▪️ Proved reserves grew 6%, while proved plus probable reserves increased by 4%, in the year-on-year comparison.
▪️ The company urged that the election of the Consultative Committee of the 2.5 Fund be completed in a peaceful and orderly manner to avoid delays that could harm the people of Puinahua.

The oil reserves of the Brittany North Field of the Lot 95 (Loreto), operated by PetroTal, increased in all categoriesin accordance with the evaluation performed by the independent certifier Netherland, Sewell & Associates (NSAI) at the end of 2023.

Proven reserves (1P) increased by 6% compared to the result of the 2022 evaluation.The Company's proven plus probable (2P) reserves increased by 4% in the year-on-year comparison, totaling 100 mmbbls.

In the case of proven plus probable plus probable plus possible (3P) reserves registered an increase of 19% compared to the previous assessment, and now total 200 mmbbls. It should be recalled that the 2022 assessment also showed growth in all categories.

Guillermo Flórez, PetroTal's general manager, highlighted that the reserves of the Brittany reservoir have grown steadily since the beginning of the operation. The reserves we have in Brittany will be extracted with one of the smallest operating footprints in the world," he added.

He also pointed out that the sale of crude oil for export no longer includes diluent, which represents an important cost reduction. "We base our decision on technical studies where it is confirmed that other markets such as the Ecuador Heavy Crude Oil Pipeline or the Norperuvian Pipeline do not require its use," he said.

Good performance of well 16H

PetroTal reported that during January, its average production stood at 20,450 barrels of oil per day (bopd), a result that coincided with a favorable price of the international Brent marker. It also pointed out that the 16H well has averaged 4850 bopd in its first month of operation, which promises a rapid return on investment.

Fund 2.5

PetroTal's general manager commented that currently 15 of the 18 localities and communities in the Puinahua district have elected representatives to form the Consultative Committee of the Board of Directors of the so-called 2.5 Fund, which was created for financing development projectso in the Loreto district.

He called for this process to be completed in a orderly, peaceful and dialogued throughout the district to prevent the population from being harmed by delays in the implementation of the committee and the eventual activation of the fund, which receives the contribution of 2.5% of the value of the fiscalized oil production from the Bretaña Norte Field, located in Puinahua. "It is time to implement projects and make progress tangible," he said.