PetroTal Corp - oil and gas development and production company focused on Peru - Revenue for the three months ended June 30 decreased 77% to USD9.8 million from USD41.8 million in the quarter just prior, ended March 31. This was due to the global oil price collapse and the Covid-19 pandemic, which led to the company's Bretana oil field being shut. The company responded well to the pandemic, it said, slashing its operating costs to USD2.4 million in the second quarter from USD6.0 million in the first quarter. Despite the quarter-on-quarter reversal, the total revenue for the first half of 2020 of USD51.6 million was still a multiple of the USD12.6 million a year before. Oil production was down to 4,185 barrels of oil per day in the second quarter from 9,686 barrels in the first.
Current stock price: 11.37 pence
Year-to-date change: down 62%
By Greg Roxburgh; gregroxburgh@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
PetroTal (PTAL)