Business
PetroTal Announces Q3 2021 Operations and Liquidity Update
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - October 13, 2021) - PetroTal Corp. (TSX...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces Q3 2021 Operations and Liquidity UpdateCalgary, Alberta and Houston, Texas--(Newsfile Corp. - October 13, 2021) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTC Pink: PTALF) (\"PetroTal\" or the \"Company\") announces an operations and liquidity update for Q3 2021, and updates on the ongoing community protests at pump station 5. All amounts herein are in United States dollars (\"USD\") unless otherwise stated.Highlights:Q3 2021 production averaged 9,508 barrels of oil per day (\"bopd\"), within 2% of previous guidance;Q3 2021 exit production (last 7 day average in quarter) was 15,131 bopd, an increase of 89% over Q2 2021;October 1 to October 11, 2021, average production of 14,218 bopd;Well 8H has achieved payout in under 40 days on its $11.8 million capital cost, with continued robust average production of 7,485 bopd in Q4 2021 to date;Well 7D continues to deliver strong production above 1,300 bopd, having achieved two times payout to date;Well 9H drilling continues without delays, with first oil estimated in mid November 2021;Water disposal maintenance efforts were completed and will have long term field optimization benefits;Brazil route to market sales option proving viable, with PetroTal executing an export of 226,000 barrels in Q3 2021;Strong liquidity position maintained, with total liquidity of $58 million as at September 30, 2021; and,PetroTal taking proactive initiatives to resolve recent pump station 5 disputes between the local community and government.Q3 2021 ProductionPetroTal averaged oil production of 9,508 bopd for Q3 2021. This was within 2% of revised Q3 2021 guidance of 9,697 and an 8% increase over Q2 2021 average production of 8,839 bopd. PetroTal exited Q3 2021 producing 15,131 bopd, an 89% increase over exit Q2 2021 production of 8,009 bopd. Q4 2021 production to date is 14,218 bopd, inclusive of approximately 5.4% of usual downtime. Well 8H UpdateWell 8H continues to perform at exceptional levels. During the first 11 days of October, 8H has averaged 7,485 bopd. As of October 11, 2021, the 8H well has produced over 290,000 barrels at an estimated $45/bbl netback and has now achieved payout on its $11.8 million capital cost.Well 7D UpdateWell 7D continues to exceed management expectations from a deviated drilling perspective. 7D is still averaging more than 1,300 bopd. Since commencement of ...