Business
PetroTal Announces Q1 2023 Financial and Operating Results
Delivered Q1 2023 production of 12,193 bopd representing 17.5% growth over Q4 2022 Achieved rec...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces Q1 2023 Financial and Operating ResultsDelivered Q1 2023 production of 12,193 bopd representing 17.5% growth over Q4 2022Achieved record sales volumes of 21,500 bopd in March 2023 through Brazil exports and IquitosFully repaid the Company's corporate bonds Formalized the shareholder return policy and minimum liquidity requirementCalgary, Alberta and Houston, Texas--(Newsfile Corp. - May 11, 2023) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) (\"PetroTal\" or the \"Company\") is pleased to report its operating and financial results for the three months (\"Q1\") ended March 31, 2023.Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements and management's discussion and analysis (\"MD&A\") for the three months ended March 31, 2023, which are available on SEDAR at www.sedar.com and on the Company's website at www.PetroTal‐Corp.com. All amounts herein are in United States dollars unless otherwise stated.Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:\"I am pleased to report that the Company has achieved production in excess of 20,000 bopd for over 74 days since late February 2023. Q1 2023 was a transformational quarter for our business, as we repaid our corporate bonds in full, reinitiated a material and rewarding return of capital program, and upsized the barging fleet. With the recent permit approval of the L2 West Platform, the Company can now drill for more than two years ahead, allowing for increasing production levels to be achieved. Our value proposition is very clear; we can deliver both material production growth per share and a significant free cash flow yield, instead of having to prioritize one over the other.\"Q1 2023 Selected HighlightsAchieved average quarterly sales of 12,618 barrels (\"bbls\") of oil per day (\"bopd\"), up 21% from the fourth quarter (\"Q4\") of 2022;Delivered monthly record sales in March 2023, with over 660,000 bbls of oil sold through Brazil and to the Iquitos refinery;Fully repaid the remaining $80 million in corporate bonds in the first quarter of 2023, paving the way for a significant dividend and share buyback program to commence in the second quarter of 2023;Reinstated a return of capital program, including a USD$0.015...