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PetroTal Announces AIDECOBAP Illegal River Blockade
PetroTal urges a peaceful and immediate end to demonstrations Field production slowdown coincid...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces AIDECOBAP Illegal River BlockadePetroTal urges a peaceful and immediate end to demonstrationsField production slowdown coincides with planned infrastructure tie-insCalgary, Alberta and Houston, Texas--(Newsfile Corp. - June 8, 2023) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) (\"PetroTal\" or the \"Company\") announces an illegal and violent river blockade against vessels that provide services to PetroTal.Illegal River BlockadeAs of June 3, 2023, The Indigenous Association for Development and Conservation of Bajo Puinahua (\"AIDECOBAP\") has engaged in carrying out an illegal blockade in the Puinahua Canal against all ships providing services to the Company, including barges that transport oil, and vessels carrying critical camp supplies.AIDECOBAP is using aggressive actions which are endangering the lives of vessel crew and local residents. The blockade ignores the recently signed agreements which adopt a transparent, fair, and participatory approach to allocating social fund resources where over US$8 million has already been accumulated from PetroTal into a restricted bank account. During social related downtime, over US$50,000 per day is forfeited from future trust allocations. PetroTal has called for an immediate and peaceful end to the blockade so that safe river transportation operations can resume, as previously formalized by the working table committee participants and announced on May 30, 2023. This river access disruption coincides with planned production reductions that will allow the Company to tie in previously installed infrastructure and modify production operations that will economically benefit future oil production. June 2023 month to date oil production has averaged approximately 10,000 barrels of oil per day (\"bopd') prior to the field installation work, commencing June 8, 2023, where the field will be shut in for approximately five days. The Company's 2023 oil production forecast included this planned downtime and a 5% social downtime contingency in its 2023 guidance to allow for social disruption. ABOUT PETROTALPetroTal is a publicly traded, tri‐quoted (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest ...