(Alliance News) - PetroTal Corp on Thursday celebrated a strong start to its financial year after it saw production grow by double digits.
PetroTal is a Calgary, Canada-based firm focused on oil and gas development in Peru.
The firm said average production in the three months to March 31 reached 18,518 barrels of oil per day, a 52% increase from 12,193 barrels a year ago.
Petrotal also said it delivered its planned sales through the Brazil and Iquitos routes during its first quarter, citing "favourable river levels."
In addition, its recently drilled 17H well commenced production on March 1 and has produced at a rate of 4,000 bopd during its first 30 days.
Looking ahead, PetroTal said it is continuing with its 2024 development program, and is drilling well 18H, which is expected to commence production in May.
This comes after the company reported last month that its 2023 production had grown by 17% to 14,248 bopd from 12,200 the year prior, despite disruptions caused by dry season in the final quarter.
Chief Executive Officer Manuel Pablo Zuniga-Pflucker said: "The company achieved its strongest annual start to a year in PetroTal's history, generating quarterly average production of over 18,500 bopd.
"The two recently completed horizontal wells bring our well count to 18 oil producers, setting the stage for record first half and annual production. This will allow us to continue returning capital to our shareholders while growing the company," he added.
Shares in PetroTal were up 2.4% at 48.66 pence per share each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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PetroTal (PTAL)