(Alliance News) - PetroTal Corp on Monday said it is looking to once again multiply annual production during 2020.
In 2019, the company produced just over 1.5 million barrels of oil, meaning average production of 4,131 barrels of oil per day, more than quadruple the figure the year prior.
Average production from Peru's Bretana field for the fourth quarter of 2019 was 7,757 barrels of oil per day, 77% higher than the previous quarter. Since the end of 2019, production has averaged 12,500 barrels per day.
Texas-based PetroTal said the 5H well is continuing to perform above expectations, producing 240,000 barrels of oil in the first 30 days of operations.
The company will be announcing, within the next week, its 2020 budget, which will include a plan of achieving an exit rate production figure of 20,000 barrels per day at the end of 2020.
Chief Executive Manolo Zuniga said: "We're pleased we were able to exit 2019 at the upper end of the previously announced guidance, a new record oil production level for PetroTal. The entire PetroTal team worked extremely hard to accommodate the strong oil production of the 5H well during the central production facility commissioning phase.
"Additionally, the implementation of the PetroPeru oil sales contract, enables the company to receive regular monthly revenue for its oil production."
Shares were 4.4% higher on Monday morning in London at a price of 31.85 pence each.
By George Collard; georgecollard@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
PetroTal (PTAL)