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32.00 -0.10 (-0.31%)

Bid:

31.00

Ask:

33.00

Spread: 2.00 (6.452%)

Market Cap: £293.58m

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PetroTal shares rise as oil production grows in first quarter

Thu, 10th Apr 2025 10:55

(Alliance News) - PetroTal Corp on Thursday said it is preparing for two projects that will ramp up this year, as it posted an increase in oil production.

The Peru-focused oil and gas development company said its output averaged 23,280 barrels of oil per day in the first quarter of 2025, up 26% from 18,518 bopd a year prior.

Chief Executive Officer Manuel Pablo Zuniga-Pflucker said the company is on track for its annual production guidance of 21,000 to 23,000 bopd for 2025.

CEO Zuniga-Pflucker said: "Our operations team is hard at work preparing for two projects that will ramp up during the second quarter. We are currently mobilizing equipment and steel components for the erosion control project, where field work should commence at Bretana next month. At block 131, we are preparing a workover program at the Los Angeles field, before our new drilling rig arrives around mid-year."

PetroTal shares rose 13% to 34.00 pence each on Thursday morning in London.

By Tom Budszus, Alliance News slot editor

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