PetroTal Corp - Peru-focused oil and gas development and production firm - Completes its first export sale of Bretana oil into the Atlantic region through Brazil. Says the initial shipment of 106,000 barrels of oil, for which it was paid USD2.7 million, was arranged with Texas, US-based physical oil supply company Novum Energy Trading Corp to "establish the viability of Bretana oil exports using the Amazon river through Brazil." Notes a convoy of barges were loaded at the Bretana field and have now reached the terminal area near Manaus, Brazil for transfer into a tanker to deliver the oil to the Atlantic region.
PetroTal says it has signed a letter of intent to establish long-term sales through Brazil with Novum, which will "facilitate future oil production growth when the company continues development of the Bretana oil field," and is working towards a target of 20,000 barrels of oil per day in the first quarter of 2022.
Current stock price: 14.00 pence; up 6.1% on Wednesday
Year-to-date change: down 53%
By Zoe Wickens; zoewickens@alliancenews.com
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PetroTal (PTAL)