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Up 15% Today, Petrotal Announced 10H Well Produced 10,050 Bopd Over 10 Days

Petrotal Corp.'s well 10H, which commenced production on Jan. 30, 2022, has set a new internal daily production record with an average stand-alone 10-day production level of 10,050 barrels of oil per day.

Well 10H on production:

  • Well 10H produced an average of 10,050 bopd over the past 10 days ending Feb. 9, 2022, with the latest reported rate at 10,122 bopd.

  • The well's final cost was $11.5-million, 17 per cent under budget, and came on stream on schedule and has already paid out over 45 per cent of its total well cost at $90/bbl Brent.

  • Well 10H represents the longest horizontal well drilled to date in Peru.

  • With the help of 10H and Petrotal's robust well portfolio, the company set a new daily record production level of 20,891 bopd on Feb. 1, 2022, surpassing the mark set in mid-December, 2021, when 9H was brought on stream.

  • With the company's central processing facility (CPF-2) fully commissioned, the company is awaiting final ministry approval expected around Feb. 15, 2022, to be able to operate to its maximum capacity of approximately 24,000 bopd to 26,000 bopd, from current constrained production of around 20,000 bopd.

Manuel Pablo Zuniga-Pflucker, president and chief executive officer, commented: "We have set additional production records with 10H's early production rates. We are extremely pleased from a technical standpoint at what this could mean for the future performance of Petrotal's drilling inventory and are pleased to deliver a strong start to 2022 for shareholders."

About Petrotal Corp.

Petrotal is a publicly traded oil and gas development and production company domiciled in Calgary, Alta., focused on the development of oil assets in Peru. Petrotal's flagship asset is its 100-per-cent working interest in the Bretana oil field in Peru's Block 95, where oil production was initiated in June, 2018. In early 2020, Petrotal became the second-largest crude oil producer in Peru. The company's management team has significant experience in developing and exploring for oil in Peru, and is led by a board of directors that is focused on safely and cost-effectively developing the Bretana oil field. .

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