Business
PetroTal Issues Corporate Update Regarding River Access
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - December 15, 2022) - PetroTal Corp. (TSXV:...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Issues Corporate Update Regarding River AccessCalgary, Alberta and Houston, Texas--(Newsfile Corp. - December 15, 2022) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) (\"PetroTal\" or the \"Company\") is pleased to announce the following corporate update.River Transportation ReopenedOn December 14, 2022, the Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua (\"AIDECOBAP\") removed the river blockade to allow oil barge transportation access in and out of the Company's operating area coinciding with positive working table discussions held on December 14, 2022 where the Junta of Authorities of Puinahua, Perupetro, and PetroTal also participated.Production Ramp Up To Commence ImmediatelyWith the reopening of river access, the Brazilian export route is now available. Production ramp up will commence immediately over the next few days and is expected to again reach approximately 18,000 barrels of oil per day (\"bopd\") for the remainder of December 2022. Inclusive of social downtime since late November, the Company estimates Q4 2022 oil production levels to average between 8,500 and 9,500 bopd.Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:\"We are pleased the Puinahua Channel has reopened and believe the forthcoming addendum incorporating the 2.5% Social Trust Fund to the Block 95 License Contract will provide long term stability and a material quality of life enhancement to the communities of the Puinahua District.\" ABOUT PETROTALPetroTal is a publicly traded, tri quoted (TSXV: TAL) (AIM: PTAL) (OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2020, PetroTal became the largest crude oil producer in Peru. The Company's management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.For further information, please see the Company's website at www.petrotal-corp.com, the Compa...