(Alliance News) - PetroTal Corp on Wednesday reported a rise in quarterly oil production as it hailed the return of the rainy season in Peru.
The oil and gas company, which focuses on resource development in Peru, said it achieved an average production of 14,865 barrels of oil per day in the fourth quarter of 2023. This represented a jump of 36% from 10,909 barrels in the third quarter.
PetroTal highlighted that during December, positively citing the return of the rainy season, production averaged 20,090 bopd. This helped it to meet the production guidance range of 14,000 to 15,000 bopd for the fourth quarter of 2023 and the full year 2023. Peru's rainy season typically lasts from November to March.
PetroTal said that average production for 2023 was 14,248 bopd, up 17% from 12,200 in 2022.
Looking ahead, Chief Executive Manuel Pablo Zuniga-Pflucker commented: "The company expects to have a strong oil sales profile while river levels are high. With well 16H commencing production in January 2024, the company hopes to produce over 20,000 bopd for the foreseeable future as we have expanded our export barging fleet to over 1.6 million barrels, and we continue to expand into other sales markets.
"We are excited to be starting 2024 at this production level and will be announcing our 2024 plans very shortly."
PetroTal shares rose 1.1% to 47.00 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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PetroTal (PTAL)