2024 quarterly average production increased
2024 annual average production from the Bretana field was 17,733 bopd, slightly above the high end of PetroTal's guidance range of 16,500 to 17,500 bopd, and an increase of
Since the closing of the acquisition of Block 131 on November 29, 2024, PetroTal has been operating the asset under the name "Ucawa Energy". As a result, public disclosure from Peruvian regulators relating to Block 131 may include this corporate name, which is a wholly owned subsidiary of PetroTal Corp.
Drilling & Completion Update
As previously announced with Q3 2024 results, PetroTal completed well 21H at Bretana on November 9. This well was brought onstream on November 17 at a flush production rate of 7,144 bopd, before producing at an average rate of 2,522 bopd over the next 30 days. PetroTal spudded well 22H at Bretana on November 12; this well was completed ahead of schedule on December 19, in-line with budget expectations at
PetroTal spudded well 23H at Bretana on December 23. This well is expected to be completed by the end of January 2025, at which point the Company plans to release its current drilling rig and pause the Bretana development drilling program. As previously contemplated when PetroTal announced an acceleration of its capital program with Q2 2024 results in August 2024, flush production from wells 22H and 23H will be used to manage field output in-line with installed fluid handling capacity throughout H1 2025.
Cash & Liquidity Update
PetroTal ended 2024 in a healthy liquidity position, exiting the year with total cash of approximately
During Q4 2024, PetroTal continued preparatory work for its erosion control project. Recall that PetroTal's Q3 2024 financial results included a
Pursuant to its ongoing share buyback program, PetroTal repurchased 1.5 million shares in Q4 2024, at an average price of US
Exploration Update
PetroTal signed a contract extension with PeruPetro for the exploration Block 107, in Peru's Ucayali Basin, in December 2024. This extension of the Fifth Exploration Period, which was granted to account for force majeure periods in the interim, will now last until February 2027, providing ample time to undertake an exploration program at the Osheki-Kametza prospect.
PetroTal also signed two Technical Evaluation Agreements (TEA's) with PeruPetro in December 2024. The TEA's for Blocks XCVII and XCVIII are located in the vicinity and on trend with PetroTal's Block 131, as well as the Aguaytia and Agua Caliente fields in Peru's Ucayali Basin. These new evaluation contracts offer growth potential in proven exploration acreage near our existing operations in the Ucayali Basin. Blocks XCVII and XCVIII include acreage that was previously relinquished from the present-day Block 131 and contain several drillable prospects and leads identified with existing 2D seismic coverage in the producing Cushabatay light oil play. Contractual commitments will be executed in two 12-month phases, and mainly include geological and geophysical studies such as seismic imaging, geochemical modelling and hydrocarbon potential evaluation reports. The TEA's also grant PetroTal the option to convert the blocks to exploration licenses within the next 24 months.
2025 budget guidance webcast link for January 16, 2025
PetroTal will host a webcast following its 2025 budget and guidance release on Thursday January 16, 2025 at 9am CT (Houston), 3pm GMT (London). Please see the link below to register.
https://brrmedia.news/PTAL_CB25
ABOUT PETROTAL
PetroTal is a publicly traded, tri‐quoted (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its
For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedarplus.ca, or below:
Camilo McAllister
Executive Vice President and Chief Financial Officer
Cmcallister@PetroTal-Corp.com
T: (713) 253-4997
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : +44 (0) 20 7770 6424
Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / James Spinney / Robert Collins
T: +44 (0) 207 409 3494
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
T: +44 (0) 20 7710 7600
Peel Hunt LLP (Joint Broker)
Richard Crichton / David McKeown / Georgia Langoulant
T: +44 (0) 20 7418 8900
READER ADVISORIES
UNAUDITED FINANCIAL INFORMATION: Certain financial and operating results included in this press release, including production information, total cash, accounts payable and accounts receivable, are based on unaudited estimated results. These estimated results are subject to change upon completion of the Company's audited financial statements for the year ended December 31, 2024, and changes could be material.
FORWARD-LOOKING STATEMENTS: This press release contains certain statements that may be deemed to be forward-looking statements. Such statements relate to possible future events, including, but not limited to: oil production levels and production capacity; PetroTal's drilling, completions and other activities; exploration activities at Block 107. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "estimate", "potential", "will", "should", "continue", "may", "objective", "intend" and similar expressions. The forward-looking statements provided in this press release are based on management's current belief, based on currently available information, as to the outcome and timing of future events. The forward-looking statements are based on certain key expectations and assumptions made by the Company, including, but not limited to, expectations and assumptions concerning the ability of existing infrastructure to deliver production and the anticipated capital expenditures associated therewith, the ability to obtain and maintain necessary permits and licenses, the ability of government groups to effectively achieve objectives in respect of reducing social conflict and collaborating towards continued investment in the energy sector, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, including pursuant to hedging arrangements, the availability and performance of drilling rigs, facilities, pipelines, other oilfield services and skilled labour, royalty regimes and exchange rates, the impact of inflation on costs, the application of regulatory and licensing requirements, the accuracy of PetroTal's geological interpretation of its drilling and land opportunities, current legislation, receipt of required regulatory approval, the success of future drilling and development activities, the performance of new wells, future river water levels, the Company's growth strategy, general economic conditions and availability of required equipment and services. PetroTal cautions that forward-looking statements relating to PetroTal are subject to all of the risks, uncertainties and other factors, which may cause the actual results, performance, capital expenditures or achievements of the Company to differ materially from anticipated future results, performance, capital expenditures or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), business performance, legal and legislative developments including changes in tax laws and legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures, credit ratings and risks, fluctuations in interest rates and currency values, changes in the financial landscape both domestically and abroad, including volatility in the stock market and financial system, wars (including Russia's war in Ukraine and the Israeli-Hamas conflict), regulatory developments, commodity price volatility, price differentials and the actual prices received for products, exchange rate fluctuations, legal, political and economic instability in Peru, access to transportation routes and markets for the Company's production, changes in legislation affecting the oil and gas industry, changes in the financial landscape both domestically and abroad (including volatility in the stock market and financial system) and the occurrence of weather-related and other natural catastrophes. Readers are cautioned that the foregoing list of factors is not exhaustive. Please refer to the annual information form for the year ended December 31, 2023 and the management's discussion and analysis for the three months ended September 30, 2024 for additional risk factors relating to PetroTal, which can be accessed either on PetroTal's website at www.petrotal-corp.com or under the Company's profile on www.sedarplus.ca. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
OIL REFERENCES: All references to "oil" or "crude oil" production, revenue or sales in this press release mean "heavy crude oil" as defined in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101").
SHORT TERM RESULTS: References in this press release to peak rates, initial production rates, current production rates, 30-day production rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of PetroTal. The Company cautions that such results should be considered to be preliminary.
FOFI DISCLOSURE: This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about PetroTal's prospective results of operations and production results, cash position, liquidity and components thereof, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this press release was approved by management as of the date of this press release and was included for the purpose of providing further information about PetroTal's anticipated future business operations. PetroTal and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. PetroTal disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein. All FOFI contained in this press release complies with the requirements of Canadian securities legislation, including NI 51-101. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in PetroTal's guidance. The Company's actual results may differ materially from these estimates.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236531
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