PetroTal Corp. - Third Annual ESG Report and Well 16H Update
30/11/2023 07:00
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RNS Number : 1398V PetroTal Corp. 30 November 2023
PetroTal Announces Third Annual ESG Sustainability Report and Drilling
Commencement of Well 16H
Scope 1 emissions of 6.96 kg CO2eq/bbl
Material carbon offset project evaluations initiated
Calgary, AB and Houston, TX - November 30, 2023-PetroTal Corp. ("PetroTal" or
the "Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) announces the release of
its 2022 ESG Sustainability Report, which has been posted on the Company's
website (www.petrotal-corp.com (http://www.petrotalcorp.com) ).
2022 marked another significant step forward in terms of ESG reporting and
standards achieved, aligning key projects with the UN Sustainable Development
Goals ("SDG") and improving the quality of life for many Peruvians.
PetroTal is committed to providing a sustainable business plan that delivers
meaningful opportunities for all stakeholders, which includes dedicating
significant attention, consideration and resources to environmental
stewardship and social responsibility, with a constant and uncompromising
commitment to safety, ethics and transparency.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer,
commented:
"PetroTal is very pleased to present its third annual ESG report covering
operations for 2022. We have trended portions of our ESG data from previous
reports, and feel these trends show a significant advancement in our ESG
practices and reporting from three years ago. We are particularly pleased
with our ability to scale scope 1 carbon emissions down to 6.96 kg CO2eq/bbl
from 11.4 kg CO2eq/bbl in 2021. The Company has many exciting ESG related
projects in development and is looking forward to communicating them in 2024
and beyond."
The key highlights from the Company's third annual 2022 ESG report are noted
below.
· Distributed economic value in Peru of US$92.7 million in 2022
encompassing operating costs, salaries and benefits, payments to government
and community investments including amounts related to the 2.5% development
fund created by PetroTal in late 2021;
· Significant climate change related projects which include but are not
limited to:
o An evaluation of the Bretana oilfield's geothermal energy generation
potential, driven from the near boiling water produced from the Company's
fluid production;
o A diesel to solar panel transition at the Bretana oilfield and nearby
communities;
o A field wide reduction of flare gas from gas to power investments in
infrastructure; and,
o A carbon sequestration project partnership with Servicio Nacional de Areas
Naturales Protegidas ("SERNANP") that utilizes peat bogs in the Pacaya Samiria
National Reserve adjacent to the field.
· A commitment to achieving net-zero biodiversity loss by 2030, by
implementing a robust flora and fauna hydrobiological monitoring program
around 400 meters surrounding the area of operating influence near the Bretana
oilfield;
· Completion of the Taricaya Genetic Study which allowed for the
discovery of a new species of bird called a Batara de Cocha, which, the
Company was awarded for by the Sociedad Nacional de Mineria Petroleo Y Energia
("SNMPE");
· Initiation of a reforestation project in 7 de Junio community;
· Improvement of the Company's climate change goals by reiterating a
40% reduction of greenhouse gases of scope 1 and 2 by 2030, which aligns with
Peru's environmental targets;
· A reduction in scope 1 emissions intensity to a peer leading 6.96 kg
CO2eq/bbl from 11.40 kg CO2eq/bbl in 2021;
· A commitment to local value creation with a strong Peruvian workforce
irrespective of race, disability, sexual orientation, or age; and,
· No fatalities or work related near misses during 2022 despite total
number of hours worked increasing to nearly 2.8 million in 2022 from 2.1
million in 2021 by employees and contractors.
Drilling Commenced on well 16H
PetroTal is also pleased to announce the drilling commencement of well 16H,
the first well to be drilled from the new L2 West platform. The well is
expected to cost approximately $15 million with completion and initial
production expected in January 2024.
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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