Optimized the 2020 capital program to maximize liquidity and operational performance due to the COVID 19 pandemic, ongoing government social related issues, and shut down of the ONP; Completed commissioning of the enhanced central production facilities (“CPF-1”), bringing overall oil production capacity to between 16,000 and 18,000 bopd; Signed an extended oil sales contract with Petroperu outlining improved terms, including reduced pipelined tariffs and fees during periods of low oil prices;
Drilled and completed the 6H well on schedule and within budget achieving a 10-day flush production average of approximately 4,500 bopd; 2020 Highlights
Successfully and seamlessly reopened the Bretana field in late September 2020 after COVID 19, social, and Northern Oil Pipeline (“ONP”) maintenance related issues. There was no additional downtime or related safety issues once startup commenced, with field production rising back to approximately 11,000 bopd (pre shut down levels) ten days later; Selected financial, reserves and operational information is outlined below and should be read in conjunction with the Company’s audited consolidated financial statements (“Financial Statements”), management’s discussion and analysis (“MD&A”) and annual information form (“AIF”) for the year ended December 31, 2020, which are available on SEDAR at www.sedar.com and on the Company’s website at www.PetroTal‐Corp.com. Reserves numbers presented herein were derived from an independent reserves report (the “NSAI Report”) prepared by Netherland, Sewell & Associates, Inc. (“NSAI”) effective December 31, 2020. All amounts herein are in United States dollars (“USD”) unless otherwise stated.
Executed a route to market diversification strategy through Brazil with comparable margins to the ONP route. Events Subsequent to December 31, 2020 Concluded historic collaboration between the local Bretana residents and communities, aligning their goals and objectives with the Company’s; and,
Delivered a material lift in 2020 year ended 3P oil reserves with a lower 2P operating cost profile based on positive technical revisions, historical well performance, and field cost reduction initiatives; Raised approximately $18 million in equity to provide 2020 liquidity support;
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- PetroTal Announces 2020 Year-End Financial and Operating Results
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