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PetroTal Announces Significant Increases in 2021 Year-End Oil Reserves
68% increase in 1P Reserves to 37 million barrels 53% increase in 2P Reserves to 78 millio...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces Significant Increases in 2021 Year-End Oil Reserves68% increase in 1P Reserves to 37 million barrels53% increase in 2P Reserves to 78 million barrels39% increase in 3P Reserves to 147 million barrelsCalgary, Alberta and Houston, Texas--(Newsfile Corp. - February 15, 2022) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) (\"PetroTal\" or the \"Company\") is pleased to announce the results of its 2021 year-end reserve evaluation by Netherland, Sewell & Associates, Inc. (\"NSAI\") for the Bretana oil field, operated 100% by PetroTal (the \"NSAI Report\"). All currency amounts are in United States dollars (unless otherwise stated) and comparisons refer to December 31, 2020.Highlights:Significant increases in all reserve categories:Proved (\"1P\") reserves increasing by 68% to 37.4 million barrels. Net Present Value (before tax, discounted at 10% (\"NPV-10\")) is $724 million ($19.38/bbl) for 1P reserves;Proved plus Probable (\"2P\") reserves increasing by 53% to 78 million barrels. Net Present Value (before tax, discounted at 10% (\"NPV-10\") is $1.39 billion ($17.82/bbl) for 2P reserves; and, Proved plus Probable plus Possible (\"3P\") reserves increasing by 39% to 147 million barrels. NPV-10 values have increased 129% for 1P and 67% for 2P, over year-end 2020, due to reserves growth and an increase in the Brent price forecast used by NSAI at year-end 2021;Material progression of after tax NPV-10 per share to US$0.69/share, US$1.23/share, and US$2.00/share for 1P, 2P, and 3P categories;2021 Proved Developed Producing (\"PDP\") reserves increased 35% to 16.15 million barrels, representing 43% of 1P reserves, reflecting an attractive ratio of base production to low risk drilling targets;Three key reserves parameters had material positive upgrades in the NSAI Report, compared to the prior year:Original Oil in Place (\"OOIP\"): Increases of 5%, 7%, and 7% to 247, 389, and 618 million barrels, respectively, for the 1P, 2P and 3P cases;Due to continued drilling success and additional subsurface data, 1P, 2P and 3P total booked well counts for 2021 are 17, 22, and 29, respectively, up materially from the 2020 well counts of 11, 15, and 20; and,With additional subsurface similarities to Bretana's analogous fields now recognized, all three recovery factor percentages materially increased in 2021 to 18% (from 11...