Business
PetroTal Announces Increased Production from Bretaña Field and Provides Operations Update
PetroTal Announces Increased Production from Bretaña Field and Provides Operations Up...
About this update from Petrotal Corp.
[{"type":"text","content":"\n\n\n\nPetroTal Announces Increased Production from Bretaña Field and Provides Operations Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY and HOUSTON, Nov. 15, 2018\n\n\n\nCALGARY and HOUSTON, Nov. 15, 2018 /CNW/ - PetroTal Corp. (\"PetroTal\" or the \"Company\") (TSX-V: TAL) is pleased to announce that it has successfully increased oil production from the Bretaña Norte discovery well (the \"Discovery Well\" or the \"Well\") at the Bretaña field in Block 95, Peru.  The Company is also pleased to provide a further update on operations at Bretaña as well as selected financial information as of September 30, 2018.  All figures referred to in this press release are denominated in U.S. dollars.\nOperations Highlights\nSuccessful installation and commissioning of oil production and water handling facilities, completed on schedule and under budget Production from the Discovery Well increased to over 2,000 barrels of oil per day (\"BOPD\"), with over 100,000 barrels of crude oil produced to date Bureau Veritas' evaluation of oil sample demonstrates lighter 19.2 degree API oil and lower viscosity Mobilizing drilling rig to Bretaña with the expectation of spudding the first of a three well program in February 2019 Approximately $27 million in liquidity as of September 30, 2018, with no debtProduction Update\nThe Company initially provided guidance that the Discovery Well, which had been tested but not put on production, could commence production in 10 to 12 months from PetroTal taking over operational control of the field in late December 2017.  The Company subsequently announced that, on June 1, 2018, the well was placed on production through long-term testing, allowing for the start of the well test under natural flow and the commissioning of the newly installed oil production facilities, five months earlier than anticipated.  As previously announced, the Company restricted the well flow rates to avoid water production until the required water injection facilities were installed and commissioned. &#x...