30th May 2025 13:06
(Alliance News) - PetroTal Corp on Friday said it has renewed its share buyback programme, allowing it to repurchase up to 5% of outstanding shares over the next year.
The Calgary, Canada-based oil and gas development company focused on Peru said the Toronto Stock Exchange approved the renewal of its normal course issuer bid. The new programme permits PetroTal to buy back up to 45.8 million shares between June 3, 2025, and June 2, 2026, representing about 5% of the company's 915.0 million issued and outstanding shares as of May 26.
PetroTal said the repurchase programme is part of its strategy to enhance long-term shareholder value, noting that it believes its current share price does not reflect the company's underlying value.
Any repurchased shares will be cancelled or, where appropriate, held in treasury for use in employee share awards, PetroTal said.
The company has renewed its buyback agreement with Stifel Nicolaus Europe Ltd, which will continue to manage the programme.
Under the expiring programme that ran from May 2024 to May 2025, PetroTal was authorised to repurchase 14.6 million shares. As of May 20, it had bought back 5.4 million shares at an average price of 46.69 US cents each.
Shares in PetroTal were down 1.5% at 32.00 pence each on Friday afternoon in London. They closed 1.7% higher at CAD0.60 on Thursday in Toronto.
By Eva Castanedo, Alliance News reporter
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