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PetroTal said initial production rates from a well at the Bretana oil field in Peru had exceeded its expectations.
The initial three‐day production rate from the BN 95-5H horizontal well was 8,250 barrels of oil per day.
The well was completed on time and came in about 20% less than the original $14.5m budget.
PetroTal said it was close to completing central production facilities, which would increase overall production capacity at the feild to 15,000 barrels of oil per day.
Fourth-quarter average production of at least 7,500 bopd and a 2019 exit rate between 11,000 bopd and 13,000 bopd had been reconfirmed.
At 8:26am: (LON:PTAL) share price was +1p at 25.5p