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."

Quick facts

Track
Market: AIM
Instrument market cap (£m)
143.85
Listing/Admission to trading
24 Dec 2018
Looking for new and recent issues?

More recent

108.44
London Stock Exchange welcomes the Rt Hon John Glen, Economic Secretary to the Treasury, celebrating HM Treasury UK Sovereign Sukuk

The UK Government today celebrated the listing of its second sovereign Sukuk on London Stock Exchange. The 5-year offering was for £500 million, more than double the size of the UK Government’s debut issuance and the largest sterling Sukuk issuance to date. The UK’s second Sukuk saw strong investor participation, with demand from a diverse group of high-quality institutional investors from the

Learn more
97.84
London Stock Exchange welcomes Cornerstone FS plc to AIM

The Ordinary Shares of Cornerstone FS plc were admitted to trading at 8.00am on Tuesday 6 April 2021, under the stock market ticker CSFS. The placing price was 61p per share, resulting in a market capitalisation of £12.4 million.

Cornerstone FS plc, is a cloud-based provider of international payment, currency risk management and electronic account services to SMEs. Its strategy is to

Learn more
133.2
London Stock Exchange welcomes Deliveroo Holdings plc to the Main Market

Today, the online food delivery platform Deliveroo has made a significant step in the execution of its ambitious growth plans as it begins trading on the Main Market of London Stock Exchange, having raised net proceeds of around £1.5bn. Deliveroo’s admission is the biggest in London since 2011 and the largest UK technology listing of all time.

Founded in 2013 by Will Shu, Deliver

Learn more
77.64
London Stock Exchange welcomes Digital 9 Infrastructure plc to the Specialist Fund Segment of the Main Market

London Stock Exchange welcomed Digital 9 Infrastructure plc to the Specialist Fund Segment of the Main Market today, after it raised gross proceeds of £300 million in its Initial Public Offering.

Digital 9 Infrastructure plc (DGI9) is a newly established, externally managed investment trust. It will invest in a range of digital infrastructure assets which deliver a reliable, functioni

Learn more