PetroTal Corp. - Corporate Updates and Dividend Confirmation
13/09/2023 07:00
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RNS Number : 2347M PetroTal Corp. 13 September 2023
PetroTal Announces Corporate Updates and Dividend Confirmation
Calgary, AB and Houston, TX - September 13, 2023 -PetroTal Corp. ("PetroTal"
or the "Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) is pleased to
announce the following corporate updates.
Dividend Payment Confirmation
As announced on August 8, 2023 the Company is pleased to confirm that a total
dividend payment of approximately $23 million, representing US$0.025/share,
will be paid on September 15, 2023 to shareholders on record at August 31,
2023. This equates to a 4.3% quarterly yield (17.2% annualized) based on the
current US$0.58/share trading price. Shareholders should confirm with their
brokers to verify their ownership status on August 31, 2023. The upcoming
dividend payment will represent approximately $37 million in total dividends
paid in 2023 thus far and is an eligible dividend for the purposes of the
Income Tax Act (Canada). Shareholders outside of Canada should contact their
respective brokers or register agents for the appropriate tax election forms
regarding this dividend.
Buyback Status
PetroTal briefly paused its buyback program on August 25, 2023 to allow
purchased shares to clear its share registry. Buybacks have resumed on
September 5, 2023 with another scheduled brief pause around the quarter end.
Repurchased shares for July and August 2023 totaled 3,886,822 which equates to
approximately $2.3 million in value to shareholders.
Production Update
Production in July and August 2023 has averaged 11,552 barrels of oil per day
("bopd") and 12,651 bopd respectively as the Company manages reduced barge
movement to/from Brazil during the anticipated low river dry season. The
Company expects to make up the volume shortfall if river levels revert to
normal in the fourth quarter, and reiterates its full year guidance range of
between 14,000 bopd and 15,000 bopd.
Currently the contracted PetroTal drilling rig is moving to the west part of
the Bretana field where the new L2 West platform is expected to be delivered
in September. Crews will work for about a month to complete the installation
of the L2 West platform with drilling commencement of well 16H to occur in
early November 2023.
Management Marketing Initiatives
The PetroTal management team will be presenting at the upcoming Pareto
Conference in Oslo, Norway on September 20, 2023 followed by the Schachter
Energy Conference in Calgary, Canada on October 14, 2023 and the TSX
International E&P conference in Toronto on October 17, 2023. An updated
investor presentation is now available on the Company's website
www.petrotal-corp.com
ABOUT PETROTAL
PetroTal is a publicly traded, tri‐quoted (TSX: TAL, AIM: PTAL and OTCQX:
PTALF) oil and gas development and production Company domiciled in Calgary,
Alberta, focused on the development of oil assets in Peru. PetroTal's
flagship asset is its 100% working interest in Bretana oil field in Peru's
Block 95 where oil production was initiated in June 2018. In early 2022,
PetroTal became the largest crude oil producer in Peru. The Company's
management team has significant experience in developing and exploring for oil
in Peru and is led by a Board of Directors that is focused on safely and cost
effectively developing the Bretana oil field. It is actively building new
initiatives to champion community sensitive energy production, benefiting all
stakeholders.
For further information, please see the Company's website at
www.petrotal-corp.com (http://www.petrotal-corp.com) , the Company's filed
documents at www.sedar.com (http://www.sedar.com) , or below:
Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 20 7770 6424
Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / James Spinney / Robert Collins
T: 44 (0) 207 409 3494
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
T: +44 (0) 20 7710 7600
Peel Hunt LLP (Joint Broker)
Richard Crichton / David McKeown / Georgia Langoulant
T: +44 (0) 20 7418 8900
READER ADVISORIES
FORWARD-LOOKING STATEMENTS: This press release contains certain statements
that may be deemed to be forward-looking statements. Such statements relate to
possible future events, including, but not limited to, oil production levels
and guidance, including the ramp up and resumption of shut-in production. All
statements other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always, identified
by the use of words such as "anticipate", "believe", "expect", "plan",
"estimate", "potential", "will", "should", "continue", "may", "objective" and
similar expressions. Without limitation, this press release contains
forward-looking statements pertaining to: the appointment of an additional
director during the forthcoming year; expectations surrounding disrupted barge
logistics and the consequences in respect thereof, including in relation to
the Company's ability to maintain production at about 22,000 bopd; effects of
the illegal blockade removal and release of oil convoys in respect of overall
safety in the Loreto area; PetroTal's recommendations and expectations
surrounding furniture negotiations with AIDECOBAP and future social fund
allocation decisions. In addition, statements relating to expected production,
reserves, recovery, replacement, costs and valuation are deemed to be
forward-looking statements as they involve the implied assessment, based on
certain estimates and assumptions that the reserves described can be
profitably produced in the future. The forward-looking statements are based on
certain key expectations and assumptions made by the Company, including, but
not limited to, expectations and assumptions concerning the ability of
existing infrastructure to deliver production and the anticipated capital
expenditures associated therewith, the ability of government groups to
effectively achieve objectives in respect of reducing social conflict and
collaborating towards continued investment in the energy sector, including
pursuant to Acta, reservoir characteristics, recovery factor, exploration
upside, prevailing commodity prices and the actual prices received for
PetroTal's products, including pursuant to hedging arrangements, the
availability and performance of drilling rigs, facilities, pipelines, other
oilfield services and skilled labour, royalty regimes and exchange rates, the
impact of inflation on costs, the application of regulatory and licensing
requirements, the accuracy of PetroTal's geological interpretation of its
drilling and land opportunities, current legislation, receipt of required
regulatory approval, the success of future drilling and development
activities, the performance of new wells, future river water levels, the
Company's growth strategy, general economic conditions and availability of
required equipment and services. Although the Company believes that the
expectations and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will prove to
be correct. Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include, but are not
limited to, risks associated with the oil and gas industry in general (e.g.,
operational risks in development, exploration and production; delays or
changes in plans with respect to exploration or development projects or
capital expenditures; the uncertainty of reserve estimates; the uncertainty of
estimates and projections relating to production, costs and expenses; and
health, safety and environmental risks), commodity price volatility, price
differentials and the actual prices received for products, exchange rate
fluctuations, legal, political and economic instability in Peru, access to
transportation routes and markets for the Company's production, changes in
legislation affecting the oil and gas industry and uncertainties resulting
from potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; changes in the financial
landscape both domestically and abroad, including volatility in the stock
market and financial system; and wars (including Russia's war in Ukraine).
Please refer to the risk factors identified in the Company's most recent AIF
and MD&A which are available on SEDAR at www.sedar.com. The
forward-looking statements contained in this press release are made as of the
date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by applicable
securities laws.
OIL REFERENCES: All references to "oil" or "crude oil" production, revenue or
sales in this press release mean "heavy crude oil" as defined in NI 51-101.
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