(Alliance News) - PetroTal Corp on Monday hailed its natural aquifer support as it reported an increase in net present value and crude oil reserves in the past year.
PetroTal focuses on oil and gas development in Peru. It had total proved plus probable and possible crude oil reserves of 199.6 million barrels at the end of 2023, up 19% from 168.3 million at the end of 2022. Net present value of those 3P reserves grew by 3.0% to USD3.89 billion from USD3.77 billion.
Chief Executive Officer Manuel Zuniga-Pflucker said: "Reserves attributed to the Bretana oil field have grown tremendously since 2017. Our drilling success combined with the field's strong natural aquifer support that allows for recovery factors beyond 30% has underpinned a world class oil operation that is expected to deliver material free cash flow for the next 20 years."
PetroTal shares were up 0.5% to 43.20 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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PetroTal (PTAL)