Total
0
Shares
PetroTal - CEO, Manuel Pablo Zuniga Pflucker.
CEO, Manuel Pablo Zuniga Pflucker.
Source: University of Maryland.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • PetroTal (TAL) has completed its 8H horizontal well with the production of nearly eight thousand barrels of oil per day
  • Total current field production is now approximately 15,400 bopd, surpassing the Bretana oil field’s 2019 high watermark
  • The company achieved the record field production due to the ONP being operational again, allowing the company to unload 140-thousand barrels of oil
  • PetroTal is an oil and gas development and production company focused on assets in Peru
  • PetroTal (TAL) is up by 11.94 per cent and is currently trading at $0.375 per share

PetroTal (TAL) has completed its 8H horizontal well with the production of nearly 8,000 barrels of oil per day.

PetroTal commenced production of 8H, its fourth horizontal well, on September 4, 2021, with unrestricted flow rates of 7,600 bopd over a ten-day period.

The well came in 3 per cent under budget and has an estimated payout of 8-10 weeks of production based on the current Brent oil strip, assuming unrestricted rates.

PetroTal achieved the record field production due to the ONP being operational again, allowing the company to unload 140-thousand barrels of oil stored in barges at Pump Station No.1. 

Total current field production is now approximately 15,400 bopd, surpassing the Bretana oil field’s 2019 high watermark.

Manuel Pablo Zuniga-Pflucker, PetroTal’s President and CEO, stated, “The initial flow rates from well 8H are very exciting and echo the profile of the prolific 5H horizontal well. Similarly, the clean sands of the 8H well reflect what we have observed in the recently drilled 7D well and the cores obtained in the 3WD water disposal well.”

“Over the next few weeks, we expect to commence drilling the next horizontal well (BN-9H) in our 2021 campaign,” added Zuniga-Pflucker.

PetroTal is an oil and gas development and production company focused on assets in Peru.

PetroTal (TAL) is up by 11.94 per cent and is currently trading at $0.375 as of 11:22 am ET.

More From The Market Herald
The Market Herald Video

" i3 Energy PLC (TSX:ITE) provides Q3 updates

i3 Energy plc is pleased to provide operational and financial highlights for Q3 2021.

" TC Energy (TSX:TRP) releases 2021 sustainability report

TC Energy (TRP) has released its 2021 Report on Sustainability, ESG Data Sheet, and GHG Emissions Reduction Plan.

" Graphene (TSXV:GMG) and Bosch sign LOI

Graphene Manufacturing Group Ltd. (GMG) and Robert Bosch Australia Pty Ltd. have signed a non-binding letter of intent.

" Athabasca Oil (TSX:ATH) closes senior secured notes financing and enters into a credit facility

Athabasca Oil Corporation (ATH) has issued US$350 million of senior secured notes and entered into a $110 million credit facility.