2023-07-06 03:59:17 ET
- PetroTal ( OTCQX:PTALF ) announces record Q2 production of 19,031 barrels of oil per day, driven by strong output from the firm's recently drilled 15H well and by providing maximum sales volume through the Brazilian route for the most of quarter.
- During its first 25 days of production, the 15H well has averaged 7,300 bopd, with its most recent rate reported at 6,040 bopd after accumulating 182,500 barrels of crude oil.
- During Q2, PetroTal ( OTCQX:PTALF ) constrained 25% of its production capacity due to the ongoing Northern Peruvian Pipeline closure and six days of planned maintenance.
- The company also welcomed recently appointed board member Felipe Arbelaez Hoyos as an independent director.
- PetroTal continues to monitor the Amazon River levels on the Brazilian side as the peak dry season settles in, and by next month the Company should be able to either reaffirm or upgrade its current 2023 guidance, the company said in a statement.
- Bretana's free cash flow offer will be extended over time by PetroTal's steady base of oil-producing wells, the business said. PetroTal will continue to drill new wells as long as oil prices permit swift capital recovery, it added.
- As at March. 31, 2023 the Co. had ~C$75M of unrestricted cash and C$17 million of restricted cash for a total of C$92 million.
- At the end of Q2 2023, accounts payable were ~C$59 million, and estimated accounts receivable were C$100 million.
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PetroTal announces record production of 19,031 bopd in Q2