PetroTal's Year-to-Date Production Beats Budget, New Royalty Regime Secured

PetroTal Corp., a Calgary-based oil and gas development company, has released an operational update for its operations in Peru. The company's year-to-date production averaged 13,181 barrels of oil per day (bopd), approximately 3% ahead of internal budget expectations.

The Bretana development drilling campaign is on schedule to resume in October, with the Estrella drilling rig already on location at the field. PetroTal has also completed a pulling campaign at the Bretana field, which included replacing production tubing and electric submersible pumps in five wells.

In addition, PetroTal has executed an agreement with Perupetro to modify the Block 131 License Contract, establishing a new royalty regime for incremental production at the Los Angeles field. Under this framework, royalties on qualifying incremental production will be assessed on a price-sensitive sliding scale of 5%, 9%, and 15%.