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(Alliance News) - PetroTal Corp said Monday it has completed the 5H well, its second horizontal well, at its 100%-owned Bretana oil field in Block 95 in Peru.
The well was completed on time and costs came in 20% under the original budget of USD14.5 million.
The initial three-day production rate was 8,250 barrels of oil per day, exceeding management's expectations.
Bretana was able to record production of over 9,000 barrels per day, a record PetroTal said, with only two of the six wells online.
The company said it is close to completing central production facilities, which will take overall production at Bretana to 15,000 barrels per day.
The filed averaged production of "at least" 7,500 barrels per day, with 2019 exit rate of between 11,000 and 13,000 barrels reconfirmed.
"PetroTal is pleased with the success of the 5H well and proud to play a historical role by drilling Peru's longest horizontal well to date," President & Chief Executive Manolo Zuniga said.
He continued: "I wish to thank the technical and drilling team for their efforts to ensure safe operations and their dedication directed to the 5H well. The strong well performance emphasises the significant upside of the Bretana oil field and the considerable growth potential the asset possesses. Our interpretation of the reservoir has been confirmed with this well and the increased production will enhance field economics. The ongoing facility enhancements will enable us to effectively manage the increasing oil field production."
Shares in PetroTal were 3.5% higher in London on Monday at 25.35 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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