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31.50 -0.40 (-1.25%)

Bid:

31.00

Ask:

32.00

Spread: 1.00 (3.226%)

Market Cap: £289.90m

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PetroTal expects income decrease but rise in production this year

Mon, 22nd Jan 2024 14:27

(Alliance News) - PetroTal Corp on Monday said it anticipated oil production to increase this year, as the 16H well was on stream, while it expects net operating income to be lower in 2024 than in 2022.

The oil and gas company, which focuses on resource development in Peru, said it expects average production of 17,000 barrels of oil per day in 2024, up 19% from 14,248 bopd in 2023.

Furthermore, PetroTal is investing USD107 million in the Bretana oilfield, including three new oil wells.

It added that 16H was on stream and averaged around 7,500 bopd in the first week, estimating that it will achieve payback within the first quarter of 2024.

For 2023, net operating income is expected at USD230 million, 16% lower than USD273.5 million in 2022. It has not yet published figures for 2023.

PetroTal shares fell 4.2% to 46.00 pence each on Monday afternoon in London.

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com