CALGARY and HOUSTON, Feb. 28,
2019 /CNW/ - PetroTal Corp. ("PetroTal" or the
"Company") (TSX-V: TAL and AIM: PTAL) is pleased to announce
that the BN 95-2-2-2XD oil development well (the "well") commenced
drilling operations on February 26,
2019.
The well is to be completed as a producer in the Vivian
formation in the northern portion of the Bretaña
structure, progressing the first phase of development of the
Bretaña oilfield. The well will be directionally drilled to
3,040 meters total depth and will take up to 45 days to drill and
complete. The well is the first in a program of three new
producers designed to boost production to over 5,000 barrels of oil
per day by mid-year 2019.
In addition to the primary objective of completing the well as
an oil producer in the Vivian Formation, the drilling plan includes
a deeper exploration section to test a secondary objective in the
underlying Chonta formation. The Chonta formation has been a
secondary producer of oil in the fields north of Bretaña.
Subsequent to the evaluation of the Chonta formation, the well
will be completed as a vertical producer in the Vivian formation
and later sidetracked as a horizontal producer when
appropriate. This will also allow us to compare this well's
performance with the existing horizontal producer and the two
remaining horizontal completions to be drilled in 2019.
Manolo Zuniga, President and
Chief Executive Officer, commented:
"Drilling the second oil producer at the Bretaña oil field is
an important step forward as the field development gathers
momentum. The main focus of the drilling campaign is the
Vivian formation, which has a gross thickness of approximately 300
feet with 100 feet of oil column at the crest of the structure. The
production and pressure data from the initial vertical completion,
complemented with the follow up two horizontal oil wells planned
for the field in 2019, will aid Netherland
Sewell & Associates, Inc., our independent reserves
evaluators, to properly determine the size of the oil pool and
potential recovery factor. While the Chonta formation is a
deeper pool exploration target, any commercial discovery there will
be impactful to the Company. The Chonta formation has
produced commercial quantities of light oil from fields to the
north of Bretaña, and a discovery would add synergistic reserves to
the Bretaña field."
READER ADVISORIES
FORWARD-LOOKING STATEMENTS: This press release may contain
certain statements that may be deemed to be forward-looking
statements. Such statements relate to possible future events,
including, but not limited to: PetroTal's business strategy,
objectives, strength and focus; drilling and completion activities
and the results of such activities; the ability of the Company to
achieve drilling success consistent with management's expectations;
anticipated future production and revenue; and future development
and growth prospects. All statements other than statements of
historical fact may be forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "anticipate", "believe", "expect", "plan",
"estimate", "potential", "will", "should", "continue", "may",
"objective" and similar expressions. The forward-looking statements
are based on certain key expectations and assumptions made by the
Company, including, but not limited to, expectations and
assumptions concerning the ability of existing infrastructure to
deliver production and the anticipated capital expenditures
associated therewith, reservoir characteristics, recovery factor,
exploration upside, prevailing commodity prices and the
actual prices received for PetroTal's products, the availability
and performance of drilling rigs, facilities, pipelines, other
oilfield services and skilled labour, royalty regimes and exchange
rates, the application of regulatory and licensing requirements,
the accuracy of PetroTal's geological interpretation of its
drilling and land opportunities, current legislation, receipt of
required regulatory approval, the success of future drilling and
development activities, the performance of new wells, the Company's
growth strategy, general economic conditions and availability of
required equipment and services. Although the Company believes that
the expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because the Company can
give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include,
but are not limited to, risks associated with the oil and gas
industry in general (e.g., operational risks in development,
exploration and production; delays or changes in plans with respect
to exploration or development projects or capital expenditures; the
uncertainty of reserve estimates; the uncertainty of estimates and
projections relating to production, costs and expenses; and health,
safety and environmental risks), commodity price and exchange rate
fluctuations, legal, political and economic instability in
Peru, access to transportation
routes and markets for the Company's production, changes in
legislation affecting the oil and gas industry and uncertainties
resulting from potential delays or changes in plans with respect to
exploration or development projects or capital expenditures. Please
refer to the risk factors identified in the Company's annual
information form for the year ended December
31, 2017 and management's discussion and analysis for the
three and nine months ended September 30,
2018 which are available on SEDAR at www.sedar.com. The
forward-looking statements contained in this press release are made
as of the date hereof and the Company undertakes no obligation to
update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities
laws.
OIL AND GAS INFORMATION: Estimates of production included in
this press release are based upon an independent assessment
completed by Netherland Sewell &
Associates, Inc., a qualified independent reserves evaluator as
defined in Canadian Securities Administrators' National Instrument
51‑101 - Standards of Disclosure for Oil and Gas Activities ("NI
51-101"), with an effective date of June 30,
2018 and prepared in accordance with the Canadian Oil and
Gas Evaluation Handbook and the standards established by NI
51-101.
FOFI DISCLOSURE: This press release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about PetroTal's prospective results of
operations, production, and components thereof, all of which are
subject to the same assumptions, risk factors, limitations and
qualifications as set forth in the above paragraphs. FOFI contained
in this press release was made as of the date of this press release
and was provided for the purpose of providing further information
about PetroTal's anticipated future business operations. PetroTal
disclaims any intention or obligation to update or revise any FOFI
contained in this press release, whether as a result of new
information, future events or otherwise, unless required pursuant
to applicable law. Readers are cautioned that the FOFI contained in
this press release should not be used for purposes other than for
which it is disclosed herein. All FOFI contained in this press
release complies with the requirements of Canadian securities
legislation, including NI 51-101.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
SOURCE PetroTal Corporation