PetroTal Corp. (TSX-V: TAL) announced that it has achieved first oil production from the Bretana Norte discovery well at the Bretana field in Block 95 in Peru.
PetroTal Assets; Source: PetroTal Corp.
The Bretana oil field is a low- risk, high impact oil field with approximately 40MMBO of certified 2P reserves, according to PetroTal. The NPV10 of this area, according to PetroTal, is approximately $346MM and 90% IRR based on a 12% recovery factor.
PetroTal also reported operational highlights for the well:
- First oil production achieved in five months is significantly ahead of schedule
- Discovery well flowed oil without stimulation
- Well produced 100 percent oil with minimal natural gas and no formation water to date
- Commissioning of facilities is progressing as expected and on schedule
- Water handling facilities on schedule for commissioning in October of 2018
- 7,000 barrels of oil produced to date through the ongoing long-term testing phase
- Signed oil sales contract allows for strong operating netbacks to PetroTal
- First oil sales and shipment expected in early July 2018
- Osheki prospect in Block 107 remapped, independent resource audit being prepared
PetroTal is presenting at The Oil and Gas Conference®
- PetroTal Corp. is presenting at EnerCom’s The Oil & Gas Conference® at the Denver Downtown Westin Hotel, Denver, Colo. Aug. 19-23, 2018. EnerCom expects to have more than 80 presenting oil and gas companies and more than 2000 financial professionals attending this year’s conference.
- To learn more about the conference and presenter schedule please visit the conference website here.
