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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 said its cash and cash equivalents at September 30 was $20.5m and not around $40m, as stated in a company filing dated 21 October.
The main reason for the error was that the company had incorrectly grouped some current asset items as cash and cash equivalents.
Oil production for the three months through September rose 58% to 4,760 barrels of oil per day, while net income rose to $3.0m, up from $0.5m.
At 9:50am: (LON:PTAL) share price was -3.5p at 21.5p