PetroTal Corp - Texas, US-based oil & gas development and production company - Starts drilling on the BN-9H well, which will be the longest reach horizontal well drilled to date.
Well cost comes up to USD13.9 million, and drilling is expected to be completed in the second half of November 2021.
In addition, average field production from the Bretana oil field in Peru for the ten days ended September 27 stands at 15,494 barrels of oil per day.
Based on Brent oil price of USD80 per barrel, at 15,000 bopd in output, Bretana can produce annualised earnings before interest, taxes, depreciation and amortisation at USD255 million.
"We are entering the fourth quarter in the strongest position PetroTal has seen, from both an operational and financial perspective. The recent rise in Brent oil prices has created an environment for substantial returns on invested capital and we look to continue our momentum into Q4 2021, and beyond. PetroTal is showing it is well positioned as a dynamic emerging market play, given our strategic investment in Peru's Bretana field, that is delivering strong results," said Chief Executive Officer Manuel Zuniga-Pflucker.
Current stock price: 22.75 pence, up 7.3% on Wednesday
Year-to-date change: up 63%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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PetroTal (PTAL)