PetroTal Corp - oil and gas development and production firm - Announces that social issues affecting the Petroperu-operated Northern Oil Pipeline have now been resolved. Consequently. PetroTal has recommenced oil deliveries at Saramuro for sales into the pipeline. Social disruption has impacted operations for an 85-day period. Petroperu has started pumping oil from pump station 1 to pump station 5, thus allowing awaiting barges to start unloading PetroTal's oil. Petroperu is now inspecting a section of pipeline past pump station 5 for possible repairs due to heavy rains and landslides in the area. PetroTal, in the interim, is continuing to control oil production output to manage availability.
"Upon full commencement of the [Northern Oil Pipeline] operations, expected by mid-January 2021, the company will again increase oil production to approximately 10,000 barrels of oil per day," says PetroTal.
Current stock price: 13.20 pence; up 9.1% on Tuesday
Year-to-date change: down 56%
By Anna Farley; annafarley@alliancenews.com
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PetroTal (PTAL)