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 Announces First Oil from Bretana and Operations Update

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.

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