PetroTal issues $100m senior bond

(Sharecast News) - PetroTal announced the issue of the $100m senior secured bonds on Wednesday, having initially announced the bonds on 2 February.
The AIM-traded firm said the new bond issue would be its only interest-bearing debt, and would be used to retire the existing derivative liability with Petroperu and continue development of the Bretana oil field.

It would also support its crude oil price hedging strategy, and finance potential acquisitions.

"We are pleased to finalise this inaugural $100m bond issue for PetroTal," said chief executive officer Douglas Urch.

"This funding supports the ongoing development of the Bretana oil field, building on the success achieved to date, and that is expected to achieve production of 20,000 barrels of oil per day during the second half of 2022.

"The confidence shown by the bond investors supplements the existing equity investment of our shareholders."

At 1557 GMT, shares in PetroTal Corp were up 3.97% at 17.67p.