Calgary, Alberta and Houston, Texas–(Newsfile Corp. – December 29, 2020) – PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (“PetroTal” or the “Company“) is pleased to announce that social issues affecting the Northern Oil Pipeline (“ONP”), operated by Petroperu, have now been resolved. As a result, PetroTal has now recommenced oil deliveries at Saramuro (Pump Station #1), for sales into the ONP.
The social disruption had impacted the ONP’s operations for 85 days and, as a result of continued dialogue between the indigenous communities and the Peruvian government, an agreement was reached that addresses the community’s concerns. Petroperu and PetroTal offered support to all parties to help facilitate the settlement.
Petroperu has commenced pumping oil from Pump Station #1 to Pump Station #5, thereby allowing the awaiting barges to start unloading PetroTal’s oil. Petroperu is inspecting a section of the pipeline beyond Pump Station #5 for possible repairs resulting from heavy rains and landslides in that area.
In the interim, PetroTal will continue to control output of oil production to manage sales availability through the ONP storage, Iquitos refinery and other options. Upon full commencement of the ONP operations, expected by mid-January 2021, the Company will again increase oil production to approximately 10,000 barrels of oil per day.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:
“We are pleased that the Peruvian government and indigenous communities have reached resolution on the social concerns, and that PetroTal will be able to again rely on continued availability of the ONP by Petroperu. The ONP serves an important role for all oil producers in the jungle area of Peru and having continuous, reliable operations is a necessity for continued production, development and expansion of Peru’s oil resources.”
PetroTal is a publicly‐traded, dual‐quoted (TSXV: TAL) (AIM: PTAL) 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, and in early 2020 became the second largest crude oil producer in Peru. Additionally, the Company has large exploration prospects and is engaged in finding a partner to drill the Osheki prospect in Block 107. The Company’s management team has significant experience in developing and exploring for oil in Northern Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field.
For further information, please see the Company’s website at www.petrotal-corp.com, the Company’s filed documents at www.sedar.com, or contact:
Executive Vice President and Chief Financial Officer
T: (713) 609-9101
Manuel Pablo Zuniga-Pflucker
President and Chief Executive Officer
T: (713) 609-9101
Mark Antelme / Jimmy Lea
T : 44 (0) 208 434 2643
Strand Hanson Limited (Nominated & Financial Adviser)
James Spinney / Ritchie Balmer
T: 44 (0) 207 409 3494
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Auctus Advisors LLP (Joint Broker)
Jonathan Wright / Rupert Holdsworth Hunt / Harry Baker
T: +44 (0) 7711 627449
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, the members of the board of directors of the Company and the termination of the Relationship Agreement. 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. The forward‐looking statements are based on certain key expectations and assumptions made by the Company. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71100