REG - PetroTal Corp. - PetroTal Announces Corporate Updates

PetrotalAnnouncement

24/04/2024 07:00

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RNS Number : 8364L  PetroTal Corp.  24 April 2024

 

PetroTal Announces Corporate Updates

 

 

Calgary, AB and Houston, TX - April 24, 2024-PetroTal Corp. ("PetroTal" or the
"Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) is pleased to announce
leadership team updates.

 

Chief Financial Officer Appointment

Effective April 24, 2024, Mr. Camilo McAllister joins PetroTal as Executive
Vice President and Chief Financial Officer.  Camilo McAllister brings over 25
years of experience in the international energy sector to his role as a
strategic executive of the Company.  His leadership has spanned roles across
North America, Latin America, and the UK, across various companies, including
BP, Ecopetrol S.A., Frontera Energy, and Constellation. He most recently
served as Group Chief Financial Officer at Constellation, a privately owned
offshore and onshore oil and gas drilling company.  He holds an MBA from The
Fuqua School of Business at Duke University.

Mr. McAllister has a strong track record across finance, strategy, and
operations.  He has developed collaborative, high-performing teams and has
shown a commitment to the highest standards of governance and compliance for
stakeholders.  Mr. McAllister's ability to forge strategic relationships has
secured critical funding and collaboration across diverse business cultures.

 

Mr. McAllister will be based in Houston and will also spend time in Lima, in
line with our policy of ensuring senior management work closely with our
operational and finance teams in-country.

Concurrent with the appointment, Mr. Douglas Urch is retiring as PetroTal's
Executive Vice President and Chief Financial Officer, positions he held since
November 2019.  Mr. Urch will continue to work with the Company to ensure a
smooth transition period.  As one of the original investors in PetroTal, Mr.
Urch initially served on the Board from 2017 until 2019 and then as Chief
Financial Officer.  Having over 35 years of experience leading the financial,
compliance and regulatory aspects for a variety of international energy
companies, Mr. Urch has been instrumental in the growth and success of
PetroTal.

 

Vice President, Business Development Appointment

Effective April 1, 2024, Mr. Emilio T. Acin Daneri joined PetroTal as Vice
President, Business Development.  Emilio Acin Daneri brings over 30 years of
experience in several global oil companies, working in a variety of business
development, commercial and financial executive roles. He has been
instrumental in multiple merger, acquisition and divestiture transactions,
primarily in Latin America.

Prior to PetroTal, Mr. Acin Daneri served as a Senior Commercial Advisor at
CNOOC International, having key roles in developing transactions and alliances
across Latin America.  Prior to CNOOC, Mr. Acin Daneri was a Director at
Repsol where he held several positions of increasing responsibility, including
Director of Business Development for Europe, Asia and Africa and later Latin
America, and Deputy CFO for the JV with Sinopec in Brazil.  Prior to Repsol,
he held commercial and finance positions at Madagascar Oil, Pioneer Natural
Resources, El Paso Corporation and Santa Fe Energy Resources.

 

 

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer,
commented:

 

"On behalf of the management team and board, we want to extend a warm welcome
to Messrs. McAllister and Acin Daneri.  Both have very impressive backgrounds
and complement our existing leadership team extremely well, along with
enhancing our corporate growth strategy.

 

I would like to thank Mr. Urch for his outstanding leadership and dedication
to PetroTal over the past seven years and extend our best wishes in his
retirement and other endeavors."

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 (http://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; 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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