London Stock Exchange Welcomes PetroTal Corp. to AIM
PetroTal Corp., the Peru focused exploration and production company, celebrated its admission to trading on AIM at the London Stock Exchange this morning, Tuesday 15th January.
PetroTal, the only exclusively Peru focused oil producing company listed in London, with controlling interests in three Peru license blocks: Block 95, which includes the Bretaña oil field, and two exploration blocks, namely Block 107 and Block 133.
The Company has a clear and immediate focus on the development of the Bretaña oil field, where first oil was achieved in June 2018, ahead of schedule, and a full field development programme is envisaged over the next 36 months. The oil field has significant proved and probable (2P) reserves of 39.8 mmbl, based on the independent evaluation completed by Netherland Sewell & Associates, Inc. ("NSAI") effective as of 30 June 2018. The Company has established routes to market with current production being barged to, and sold at, the Iquitos Refinery. Significant exploration potential also exists on this large license block and the Company will be pursuing this upside, along with prospectivity on the two other exploration licenses, namely Block 107 and Block 133.
Manolo Zuniga, President and Chief Executive Officer, commented:
"We believe the AIM market will give us access to a broader investor base as we enter a period where we are looking to significantly increase our production profile. With Bretaña now online and having declared commerciality, there should be no doubt about our commitment to building value for shareholders, as well as the country of Peru. We continue to maintain a disciplined approach to capital allocation and currently have approximately $25 million of cash on hand with no debt on the balance sheet, which is sufficient to allow us to maximize value and increase production in the near term.
Since December 2017, we have put the Bretaña oil field online ahead of schedule, installed and commissioned facilities on time and under budget, and have mobilised a drilling rig to spud the Company's second oil producer in February 2018. I would like to take this opportunity to thank our extraordinary team of experienced and hardworking professionals who have been instrumental in the Company's achievements to date."