- The Company highlighted the normalization of the schedule for the transportation of its production and the drilling of the 14H well.
- The Government issued a supreme decree authorizing the modification of the license agreement to incorporate the Development Fund for the Puinahua district.

PetroTal, a Peruvian-led and operated company, reported that since the last week of February it recovered an average production of 20,000 barrels of oil per day (bopd), thanks to the normalization of the schedule for the entry of the barges that load the oil produced in the Bretaña Norte field of Block 95 (Loreto).

The operator of Block 95 explained that it expects to reach an average of between 11,000 and 12,000 bopd in the first quarter of the year. Likewise, it highlighted that it has secured a greater capacity in the fleet of barges that will transport its production, which promises promising results in the second quarter.

Well 14H

Last month, PetroTal began drilling the 14H development well, the 15th well to be drilled in the Bretaña Norte field. The estimated investment for 14H is $ 15.3 million and contemplates a total depth of approximately 5100 meters, with a horizontal section of 1125 meters, making it the horizontal well with the longest reach in Peru.

Recognition on the Toronto Stock Exchange

The Toronto Stock Exchange (TSX) has recognized PetroTal Corp, parent company of PetroTal Peru, among the 50 best performing companies on the exchange, placing it in 4th place, according to the 2023 TSX Venture 50 ranking.

The parent company also ranked fourth in the energy industry segment, reflecting its positive evolution following the recent migration to the TSX.

Development Fund

The company stressed the importance of the publication of Supreme Decree N° 006-2023-EM, which authorizes the amendment of the License Contract for Block 95 to include in the addendum the Block 95 Development Fund, an initiative promoted by PetroTal to promote the progress and welfare of the district where it operates.

PetroTal contributes from January 2022, the value of 2.5% of its controlled oil production, provided that the continuity of the operation in the Bretaña Norte field and the transportation of hydrocarbons in Puinahua are not interrupted by social conflicts.