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(Alliance News) - PetroTal Corp shares rose on Tuesday after the company reported record production that surpassed guidance for its second quarter.
Shares were trading 7.3% higher at 51.51 pence each on Tuesday morning in London.
The Houston, Texas-based oil and gas firm said production in the second quarter of 2022 averaged 14,500 barrels of oil per day. This is 7.4% above its guidance of 13,500 barrels per day provided in May.
Further, this represents a 23% increase from the average production of 11,746 barrels per day in the first quarter.
PetroTal said it achieved a new record with production in the period and attributed this to largely unconstrained operations during the quarter.
"Production was supported with strong oil rates from wells 8H, 9H, and 10H, each flowing between 3,000 and 4,000 bopd," the company said. Its new 11H well started production on June 30.
Looking ahead, the company remains on target to execute its debt repayment strategy in the fourth quarter of this year or the first quarter of next year.
"PetroTal has now achieved its seventh straight quarter of production growth and has delivered another production record, growing 21% in the quarter. 11H's early technical assessment estimates it will achieve an investment payout by early August 2022 at current Brent oil prices and, like our other wells, help deliver a robust free cash flow profile thereafter," Chief Executive & President Manuel Pablo Zuniga-Pflucker said.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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