18th Feb 2020 12:05
(Alliance News) - PetroTal Corp on Tuesday reported a rise in reserves at the end of 2019, and added that it has begun drilling the Bretana 6H oil well in Peru.
Proved reserves from the Bretana oil field at the end of 2019 rose by 20% year-on-year to 21.5 million barrels of oil from 17.9 million barrels.
Proved plus probable reserves were 21% higher at 47.7 million barrels of oil from 39.4 million barrels of oil, PetroTal said.
Net present value, before tax, but with a 10% discount, was calculated at USD434 million from proved reserves, up sharply from USD151 million at the end of 2018. For proved plus probable reserves, it more than doubled to USD1.10billion from USD536 million.
PetroTal added: "The company commenced drilling the Bretana 6H well on February 17, following successful completion of the annual rig maintenance programme. This well will take approximately 60 days to drill and complete."
Shares in the company were 1.2% higher at 25.30 pence each in London on Tuesday afternoon.
By Eric Cunha; [email protected]
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