(Alliance News) - PetroTal Corp reported on Thursday that its oil barrel production in the third quarter of 2022 went up.
Further, the company said it expects it to increase further in the fourth quarter.
The Calgary-based oil and gas company said its production for the quarter which ended September 30 amounted to 12,229 barrels of oil per day, up 29% from 9,508 bopd in the same period a year before.
It also predicted that its fourth-quarter production will hit 12,000 to 13,000 bopd. It said that the the full-year average per quarter will match this.
PetroTal valued its total assets at USD549.8 million on September 30, up 47% from USD373.3 million a year prior.
"Having produced over 10.5 million barrels of oil since inception, we are on track to deliver average production growth of approximately 40% and almost USD200 million in free cash flow in 2022. We expect to deliver double-digit yearly production growth with potentially 40% plus free cash flow yields under current brent oil forward strip pricing conditions," said President and Chief Executive Officer Manuel Pablo Zuniga-Pflucker.
Shares in PetroTal ended by down 2.2% to 45.00 pence in London on Thursday afternoon
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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PetroTal (PTAL)