(Sharecast News) - PetroTal said on Thursday that, following the restart of operations of Petroperu's Northern Oil Pipeline (ONP), oil production at the Bretana oil field was currently 9,500 barrels per day, and was expected to reach 10,000 barrels per day in the coming days.
The AIM-traded firm said total oil production for 2020 was 2.08 million barrels, or 5,675 barrels per day, compared to 1.5 million barrels or 4,131 barrels per day in 2019.
It said its production in the year ended 31 December was still "significantly impacted" by the Covid-19 pandemic and ensuing social unrest.
PetroTal said 59% of its oil production in 2020 was produced during the first four months of the year, before the pandemic forced Petroperu to shut down the ONP in early May.
In December, the company successfully completed a 106,000 barrel FOB Bretana pilot oil export via Brazil, with the board saying it was preparing for a second pilot of 200,000 barrels during February.
The successful initial Brazil export pilot, as well as the storage of produced oil in contracted barges, allowed the company to produce 590,000 barrels in the fourth quarter, even with the ONP shut down during the entire period.
As a result of higher oil prices, the company's contingent derivative liability was reduced to $2.7m as at 31 December.
At year-end, PetroTal said it had cash resources of about $9.6m.
"We are pleased to have returned to normalized Bretana oil field operations and reliable pipeline operations," said president and chief executive officer Manuel Pablo Zuniga-Pflucker.
"We are also pleased that the initial Brazil export pilot was a success, and we are already preparing for a second pilot of 200,000 barrels during February 2021.
"This will ultimately benefit all parties and help to encourage continued investment in Peruvian oil field developments."
At 1049 GMT, shares in PetroTal Corporation were up 2.55% at 14.87p.
PetroTal (PTAL)23 May 2024 15:36