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Peru-focused oil company PetroTal said a new well at the Bretana oil field had flowed as well as expected, though the company put some further drilling on ice to conserve cash amid a slump in crude prices.
The BN 95-6H horizontal well came online on 10 April and was currently producing about 5,750 barrels of oil per day.
PetroTal said it had been completed the well on time and under an original $12.6m budget.
Drilling of a water disposal well had been postponed and the company had also delayed completion of production facilities, cutting its 2020 capex budget by 33% to $66m.
It had also postponed drilling the BN 95-7H horizontal well until at least July, instead of the previously announced mid-May spud date.
At March 31, the company had $7.3m of cash on hand, which was prior to receipt of around $7.5m of net proceeds from March oil sales.
At 9:21am: (LON:PTAL) share price was -1.75p at 10.25p