PetroTal Corp - Alberta, Canada-based oil and gas company - Says that the Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua has removed a river blockade, allowing oil barge transportation access in and out of the company's operating area in Peru. With the reopening of river access, the oil and gas firm's Brazilian export route is now available. Production ramp up will begin immediately and is expected to reach around 18,000 barrels of oil per day for the remained of 2022. Fourth quarter oil production levels are estimated to average between 8,500 and 9,500 bopd.
Chief Executive Manuel Pablo Zuniga-Pflucker says: "We are pleased the Puinahua Channel has reopened and believe the forthcoming addendum incorporating the 2.5% Social Trust Fund to the Block 95 License Contract will provide long term stability and a material quality of life enhancement to the communities of the Puinahua District."
Current stock price: 41.00 pence, up 10% on Thursday in London
12-month change: more than double from 20.50p
By Sophie Rose, Alliance News reporter
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PetroTal (PTAL)