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PetroTal Announces 2023 Year-End Oil Reserves
2P reserves value per share of USD$1.80 (CAD$2.39) (GBP1.41) 2P estimated ultimate recovery now o...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces 2023 Year-End Oil Reserves2P reserves value per share of USD$1.80 (CAD$2.39) (GBP1.41)2P estimated ultimate recovery now over 117 million barrels1P and 2P reserves replacement ratios of 150% and 167%, respectively 1P and 2P reserve increases of 6% and 4%, respectively2P reserve life of 19 years2P after tax NPV-10 value increased 9% since year-end 2022 to more than USD$1.6 billion Calgary, Alberta and Houston, Texas--(Newsfile Corp. - February 12, 2024) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) (\"PetroTal\" or the \"Company\") is pleased to announce the results of its 2023 year-end reserve evaluation (the \"NSAI Report\") by Netherland, Sewell & Associates, Inc. (\"NSAI\") for the Bretana oil field, operated 100% by PetroTal. All currency amounts are in United States dollars (unless otherwise stated) and comparisons refer to equivalent information as at December 31, 2022. All figures subject to rounding differences.Highlights:For 1P and 2P (each as defined below) categories respectively, increases of 13% and 9% to Net Present Value (discounted at 10% after tax (\"NPV-10 AT\")), and per share values to US$0.97/share (CAD$1.29/share) and US$1.80/share (CAD$2.39/share);Increases in reserve categories:Category2023 reserves 2023 NPV-10 after tax2023 NPV-10 after tax/bblmmbbls$ billion$/bblProved (\"1P\")48 (+6%)$0.9$18.50Probable (\"2P\")100 (+4%)$1.6$16.39Possible (\"3P\")200 (+19%)$2.5$12.54 Strong results for various key year-end 2023 reserve-based metrics:2023 reserves life index for 1P and 2P reserves, is approximately 9 and 19 years, respectively, using the average 2023 production run rate of 14,248 barrels (\"bbls\") of oil per day (\"bopd\"); Robust 2023 production reserves replacement ratios of 150% and 167% for 1P and 2P reserves, respectively;Original Oil in Place (\"OOIP\") largely flat from 2022 levels. Now at 326, 442, and 595 million bbls (\"mmbbls\"), respectively, for the 1P, 2P and 3P cases;Increased 1P and 2P total booked well counts in 2023 by 2 and 3 wells, to 23 and 32 wells, respectively. Total 3P well count remains at 36; and,2P recovery factor continued to increase in 2023 to 26% (from 24% at year-end 2022).2023 Proved Developed Producing (\"PDP\") reserves increased 18% to 29 mmbbls, representing 60% of 1P reserves, reflecting an attractive ratio of base producti...