(Alliance News) - PetroTal Corp on Tuesday said it received final approval to list its shares on the Toronto Stock Exchange from Thursday.
The Calgary, Canada-based, Peru-focused oil and gas company will also delist its shares from the TSX Venture Exchange as part of the graduation of shares.
It said shareholders are not required to exchange their share certificates or take any other action in connection with the TSX listing, as there will be no change in its trading symbol 'TAL' or CUSIP number for the shares.
"PetroTal has delivered considerable value for its stakeholders in a short period of time being listed on the TSX Venture Exchange," said Chief Executive Officer Manuel Pablo Zuniga-Pflucker.
"This graduation to the TSX is an important next step that will help increase our global investor base and offers a greater platform to expand our value proposition."
Earlier this month, PetroTal reported net present value increases of USD0.90 per share, USD1.75 per share, and USD2.86 per share for proved reserves, or P1, proved plus probable reserves, or P2, and proved plus probable plus possible, or 3P, respectively.
It recorded a 2P estimated ultimate recovery of over 108 million barrels, a 24% increase in 2P reserves to 96.7 million barrels, and a 21% increase in 1P Reserves to 45.4 million barrels.
Zuniga-Pflucker said at the time: "Bretana's reserves have grown tremendously since 2017. Our drilling success combined with the field's strong natural aquifer support that allow for recovery factors beyond 30% has underpinned a world-class oil operation that is expected to deliver immense free cash flow for the next 20 years.
"The field's initial 2017 2P estimated ultimate recovery was 37.5 million barrels which we have now almost tripled to 108.2 million barrels."
Shares in PetroTal were down 0.5% to 42.54 pence each in London on Tuesday morning.
By Greg Rosenvinge, Alliance News reporter
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PetroTal (PTAL)