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PetroTal Announces 2019 Year-end Oil Production of 13,300 bopd
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - January 13, 2020) - PetroTal Corp. (TS...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces 2019 Year-end Oil Production of 13,300 bopdNew 5H horizontal well produced 240,000 barrels of oil over last 30 daysCalgary, Alberta and Houston, Texas--(Newsfile Corp. - January 13, 2020) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (\"PetroTal\" or the \"Company\"), the Peruvian focused E&P company, is pleased to announce 2019 year-end production of 13,300 barrels of oil per day (\"bopd\") from the Bretaña oil field, operated 100% by PetroTal. 2019 OIL PRODUCTIONThe Company achieved 2019 exit rate production of 13,300 bopd and has averaged 12,500 bopd for the first eleven days of 2020. Average oil production from the Bretaña oil field for the fourth quarter was 7,757 bopd, a 77% uplift on the 4,382 bopd achieved during the third quarter of 2019. In 2019, PetroTal produced just over 1.5 million barrels of oil, representing average oil production of 4,131 bopd, an increase of over 330% from the average production of 958 bopd realized in 2018. The 5H well continues to perform above expectations and has now produced 240,000 barrels of oil in its first 30 days of operation and is currently producing 6,500 bopd. Commissioning of the central production facility (\"CPF\") commenced on December 22, 2019 with the successful hydrostatic test of the new 20,000 barrel oil storage tank. Commissioning will continue for another 30 days while all components are flow tested. During this period, overall oil production at the field is expected to fluctuate. YEAR END CASHAt December 31, 2019, PetroTal had cash of approximately US$21 million, inclusive of US$15 million received for oil delivered to the ONP pipeline from December 1 to 15 through the previously announced oil sales contract with PetroPeru. Going forward, the Company will receive monthly revenue payments under the terms of this oil sales agreement.2020 CAPITAL BUDGET AND OUTLOOKWithin a week, the Company intends to announce its 2020 capital budget, which aims at replicating last year's success by more than tripling annual production and achieving a 2020 exit rate of 20,000 bopd. PetroTal plans to achieve this by accelerating commissioning of the next phase of facilities to late August this year instead of year-end 2020.Manolo Zuniga, President and Chief Executive Officer, commented:\"We're pleased that we were able to exit 2019 at the upper end of the previo...