PetroTal Corp. - Grant of Performance Share Units
10/05/2024 07:00
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RNS Number : 8884N PetroTal Corp. 10 May 2024
PetroTal Announces 2024 Grant of Performance Share Units
Calgary, AB and Houston, TX - May 10, 2024-PetroTal Corp. ("PetroTal" or the
"Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) announces the annual grant
of performance share units ("PSUs") to employees and officers of the Company,
in accordance with the Company's performance and restricted share unit plan.
2024 PSU grants
PetroTal has granted an aggregate of 6,372,974 PSUs, of which 3,526,270 PSUs
are to Officers. The PSUs issued to the Officers will vest three years from
the date of grant and each PSU will entitle the holder to acquire, for nil
cost, between zero and two common shares of the Company ("Shares"), subject to
achievement, as evaluated by the Corporate Governance and Compensation
Committee, of 2024 Key Performance Indicators ("KPIs") relating to the
Company's total shareholder return, net asset value and certain production and
operational milestones. The remaining 2,846,704 PSUs are issued to
employees, and vest annually, on an equal basis, over the next three years.
Manuel Pablo Zuniga-Pflucker President and CEO 2,161,299
Camilo McAllister Executive Vice President and CFO 494,448
Jose Contreras Senior Vice President Operations 677,954
Sudan Maccio Chief Legal Counsel 192,569
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.sedarplus.ca
(file:///C:/Users/Kfami/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/AOA4GGX0/www.sedarplus.ca)
, or below:
Camilo McAllister
Executive Vice President and Chief Financial Officer
Cmcallister@PetroTal-Corp.com
T: (386) 383 1634
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. 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: PetroTal's
drilling, completions, workovers and other activities; the Company's plans and
expectations with respect to the OCP pilot oil shipment and its continued
advancement; anticipated future production and revenue; drilling plans
including the timing of drilling, commissioning, and startup; PetroTal's 2024
guidance, including in respect of its production and sales target of 17,000
bopd and estimate that it will deliver a 20% growth rate over 2023 production
and anticipated benefits thereof (i.e., that PetroTal will generate
approximately $200 million in EBITDA as a result, underpinned by a total 2024
capex spend of $134 million and allowing for a stable return of capital
program and shareholder return upside); expectations with respect to well 17H
production; 2024 budget guidance; plans with respect to well 18H including
in respect of anticipated costs, completion and timing thereof including the
Company's plans to begin production at well 18H in May of 2024; the Company's
expectation to meet Q1 2024 production guidance of 18,500 bopd; expectation
that the Company will continue to prioritize derisking oil sales so it can
embark on new production growth projects; average 2024 production; intentions
with respect to return of capital and the 19 year 2P reserve life index. 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 to obtain and maintain necessary permits and licenses,
the ability of government groups to effectively achieve objectives in respect
of reducing social conflict and collaborating towards continued investment in
the energy sector, 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 and
the Israeli-Hamas conflict). Please refer to the risk factors identified in
the Company's most recent annual information form and MD&A which are
available on SEDAR+ at www.sedarplus.ca. 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.
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