PetroTal Corp (OTCMKTS:PTALF) Stock In Focus After The Recent Development

Publicly traded, tri‐quoted oil and gas development and production company based in Calgary, Alberta, focused on the development of oil assets in Peru, PetroTal Corp (OTCMKTS:PTALF) confirmed on September 15, 2021 completion of BN-8H well, the firm’s fourth horizontal well in the Bretana oil field.

The company started production of fourth horizontal well 8H with flow rates of approximately 7,600 barrels of oil per day over a ten-day period. While the initial 8H production rates will be 7,500 – 8,000 bopd, the total current field production is 15,400 bopd.  PetroTal Corp also confirmed on the 8H well cost in 3% under budget, at the US $11.8 million and the 8H estimated payout of 8-10 weeks. Furthermore, it said that the horizontal section of 8H was finished with autonomous inflow control device technology.

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, said that the initial flow rates are exciting. Pablo expressed gratitude to Prime Minister Guido Bellido and the Minister of Energy and Mines, Ivan Merino Aguirre, for resolving ONP communities’ concerns allowing the firm to achieve new record production.

PetroTal also achieved record field production Bretana enabling it to unload approximately 140,000 barrels of oil stored in barges at Pump Station No.1. The firm can store oil in barges combined with back-to-back exports to Brazil.

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