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PetroTal announces First Quarter 2020 Financial and Operating Results
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - July 9, 2020) - PetroTal Corp. (TSXV: T...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal announces First Quarter 2020 Financial and Operating ResultsAverage Q1 2020 oil production of 9,686 bopdCalgary, Alberta and Houston, Texas--(Newsfile Corp. - July 9, 2020) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (\"PetroTal\" or the \"Company\")  is pleased to announce its financial and operating results for the three months ended March 31, 2020 (\"Q1 2020\"). Selected financial, reserves and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements (\"Financial Statements\") and management's discussion and analysis (\"MD&A\") for Q1 2020, which are available on SEDAR at www.sedar.com and the Company's website at www.PetroTal‐Corp.com. Reserve numbers presented herein were derived from an independent reserves report (the \"NSAI Report\") prepared by Netherland, Sewell & Associates, Inc. (\"NSAI\") effective December 31, 2019. All amounts herein are in United States dollars (\"US$\") unless otherwise stated.Q1 2020 HIGHLIGHTSThe Company reached several key operational and financial achievements as described below:Q1 2020 Operational HighlightsCommenced drilling the BN 95-6H horizontal well (the \"6H well\") on February 17, 2020. The well reached a lateral length of 1,178 meters and was completed using autonomous inflow control device (\"AICD\") valves that restrict water inflow. The 6H well came online on April 10, 2020 producing approximately 5,750 barrels of oil per day (\"bopd\") initially, and achieved average production of approximately 4,500 bopd for the first 10 production days during April;The 6H well was completed on time and under the original $12.6 million budget;The Bretaña oil field reached new record quarterly production of 9,686 bopd and sales of 10,313 bopd. This represents a 25% increase from Q4 2019 production of 7,767 bopd;Completed commissioning of the enhanced central production facilities (\"CPF-1\") bringing overall oil production capacity to between 16,000 bopd and 18,000 bopd;Announced increases in all reserve categories following 2019 year-end reserves evaluation by NSAI:Proved (\"1P\") reserves of 21.5 million barrels (\"mmbbl\"), an increase of 20% (17.9 mmbbl at year-end 2018);Proved plus Probable (\"2P\") reserves of 47.7 mmbbl, an increase of 21% (39.4 mmbbl at year end 2018); and,Pro...