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PetroTal Corp - Peru-focused oil and gas development and production firm - Completes issue of USD100 million senior secured three-year bonds first announced back in January. Notes new bond issue will be PetroTal's only interest bearing debt. Says proceeds will be used to retire the existing derivative liability with Petroperu, continue development of the Bretana oil field, support its crude oil price hedging strategy, and finance potential acquisitions. Pareto Securities acted as sole bookrunner and manager of the bond issue.
"This funding supports the ongoing development of the Bretana oil field, building on the success achieved to date, and that is expected to achieve production of 20,000 barrels of oil per day during the second half of 2022. The confidence shown by the bond investors supplements the existing equity investment of our shareholders," says Chief Financial Officer Douglas Urch.
Current stock price: 17.11 pence
Year-to-date change: up 22%
By Zoe Wickens; zoewickens@alliancenews.com
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