PetroTal Corp said the third oil well in the Bretana field in Peru had come online, bringing total field current production to over 5,000 barrels of oil per day.
The BN 95-3D well had recorded initial production of 3,500 bopd.
The company said it would begin drilling the BN 95-2WD water disposal well immediately.
'The mid-year objective of reaching total field production of over 5,000 bopd is yet another key milestone that has been reached by the team,' chief executive Manolo Zuniga said.
'The BN 95-3D well came online at impressive rates, and although in its early days, is producing 3,500 bopd.'
'The team made a decision to complete the well vertically and deliver key cash flow, knowing that we can sidetrack the well into a horizontal completion at a later date, likely in 2020.'
At 9:17am: (LON:PTAL) share price was +1p at 17p