Last checked at 30 May 2023 07:00
PetroTal Announces Social Fund By-laws Approved by Working Table Committee
Community social fund, led by PetroTal, achieves next step in formalization process
Redistribution of the Canon to Loreto increased by approximately six times
Calgary, AB and Houston, TX - May 30, 2023-PetroTal Corp. ("PetroTal" or the "Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF) is pleased to report the technical working table committee for the 2.5% Block 95 community social trust fund ("social trust") has approved bylaws governing and regulating the social trust. This was a required follow up step from the March 9, 2023 announced publication of the Supreme Decree, signed by Peru's President authorizing Petroperu to execute the amendment incorporating the 2.5% social trust to the Block 95 license contract.
The approval of the by-law regulations was a result of constant and coordinated efforts between members of the working table committee and the population of Puinahua with its regional governance members. Outlined in the regulation is the establishment of a formal Board of Directors led by representatives from the Government of Peru, PetroTal, and groups representing the local population near the Bretana oil field.
Canon1 Redistribution
The Peruvian Economic Commission of Congress has approved the redistribution of the Canon for the Loreto region. If approved by the Executive, as expected, the share of the Canon going to the Loreto producing district should increase approximately six times starting in 2024. This would allow the Puinahua Municipality to increase its budget and, together with the 2.5% social trust fund, make a significant impact on the lives of the Puinahua district population.
1 Canon is the method used by the central government to allocate funds back to various producing regions and communities in Peru.
ABOUT PETROTAL
PetroTal is a publicly traded, tri‐quoted (TSX: TAL, AIM: PTAL and OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018. In early 2022, PetroTal became the largest crude oil producer in Peru. The Company's management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.
For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:
Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643
Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / James Spinney / Robert Collins
T: 44 (0) 207 409 3494
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
T: +44 (0) 20 7710 7600
Auctus Advisors LLP (Joint Broker) Jonathan Wright T: +44 (0) 7711 627449
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