Mar 22, 2023
PetroTal Corp. positioned for long-term success in Peru's dynamic oil market
- PetroTal is a Canadian oil and gas exploration company operating in Peru and focused on the Bretaña oil field
- The company’s new well is expected to become the longest horizontal well ever drilled on land in Peru and will help sustain production levels in Q2 2023
Based in Calgary, Alberta, PetroTal Corp. (TSXV:TAL) is dedicated to the exploration and production of oil and gas resources in Peru. The company's primary focus is on the Bretaña oil field, located in Block 95, where it holds a 100% working interest. PetroTal commenced oil production in this area in June 2018.
Emerging as a leading crude oil producer in Peru, PetroTal Corp. has been recognized by the TSX Venture Exchange, which has awarded the company a spot in its TSX Venture 50 list of winners for the second consecutive year.
ESG practices are implemented by the company in its operations, such as reducing emissions, protecting water resources, and promoting sustainable development in local communities. PetroTal strives to be a responsible and sustainable player in the oil and gas industry through compliance with regulations, transparent reporting, and engagement with stakeholders.
Here is a drilling update for the company’s flagship Bretaña oil asset:
PetroTal commenced drilling development well 14H on February 8, 2023, its 15th oil well at Bretaña. The well is estimated to cost $15.3 million and will be drilled to a total measured depth of almost 5,100 meters with a 1,125-meter horizontal section, making it the longest-reaching horizontal well ever drilled on land in Peru. The well is expected to be completed by mid-April 2023, with associated production capacity available shortly after initial testing. This will allow the field to continue producing at approximately 20,000 bopd during Q2 2023.
To learn more about PetroTal Corp.’s investment proposition, visit their website here.
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The 2023 TSX Venture 50 is a ranking of top performers on TSX Venture Exchange over the last year. The ranking is composed of 10 companies from each of the five industry sectors and are selected based on three equally weighted criteria: market capitalization growth, share price appreciation and trading volume.
For the full 2023 TSX Venture 50 ranking, methodology and profile videos of companies included in the ranking, visit: www.tsx.com/venture50