16th Oct 2023 16:42
PetroTal Corp - Alberta, Canada-based oil and gas company - Updates on third quarter production. Achieves production of 10,909 barrels of oil per day in the quarter and is currently producing around 12,500 bopd. Explains production was lower than the guided 13,500 bopd as it was negatively impacted by lower than expected river levels that reduced barge capacity for the Brazil route exports. For the year ended September 30, produces around 14,040 bopd, which is inside full year production guidance range.
In addition, notes river levels are lower compared to the 2022 dry season and this will continue to impact October and November 2023 guided production levels. Believes this will delay the estimated production ramp up and as a result, guides fourth quarter 2023 production to between 14,000 and 14,500 bopd and full year 2023 guidance to the lower range of 14,000 to 15,000 bopd assuming the river levels recover in December.
Further, announces the start of its pilot oil sales shipment through the OCP Ecuador pipeline in early November with the support of the Ecuadorian government. Plans to sell 100,000 barrels of crude into the OCP for eventual arrival at Esmeralda's port. Estimates completion of the shipment prior to the end of 2023, subject to the outcome of logistical activities that are being tested.
Current stock price: 44.50 pence
12-month change: up 11%
By Jeremy Cutler, Alliance News reporter
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