▫︎ PetroTal Corp. purchased the 100% from Cepsa Peru for approximately US$ 5 million.
▫︎ Production of 900 bopd from Block 131, on average, will be added to PetroTal's production, which currently stands at 18,500 bopd.

PetroTal Corp. announced the strategic transaction for to acquire the 100% from Cepsa Peru and, thus, Lot 131, located between the regions of Huánuco and Ucayali. 

The transaction is subject to the closing conditions established in the agreement and the corresponding regulatory approvals. In due course, we will share the progress of this acquisition process.

The transaction amounts to US $$ 5 million approximately and will allow production from the Los Angeles field in Block 131, which averages 900 barrels of oil per day (bopd), to be added to PetroTal's production, which currently stands at 18,500 bopd and has the potential for growth in the short and medium term. 

Guillermo Flórez, PetroTal's general manager, pointed out that this is PetroTal's first acquisition by PetroTal Corp., PetroTal Peru's parent company, since its entry into Block 95 (Loreto) at the end of 2017. "It is an important step towards fulfilling our vision of growth," he said.

The assets of the Lot 131 are synergistic with those of Lot 95 and Lot 107. (Huánuco and Pasco), the latter located only 130 kilometers by road from the new operation, said the general manager. He also acknowledged that there are immediate plans for the development of Block 131, as soon as the transaction is concluded. 

The recoverable oil reserves of Block 131 are estimated to be up to 4.9 million barrels. "We intend to replicate, on a smaller scale, our success in the Bretaña Norte field, which has made us the largest oil producer in Peru," he added. 

Development Fund and intervention programs with the government 

Guillermo Flórez commented that Lot 131 will be applied the same shared value concept as for Lot 95The company will contribute a percentage of the value of the production audited to a fund to finance development projects in the area. 

On the other hand, he also commented that the articulation with the Regional Government of Ucayali and local authorities to leverage projects, activities and interventions that generate development and wellbeing for the population that lives with the activity of Lot 131. "We will apply the sustainable management model that has been giving such good results in Puinahua, the producing district of Lot 95," he said.

With respect to the Development Fund for the Puinahua District (Lot 95), he emphasized the recent signing of the trust that will allow activating the use of PetroTal's contributions since 2022.provided that the oil activity and transportation of hydrocarbons are not paralyzed by social conflicts.