Business
PetroTal Announces Q2 2023 Financial and Operating Results
Record Q2 2023 production of 19,031 bopd (56% growth over Q1 2023) Record Q2 2023 sales of 18,4...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces Q2 2023 Financial and Operating Results Record Q2 2023 production of 19,031 bopd (56% growth over Q1 2023)Record Q2 2023 sales of 18,483 bopd (46% growth over Q1 2023)60 days of production above 20,000 bopd in Q2 2023 and a quarter exit rate of 21,700 bopdCalgary, Alberta and Houston, Texas--(Newsfile Corp. - August 8, 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 and six months ended June 30, 2023 (\"Q2\").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 and six months ended June 30, 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.Key Selected HighlightsAchieved record average quarterly sales of 18,483 barrels (\"bbls\") of oil per day (\"bopd\"), up 46% from the first quarter (\"Q1\") 2023;Produced a record 19,031 bopd in the quarter, up 56% from Q1 2023. During the quarter the Company posted 60 days with production over 20,000 bopd;Exited the quarter in a strong cash position with $92.6 million in total cash ($17.3 million restricted), up 29% from end of Q1 2023;As a result of excellent Q2 2023 performance, the Company will declare and pay in Q3 2023, a cash dividend of US$0.025 per common share, which includes the recurring US$0.015 per common share amount, plus an amount for a minimum liquidity sweep of US$0.01 per common share;Exported oil sales through Brazil averaged 513,000 bbls per month. In April 2023 the Company had exported oil sales of approximately 590,000 barrels, that combined with Iquitos refinery deliveries represented total realized oil sales of 630,462 bbls for the month;Commenced drilling well 15H on April 11, 2023, with first oil production in early June 2023, ahead of schedule. The well produced at an average of 7,920 bopd for the last 19 days in June 2023 and has averaged 7,140 bopd for the 30 day period from June 12, 2023 to July 11, 2023, prior to the start of the dry season; Generated significant EBITDA and Free Funds Flow of $70.0 million ($41.63/bb...