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(Alliance News) - Petrotal Corp on Friday said both its revenue and net operating income were down in the first quarter of 2020 compared to the quarter before despite average sales being up from the last quarter.
The oil and gas development and production company in the three months to the end of March was at USD41.8 million compared to USD50.5 million in the fourth quarter of 2019.
The company's net operating income was USD17.8 million in the first quarter compared to USD28.4 million the prior period.
Average oil sales were up from 9,509 barrels of oil per day in the fourth quarter of 2019 to 10,313 bopd in 2020's first quarter.
Chief Executive Manuel Pablo Zuniga-Pflucker said: "Despite the challenging macro backdrop, PetroTal achieved a great deal during the first quarter of 2020."
"The company successfully drilled the 6H well on time and under the original budget. To date, the well has performed in line with expectations, producing approximately 4,500 bopd for the first 10 days in April.
PetroTal is coordinating with Petroperu to reopen the Bretana oil field in July after closures following the outbreak of Covid-19. The Bretana oil field was producing approximately 11,500 barrels of oil per day prior to being closed.
Zuniga-Pflucker said: "We remain on track to restart production at Bretana later this month and I look forward to updating all our stakeholders as we look to resume normal operating conditions in due course."
PetroTal had cash of USD7.4 million at the end of the first quarter of this year compared to USD21.1 million at year-end last year and USD17.8 million at the end of last year's first quarter. Current cash is at USD24 million as of yesterday.
The company had a contingent derivative liability of USD40.8 million on March 31 this year which was the result of he significant global oil price reduction.
PetroTal said in light of global market uncertainty, it has postponed the drilling of a second water disposal well, delayed completion of CPF-2 facilities, and postponed drilling of the BN 95-7H horizontal well.
PetroTal shares were down 3.9% at 10.81 pence on Friday early afternoon in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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