REG - PetroTal Corp. - PSU Share Issuance and Total Voting Rights

PetrotalAnnouncement

08/04/2024 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:20240408:nRSH6490Ja&default-theme=true

RNS Number : 6490J  PetroTal Corp.  08 April 2024

 

PetroTal Announces PSU Share Issuance and Total Voting Rights

 

 

Calgary, AB and Houston, TX - April 8, 2024-PetroTal Corp. ("PetroTal" or the
"Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) announces issuance of Common
Shares to employees pursuant to the annually vested performance share unit
plan ("PSU").

Shares issued for vested 2023 PSUs

In recognition of 2023 KPIs achievement, the Company has issued an aggregate
of 1,323,473 Common Shares to employees (none of which were issued to
Officers) pursuant to the obligation to annually issue vested PSUs to acquire
Common Shares.

Further details regarding the PSU plan are set out in the management
information circular for the Company dated August 3, 2023, which is available
on SEDAR+ at www.sedarplus.ca.  The Corporate Governance and Compensation
Committee of the Board is charged with overseeing the PSU plan.

Following this grant, the Company has a total of 11,383,283 PSUs outstanding.

Admission to Trading and TVR

For the above issuances, application will be made to the London Stock Exchange
for the admission of, in aggregate, 1,323,473 Common Shares to trading on AIM
("Admission").  It is expected that Admission will become effective at 8:00
am London time on or around April 11, 2024.

Following Admission, the Company will have 914,427,863 Common Shares issued
and there are no shares held in treasury.  For purposes of the Disclosure
Guidance and Transparency Rules, the total number of voting rights in the
Company is 914,427,863 Common Shares.  This figure may be used by
shareholders as the denominator for the calculations by which they 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.

 

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:

 

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. 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.

 

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  STRGUGDSUSGDGSI