PetroTal
Malcys Blog
Malcy's Blog -2 min read
09:55, 11th July 2019

PetroTal Corp

A quarterly update from PetroTal this morning which confirms almost all the news that I had in my recent report. The 3D well has averaged 2,875 b/d in the first 24 days of production bringing full field Bretana production to an average of 5,350 b/d since it came onstream which is ahead of analysts expectations. Oil is being stored at Saramuro, Peru in order to ship the first 50,000 barrels through the ONP pipeline with subsequent batches being of 100,000 barrels.

As expected the 2WD well has been spudded which will be the primary water disposal well after which the company plans to convert the existing water disposal well into an oil producer. The plans subsequently are to complete the next phase of production facilities by the end of this year and along with the next new well, the BN 95-4H well will enable production of up to 10,000 b/d.

The company confirms that there has been social unrest locally but they support the local communities and so far field production has not been affected but some storage capacity has been restricted.

PetroTal is in a strong position with growing production and, following the recent raise, a very strong financial position with no debt. Further out there is the exciting prospect of the Osheki prospect in Block 107 which should be drilled next year, there are a number of interested parties in the data room at present. Accordingly the company exhibits excellent opportunities for investors at this interesting time in its development.

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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