PetroTal Corp. - PSU Share Issuance and Total Voting Rights
29/09/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230929:nRSc0815Oa&default-theme=true
RNS Number : 0815O PetroTal Corp. 29 September 2023
PetroTal Announces PSU Share Issuance and Total Voting Rights
Calgary, AB and Houston, TX - September 29, 2023-PetroTal Corp. ("PetroTal" or
the "Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) announces issuance of
Common Shares to employees pursuant to annually vested performance share unit
plan ("PSU").
PSU Issue
PetroTal has issued an aggregate of 752,833 Common Shares to employees
pursuant to the annual obligation to issue vested performance share units
under the Company's performance and restricted share unit plan, as approved by
the TSX Venture Exchange on December 12, 2019.
Shares issued to directors or officers of the Company are as follows:
Manolo Zuniga - President and Chief Executive Officer - 348,040 shares
Douglas Urch - Executive Vice President and Chief Financial Officer - 246,388
shares
Further details regarding the Company's PSU plan are set out in the management
information circular of the Company dated May 3, 2023, which is available on
SEDAR at www.sedar.com (https://www.newsfilecorp.com/redirect/vR5rwuNeE7) .
Application will be made for a total admission of 752,833 Common Shares to
trading on AIM ("Admission"), which will rank pari passu with existing
Common Shares, expected to occur on or around October 2, 2023.
Following Admission, PetroTal will have 917,453,257 common shares issued and
there are no shares held in treasury. This figure may be used by
shareholders as the denominator for the calculations to determine if they are
required to notify their interest in, or a change of their interest in, the
Company under the FCA's Disclosure Guidance and Transparency Rules.
PDMR Notification Form:
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name Manuel Pablo Zuniga-Pflucker
Douglas Urch
2. Reason for the Notification
a) Position/status President & Chief Executive Officer
Executive Vice President & Chief Financial Officer
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name PetroTal Corp.
b) LEI 21380047ER33PRH4XH56
4. Details of the transaction(s):section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv)each place
where transactions have been conducted
a) Description of the Financial instrument, type of instrument PetroTal Corp. Common Shares
Identification code CA71677J1012
b) Nature of the Transaction Issue of Common Shares under the Company's performance and restricted share
unit plan
c) Price(s) and volume(s) Price(s) Volume(s)
n/a 348,040
n/a 246,388
d) Aggregated information n/a
Aggregated volume Price
e) Date of the transaction 29 September 2023
f) Place of the transaction n/a
d)
Aggregated information
Aggregated volume Price
n/a
e)
Date of the transaction
29 September 2023
f)
Place of the transaction
n/a
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DSHBCGDCCUDDGXI