TIDMPTAL
RNS Number : 4471Y
PetroTal Corp.
09 September 2020
PetroTal provides update on the Bretana Oil Field
Peruvian government announces Supreme Decree to increase funding
to communities
Calgary and Houston - September 9, 2020-PetroTal Corp.
("PetroTal" or the "Company") (TSX--V: TAL and AIM: PTAL) expects
and is ready to reopen the Bretana oil field as soon as the ongoing
discussions between the communities and the Government of Peru have
been ratified, which is expected in the next few days as reported
by Government officials. PetroTal commends the efforts of all
parties to reach a negotiated settlement that will ultimately
benefit the communities, the Peruvian government, and all operating
companies, including PetroTal.
On August 28, 2020, the Government of Peru announced a Supreme
Decree ("Decree") approving the financial Gap Closure Plan within a
number of provinces in northeast Peru, including Loreto, the area
where PetroTal operates the Bretana oil field. PetroTal welcomes
the announcement that the Decree provides for a six year financial
commitment of approximately US$1.7 billion (6 billion soles) to the
communities, of which US$46 million (162 million soles) will be
designated for economic development of the localities over the next
four months, by the Peruvian government. The Decree specifically
addresses the local community participation criteria and takes
steps to ensure that the funding process is properly monitored to
ensure maximum benefit to the communities. The published Decree can
be found at
https://www.gob.pe/institucion/pcm/normas-legales/1124063-145-2020-pcm.
Since the announcement of the Decree, which PetroTal strongly
supports, government and municipality representatives have been
consulting with the community representatives on the Decree. After
meeting with the Bretana community in the coming days, it is
expected that PetroTal will restart oil production shortly
thereafter.
In order to fully support the collective efforts of the
communities and the government to reach an acceptable funding
solution, PetroTal remains awaiting government agreements .
PetroTal acknowledges the efforts at all levels of the Peruvian
government to resolve the recent social disruption and to ensure a
long term solution is in place to minimize future disruptions.
Equally, the Company acknowledges the support received from the
Bretana community.
Further updates on the reopening of the Bretana field and export
of oil into the pipeline will be provided as and when
appropriate.
ABOUT PETROTAL
PetroTal is a publicly--traded, dual--quoted (TSXV: TAL and AIM:
PTAL) 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 100% working interest in Bretana
oil field in Peru's Block 95 where oil production was initiated in
June 2018, and in early 2020 became the second largest crude oil
producer in Peru with more than 10,000 bopd of production.
Additionally, the Company has large exploration prospects and is
engaged in finding a partner to drill the Osheki prospect in Block
107. The Company's management team has significant experience in
developing and exploring for oil in Northern Peru and is led by a
Board of Directors that is focused on safely and cost effectively
developing the Bretaña oil field.
For further information, please see the Company's website at
www.petrotal-corp.com , the Company's filed documents at
www.sedar.com , or contact:
Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101
Manuel Pablo Zuniga-Pflucker
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643
Strand Hanson Limited (Nominated & Financial Adviser)
James Spinney / Ritchie Balmer
T: 44 (0) 207 409 3494
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Auctus Advisors LLP (Joint Broker)
Jonathan Wright / Rupert Holdsworth Hunt / Harry Baker
T: +44 (0) 7711 627449
READER ADVISORIES
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: PetroTal's business strategy, objectives, strength
and focus; the reopening of the Bretana oil field and resumption of
oil production therefrom; the effect and implementation of the
Decree; and the ongoing effects of Covid-19 on the Company and its
employees. 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" and similar
expressions. 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
reopening of existing infrastructure, its ability to deliver
production and the anticipated capital expenditures associated
therewith; successful implementation of the Decree; prevailing
commodity prices and actual prices received for PetroTal's
products; the availability and performance of drilling rigs,
facilities, pipelines, inventory and barge storage capacity, other
oilfield services and skilled labour; royalty regimes; exchange
rates; the application of regulatory and licensing requirements;
current legislation; the success of future drilling and development
activities; and general economic conditions. Although the Company
believes that the expectations and assumptions on which the
forward--looking statements are based are reasonable, undue
reliance should not be placed on the forward--looking statements
because the Company can give no assurance that they will prove to
be correct. Since forward--looking statements address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
Please refer to the risk factors identified in the Company's annual
information form for the year ended December 31, 2019 and
management's discussion and analysis for the three and six months
ended June 30, 2020 which are available on SEDAR at www.sedar.com.
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDGUGDCUBGDGGC
(END) Dow Jones Newswires
September 09, 2020 02:00 ET (06:00 GMT)
Petrotal (LSE:PTAL)
Historical Stock Chart
From Apr 2024 to May 2024
Petrotal (LSE:PTAL)
Historical Stock Chart
From May 2023 to May 2024