PetroTal Corp - Texas, US-based oil & gas development and production company - Says it has completed the BN-8H well, its fourth horizontal well in the Bretana oil field in north-east Peru. The move brings total production from the site to a record 15,400 barrels of oil a day.
Chief Executive Officer Manuel Pablo Zuniga-Pflucker says: "The initial flow rates from well 8H are very exciting and echo the profile of the prolific 5H horizontal well. Similarly, the clean sands of the 8H well reflect what we have observed in the recently drilled 7D well and the cores obtained in the 3WD water disposal well. It is also rewarding that we have now achieved a new record field production level of 15,400 bopd. The flush production seen from 8H is being monetized into some of the highest Brent oil price markets we have seen all year, providing a significant cash flow impact. Over the next few weeks, we expect to commence drilling the next horizontal well ("BN-9H") in our 2021 campaign."
Current stock price: 19.75 pence
Year-to-date change: up 45%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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PetroTal (PTAL)