- PetroTal (TAL) has released an update on its 2021 fourth quarter and full-year operations
- Oil production for 2021 was up 58% compared to 2020 production
- Current field production is at approximately 20,000 bopd after lower production rates in December and early January
- Wells 9H and 8H continue to perform significantly above internal expectations, and drilling of the 10H well is progressing on schedule
- PetroTal is a publicly traded oil and gas development and production company, focused on the development of oil assets in Peru
- Shares in PetroTal (TAL) are up 8.70 per cent, trading at $0.50 per share
PetroTal (TAL) has released an update on its 2021 fourth quarter and full-year operations.
Q4 2021 production averaged 10,147 barrels of oil per day (bopd), constrained by temporary oil delivery disruptions.
Oil production for 2021 was 8,966 bopd, up 58% from 5,675 bopd for 2020.
According to PetroTal’s latest press release, production at the field is now again averaging approximately 20,000 bopd with export routes, including the Northern Peruvian Pipeline, fully functional.
Wells 9H and 8H continue to perform significantly above internal expectations, with average production rates over the past five days of approximately 8,500 bopd and 6,700 bopd, respectively.
With wells 9H and 8H generating large initial production rates in the fourth quarter, PetroTal grew its production rates by 7 per cent despite only producing unconstrained for approximately 57 per cent of the period.
Current field production is at approximately 20,000 bopd, having produced at that rate for the past five days after PetroTal had to restrain production until January 9 to an average of 5,006 bopd.
Drilling of the 10H well is progressing on schedule, with the 1,200-meter horizontal section successfully reaching total depth. Well 10H is the longest horizontal well drilled to date in Peru and completion operations are now underway, with the well expected to be completed in early February 2022.
“We are excited to start the new year with record production of 20,000 bopd, a solid base for ongoing growth,” said PetroTal CEO Manuel Pablo Zuniga-Pflucker. “PetroTal will continue to manage our business to maximize cash flow and support stable operations for shareholders while always placing safety above all else.”
PetroTal is an oil and gas development and production company focused on the development of oil assets in Peru.
Shares in PetroTal (TAL) are up 8.70 per cent, trading at $0.50 per share as of 3:43 pm EST.