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 company said it had completed the BN 95-2WD well and also converted an existing water disposal well into an oil producer, renaming it BN 95-1.
Total field production in August had averaged around 5,000 barrels of oil per day, as expected.
PetroTal had also started drilling another development oil well, BN 95-4.
'Continued execution at Bretana and stable production above 5,000 barrels of oil per day should give confidence to all stakeholders in our ability to unlock value,' chief executive Manolo Zuniga said.
'The water disposal injectivity test rate of approximately 40,000 barrels of water per day shows just how permeable the Vivian formation is.'
'It also allows us to optimize our capital budget and push our next water disposal well to next year, allowing us to focus on oil producing wells in next year's capital budget.'
Zuniga said the re-completion of BN 95-1W into an oil producer, at a capital cost of around $2.3m, providesda payout in less than 30 days.
'With current production of 5,500 barrels of oil per day, we expect to meet our quarterly target of 5,000 for the third quarter,' he said.