PetroTal earmarks $61.3m for 2019 drilling campaign

Writer, Stock Market Wire
Wednesday, February 13, 2019 - 09:29

PetroTal Corp announced spending of $61.3m on a 2019 drilling campaign that would include three new oil producing wells.

A drilling rig had been mobilised to the Bretana field in Perua, with the first well expected to start drilling in February.

Each of the three wells was expected to cost $12.1m each.

Second-phase facilities to further increase oil production capacity were set be installed in September and October, for around $16.0m.

The campaign would also include one water disposal well costing around $7.0m and abandonment costs of around $2.0m associated with a legacy drilling site.

'This capital budget is expected to allow the company to ramp up production to around 5,000 barrels of oil per day in mid-2019, in line with expectations,' chief executive Manuel Zuniga said.

'We have negotiated excellent terms with our rig contractor and other service providers, giving the company additional operational flexibility as we go into this three well drilling program.'

At 9:29am: (LON:PTAL) share price was 0p at 14.5p


Related content

PetroTal progresses new horizontal well in Peru

Peru focused oil company PetroTal the drilling of its second horizontal well on the Bretana field was progressing according to budget and timeline.

The well...

Mon, 25/11/2019 - 08:24


PetroTal restates size of cash holdings after making calculation error

Peru-focused oil company PetroTal reported a rise in third-quarter production but also revealed that it had over-stated the size of its cash holdings.

The company...

Tue, 19/11/2019 - 09:50


PetroTal appoints Douglas Urch as CFO

PetroTal said it had appointed Douglas Urch as its chief financial officer.

Urch had previously served as CFO of Albania-focused Bankers Petroluem.

At 8:27am: (LON:PTAL)...

Mon, 04/11/2019 - 08:27


PetroTal achieves positive flow rates from new well in Peru

PetroTal said it had achieved a better-than-expected production rate from a new horizontal well at its Bretana oil field in Peru.

The company said it...

Mon, 21/10/2019 - 09:37


PetroTal lifts output at Bretane field in Peru

PetroTal said it had achieved production of around 5,500 barrels of oil per day from its Bretane field in Peru after completing drilling works.

The...

Wed, 21/08/2019 - 07:51