(Alliance News) - PetroTal Corp on Thursday reported crude oil revenue jumping in the first half of 2022, boosted by high growth in oil prices.
For the six months ended June 30, net income more than tripled to USD148.8 million from USD42.2 million a year prior. Crude oil revenue surged to USD211.2 million from USD75.2 million.
PetroTal shares surged 17% to 48.50 pence each in London on Thursday morning.
The oil and gas firm focused on oil assets in Peru said it realised an average Brent price of USD101.54 per barrel, an increase of 58% from USD64.28 a year ago.
While it produced 13,114 barrels of oil per day on average in the first half of 2022, the Houston, Texas-based company expects this to increase to around 16,875 in the second half. In the third quarter, it aims to produce 14,250 barrels of oil per day on average, ramping up production to 19,500 in the fourth quarter. It is guiding a 2022 average production of 15,000 barrels of oil per day, up 67% from 8,966 in 2021.
By Tom Budszus; tombudszus@alliancenews.com
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PetroTal (PTAL)