ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for tools Level up your trading with our powerful tools and real-time insights all in one place.
Petrotal Corporation (QX)

Petrotal Corporation (QX) (PTALF)

0.457
0.0043
(0.95%)
Closed 24 November 8:00AM

Empower your portfolio: Real-time discussions and actionable trading ideas.

Key stats and details

Current Price
0.457
Bid
0.42
Offer
0.48
Volume
37,773
0.4533 Day's Range 0.4626
0.445 52 Week Range 0.645
Market Cap
Previous Close
0.4527
Open
0.457
Last Trade
1000
@
0.457
Last Trade Time
Financial Volume
US$ 17,297
VWAP
0.457932
Average Volume (3m)
189,671
Shares Outstanding
914,114,731
Dividend Yield
18.36%
PE Ratio
5.38
Earnings Per Share (EPS)
0.12
Revenue
293.55M
Net Profit
110.51M

About Petrotal Corporation (QX)

Sector
Crude Petroleum & Natural Gs
Industry
Crude Petroleum & Natural Gs
Headquarters
Calgary, Alberta, Can
Founded
-
Petrotal Corporation (QX) is listed in the Crude Petroleum & Natural Gs sector of the OTCMarkets with ticker PTALF. The last closing price for Petrotal (QX) was US$0.45. Over the last year, Petrotal (QX) shares have traded in a share price range of US$ 0.445 to US$ 0.645.

Petrotal (QX) currently has 914,114,731 shares in issue. The market capitalisation of Petrotal (QX) is US$413.82 million. Petrotal (QX) has a price to earnings ratio (PE ratio) of 5.38.

PTALF Latest News

No news to show yet.
PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
1-0.004-0.8676789587850.4610.46970.4452300300.45686661CS
4-0.02298-4.787699487480.479980.4950.4451768980.46875725CS
12-0.0771-14.43549897020.53410.53410.4451896710.4783532CS
26-0.163-26.29032258060.620.620.4452153290.51398218CS
52-0.16995-27.10742483450.626950.6450.4451989730.54368583CS
1560.174261.59830268740.28280.785650.20662275670.52173947CS
2600.188670.26825633380.26840.785650.051663170.48094648CS

Movers

View all
  • Most Active
  • % Gainers
  • % Losers
SymbolPriceVol.
NEPTFNeptune Wellness Solutions Inc (CE)
US$ 0.0238
(2,379,900.00%)
13.46k
CNVIFConavi Medical Corporation (PK)
US$ 0.58
(82,757.14%)
2.25k
FUNFFFansUnite Entertainment Inc (CE)
US$ 0.00055
(54,900.00%)
342.7k
RQHTFReliq Health Technologies Inc (CE)
US$ 0.0003
(29,900.00%)
219.11k
ELOXEloxx Pharmaceuticals Inc (CE)
US$ 0.0001
(9,900.00%)
1.53k
FDVXFFenixOro Gold Corporation (CE)
US$ 0.000001
(-100.00%)
10k
TMPOQTempo Automation Holdings Inc (CE)
US$ 0.000001
(-99.98%)
200
HLLPFHello Pal International Inc (CE)
US$ 0.000001
(-99.90%)
6k
MOTSMotus GI Holdings Inc (CE)
US$ 0.000001
(-99.88%)
649
BTAEFBeta Energy Corporation (CE)
US$ 0.000001
(-99.67%)
655
RSHNRushNet Inc (PK)
US$ 0.00015
(-25.00%)
502.31M
EARIEntertainment Arts Research Inc (PK)
US$ 0.0001
(0.00%)
428.38M
ASTAAstra Veda Corporation (PK)
US$ 0.0002
(-33.33%)
364.38M
RDARRaadr Inc (PK)
US$ 0.0009
(50.00%)
276.07M
CGACCode Green Apparel Corp (PK)
US$ 0.00065
(44.44%)
225.16M

PTALF Discussion

View Posts
doinit doinit 2 years ago
much higher is coming,,,yes
👍️0
doinit doinit 2 years ago
thinking pps is climbing higher for this year
👍️0
Think1st Think1st 2 years ago
https://oilprice.com/Energy/Oil-Prices/EIA-Inventory-Report-Pushes-Oil-Prices-Higher.html
👍️0
xqsme_imnew xqsme_imnew 2 years ago
Get your energy stocks cheap today!
👍️0
AskMuncher AskMuncher 3 years ago
$PTALF PetroTal Announces Grant of Performance Share Units
Press Release | 12/10/2021
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - December 10, 2021) - PetroTal Corp. ("PetroTal" or the "Company") announces the annual grant of performance share units ("PSUs") to officers and employees of the Company.

The Company has granted an aggregate of 10,030,262 PSUs, of which 6,467,416 are to officers of the Company ("Officers") in accordance with the provisions of the Company's PSU plan. The PSUs issued to Officers will vest three years from the date of grant and each PSU will entitle the holder to acquire, for nil cost, between zero and two common shares of the Company ("Shares"), subject to the achievement of performance conditions relating to the Company's total shareholder return, net asset value and certain production and operational milestones.

The remaining PSUs issued vest annually, on an equal basis, over the next three years.

Summary of PSU grants to Officers

Manuel Pablo Zuniga-Pflucker, President and CEO 4,325,813
Douglas Urch, Executive Vice President and CFO 1,199,428
Dewi Jones, Vice President, Exploration and Development 942,175


Further details regarding the PSU plan are set out in the management information circular of the Company dated May 13, 2021, which is available on SEDAR at www.sedar.com. The Corporate Governance and Compensation Committee of the Board is charged with overseeing the PSU plan.

Following this grant, the Company has a total of 23,583,322 PSUs outstanding.

ABOUT PETROTAL

PetroTal is a publicly traded, tri-quoted (TSXV: TAL) AIM: PTAL) (OTC: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in 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. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T: 44 (0) 208 434 2643

Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / James Spinney / Robert Collins
T: 44 (0) 207 409 3494

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release contains 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; oil production levels, well payout production and the ability of the Company to achieve near term production targets; anticipated future production and revenue; continued operation of the ONP and PetroTal's access thereto, the Company's expectations regarding netbacks and free cash flow; and future development and growth prospects. All statements other than statements of historical fact may be forward-looking statements. In addition, statements relating to expected production, reserves, recovery, costs and valuation are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. 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, the ability of the Ministry of Energy to effectively achieve its objectives in respect of reducing social conflict and collaborating towards continued investment in the energy sector, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, including pursuant to hedging arrangements, 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 volatility, price differentials and the actual prices received for products, 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. In addition, the Company cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on the Company. While the precise impact of the COVID-19 virus on the Company remains unknown, rapid spread of the COVID-19 virus may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to the Company. Please refer to the risk factors identified in the most recent management's discussion and analysis and the most recent annual information form 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.

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.

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107233

👍️0
TonyJoe1957 TonyJoe1957 3 years ago
See ITCMarkets.com for lots of filings. I am not yet in this stock. Any thoughts appreciated.
👍️0
AskMuncher AskMuncher 3 years ago
$PTALF PetroTal Announces a Peaceful Resolution to the Protest Near PetroTal's Loading Dock
Press Release | 12/06/2021
Well 9H Production Started

Strong Forward Liquidity Profile

Calgary, Alberta and Houston, Texas--(Newsfile Corp. - December 6, 2021) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTC Pink: PTALF) ("PetroTal" or the "Company") is pleased to provide the following update:

End of Social Protests at PetroTal's Loading Dock

Following recent announcements, PetroTal is pleased to announce an end to the social protests near PetroTal's oil loading facility. PetroTal's recently announced social initiatives contributed to the peaceful resolution.

Barges from Brazil are on site and commenced oil loading operations on December 3, 2021. This will allow PetroTal to ramp up production during the next few days starting with the new 9H horizontal well that was put on production on December 5, 2021 and recommence sales to the Iquitos refinery and through the Brazilian export routes.

Currently, PetroTal has approximately 300,000 barrels of oil on barges, of which 135,000 barrels are near Pump Station No.1 ("PS1") at Saramuro, awaiting Petroperu's ONP pipeline operations to restart, and involves reopening PS5. The remaining barrels on barges are heading to the Iquitos refinery or to Brazil.

As of December 3, 2021, the protests at PS1 were resolved, demonstrating the positive momentum of the initiatives PetroTal is promoting. Regarding Pump Station No.5 ("PS5"), a meeting between the government and the indigenous federations has been proposed for December 10, 2021, with the intent to set a working table aimed at achieving a long-term solution to the ongoing protests due to lack of government attention. In exchange for setting up this working table, the protesters have offered a 30-day truce starting that same day.

If the 30-day truce is not achieved, the Company may need to constrain production by the third week of December 2021. PetroTal is also commissioning additional barges that would allow the Company to produce unconstrained through December 2021. Including flush production from the recently drilled and completed 9H well, the Company expects to initially produce over 18,000 bopd, although this is likely to be constrained to manage storage and offtake capacity. Beyond December 2021, PetroTal will require normal access to Petroperu's ONP pipeline route to produce unconstrained in 2022.

Well 9H Update

PetroTal is also pleased to announce well 9H was completed on December 1, 2021, to fill the wellbore with oil and inflate the packers. A recent December 6, 2021 initial flow rate achieved approximately 9,000 bopd of flush production. When available, PetroTal will provide the 10 and 30-day average production rates for the 9H well.

Liquidity Update

PetroTal is pleased to announce that its forward liquidity profile remains strong with a material cash buffer in December 2021, which is forecast to continue through Q1 2022 with a continuous capital program. This simulated forecast assumes conservative field closure conditions for the remainder of 2021, constrained oil field operations, reduced Brent prices, and moderate oil sales from currently loaded barges.

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented

"We are very pleased to have reached a peaceful settlement with the protesting community near the PetroTal dock. Based on the Company's initiatives to promote change and an equalization of social profits, a sense of confidence and trust was created between our groups. We look forward to completing the legal and administrative efforts through the remainder of 2021 for the Social Fund to be live and active in early 2022. We are also seeing the government engaged in achieving a long-term resolution to the ongoing ONP protests at pump stations 1 and 5 which will hopefully lead to a full reopening of the ONP route in the near term. PetroTal is doing everything we can to support those discussions. On operations, I need to thank the entire PetroTal team for achieving another exceptional result in the 9H horizontal oil well, which was opened at more than 9,000 bopd, a new record for our Bretana oil field."

ABOUT PETROTAL

PetroTal is a publicly traded, tri-quoted (TSXV: TAL) (AIM: PTAL) (OTC Pink: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in 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. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / James Spinney / Robert Collins
T: 44 (0) 207 409 3494

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release contains 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; and the impact of social disruption on the Company's operations, including a potential field shutdown at Bretana. 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. 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. Please refer to the risk factors identified in the Company's annual information form for the year ended December 31, 2020 and management's discussion and analysis for the three and nine months ended September 30, 2021 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.

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.
👍️0
AskMuncher AskMuncher 3 years ago
$PTALF PetroTal Advises of Gran Tierra Share Ownership Reduction
Press Release | 11/26/2021
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - November 26, 2021) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTC Pink: PTALF) ("PetroTal" or the "Company") advises that, as announced by Gran Tierra Energy Inc. ("GTEI") on November 26, 2021, Gran Tierra Resources Limited ("GTRL") has sold an aggregate of 137,093,750 common shares in the Company, ("Common Shares") representing all shares owned by GTEI. The Company understands that multiple entities purchased the Common Shares sold by GTRL. PetroTal was not a party to the agreements and did not receive any proceeds from the sale transactions.

The Company has 826,662,172 Common Shares in issue and there are no shares held in treasury. For purposes of the Disclosure Guidance and Transparency Rules, the total number of voting rights (TVR) in the Company is 826,662,172. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

ABOUT PETROTAL

PetroTal is a publicly traded, tri-quoted (TSXV: TAL) (AIM: PTAL) (OTC Pink: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in 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. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / James Spinney / Robert Collins
T: 44 (0) 207 409 3494

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

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.

👍️0
roadkilll roadkilll 3 years ago
The headline coming out of Peruvian politics has become disturbing
Peru PM warns gas sector: pay higher taxes or face nationalization
LIMA Peruvian Prime Minister Guido Bellido on Sunday said that companies which exploit natural gas in Peru will need to agree to pay higher taxes or else face nationalizations, a sharp warning to the sector from the new leftist government.

Sep 26 2021

If you google Reuters Peru, the headlines are disturbing about where this government is heading. Exited my position today.
👍️0
AskMuncher AskMuncher 3 years ago
$PTALF PetroTal Announces Drilling Commencement of Well BN-9H and Continued Robust Field Production over 15,000 bopd
Press Release | 09/29/2021
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - September 29, 2021) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (OTC Pink: PTALF) ("PetroTal" or the "Company") is pleased to announce it has commenced drilling development well BN-9H ("9H"), the Company's next horizontal well, and continued robust field production in excess of 15,000 barrels of oil per day ("bopd"). All amounts herein are in United States dollars ("USD") unless otherwise stated.

Well 9H drilling commencement

PetroTal recently commenced drilling the 9H well, PetroTal's fifth horizontal well drilled by the Company, and the tenth oil producer.

This will be PetroTal's longest reach horizontal well to date;
The well cost is approximately $13.9 million and is the first to be drilled with a synthetic mud system;
Drilling and completion should be finished in the second half of November 2021; and
The well is expected to contribute materially to exit 2021 production.
Bretana field continues to achieve robust field production

Bretana's average field production for the ten days ended September 27, 2021 was 15,494 bopd;
Demonstrates success of the revised water disposal strategy, allowing full water disposal into the two disposal wells;
Using an $80/bbl Brent oil price and PetroTal's estimated EBITDA netback of approximately $47/bbl, annualized earnings before interest, taxes, depreciation and amortization ("EBITDA") at 15,000 bopd would be approximately $255 million; and
This expected significant EBITDA growth will easily allow PetroTal to complete the remaining Bretana development wells, retire the bond obligations early and examine ways to return value to shareholders, in due course.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

"We are entering the fourth quarter in the strongest position PetroTal has seen, from both an operational and financial perspective. The recent rise in Brent oil prices has created an environment for substantial returns on invested capital and we look to continue our momentum into Q4 2021, and beyond. Petrotal is showing it is well positioned as a dynamic emerging market play, given our strategic investment in Peru's Bretana field, that is delivering strong results."

ABOUT PETROTAL

PetroTal is a publicly traded, tri-quoted (TSXV: TAL) (AIM: PTAL) (OTC Pink: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in 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. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.

For further information, please see the Company's website at www.petrotal-corp.com, the Company's filed documents at www.sedar.com, or below:

Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101

Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101

PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com

Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643

Strand Hanson Limited (Nominated & Financial Adviser)
James Spinney / Ritchie Balmer
T: 44 (0) 207 409 3494

Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600

Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release contains 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; oil production levels, well payout production and the ability of the Company to achieve near term production targets; anticipated future production and revenue; continued operation of the ONP and PetroTal's access thereto, the Company's expectations regarding netbacks and free cash flow; and future development and growth prospects. All statements other than statements of historical fact may be forward-looking statements. In addition, statements relating to expected production, reserves, recovery, costs and valuation are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. 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, the ability of the Ministry of Energy to effectively achieve its objectives in respect of reducing social conflict and collaborating towards continued investment in the energy sector, reservoir characteristics, recovery factor, exploration upside, prevailing commodity prices and the actual prices received for PetroTal's products, including pursuant to hedging arrangements, 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 volatility, price differentials and the actual prices received for products, 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. In addition, the Company cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on the Company. While the precise impact of the COVID-19 virus on the Company remains unknown, rapid spread of the COVID-19 virus may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to the Company. Please refer to the risk factors identified in the most recent management's discussion and analysis and the most recent annual information form 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: References in this press release to short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for PetroTal. The Company cautions that such results should be considered to be preliminary.

RESERVES DISCLOSURE: The reserve estimates contained herein were derived from a reserves assessment and evaluation prepared by Netherland Sewell Associates, Inc., a qualified independent reserves evaluator, with an effective date of December 31, 2020 (the "NSAI Reserves Report"). The NSAI Reserves Report has been prepared in accordance with definitions, standards and procedures contained in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51 101") and the most recent publication of the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") The reserve estimates contained herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Volumes of reserves have been presented based on the Company's total working interest. Readers should give attention to the estimates of individual classes of reserves and appreciate the differing probabilities of recovery associated with each category. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.

TYPE CURVES: Certain type curve disclosure presented herein represents estimates of the production decline and ultimate volumes expected to be recovered from wells over the life of the well. The type curves represent what management thinks an average well will achieve, based on methodology that is analogous to wells with similar geological features. Individual wells may be higher or lower but over a larger number of wells, management expects the average to come out to the type curve. Over time type curves can and will change based on achieving more production history on older wells or more recent completion information on newer wells. Additional details on well performance and management's type curves are available in the presentation on PetroTal's website at www.petrotal-corp.com.

OIL REFERENCES: All references to "oil" or "crude oil" production, revenue or sales in this press release mean "heavy crude oil" as defined in NI 51-101. All references to Brent indicate Intercontinental Exchange ("ICE") Brent.

NON-GAAP MEASURES: This press release contains financial terms that are not considered measures under generally accepted accounting principles ("GAAP") such as operating netback and free cash flow that do not have any standardized meaning under GAAP and may not be comparable to similar measures presented by other companies. Management uses these non-GAAP measures for its own performance measurement and to provide shareholders and investors with additional measurements of the Company's efficiency and its ability to fund a portion of its future capital expenditures. Netback is calculated by dividing net operating income by barrels sold in the corresponding period. Free cash flow is operating cash flow before hedging minus maintenance capital expenditures. Please refer to the most recent management's discussion and analysis for additional information relating to non-GAAP measures.

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 well payout production, 2021 capital program and budget, free cash flow 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 approved by management as of the date of this press release and was included 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.
👍️0
roadkilll roadkilll 3 years ago
December 2019 this company did pay out a small dividend as cash flow with much lower production and gas prices.
I try to invest in management teams focused on shareholders. I like this management team.

After 2019 of course the company had to deal with Covid and actually being shutdown:
Petrotal announces that the Northern Oil Pipeline (“ONP”) operated by PETROPERU S.A. (“Petroperu”) has been shut down by a public health directive from the Peruvian government, thereby resulting in PetroTal having to shut in the Bretana oil field as a result of storage capacity limitations. Additionally, PetroTal provides an update on financing initiatives to accommodate the impact of oil price reductions occurring from oil sales at the Bretana oil field in Block 95 in Peru.

* Today they announce record production of 15,000 bopd from the Bretana field
👍️0
roadkilll roadkilll 3 years ago
It's alive, just announced a gusher at 8000 bopd, looks like they Boys have stumbled on the honey pot. A few months ago the same field saw a new well proceeding 4000 bopd. No need to augment the natural flow so this field has plenty of potential and the company is expanding fast.

Knock out the debt and cash flow can pay for expansion and a dividend in 2022.
👍️0
Dick Goblair Dick Goblair 5 years ago
huge potential this will be a BOB
👍️0
Renee Renee 6 years ago
SGURF changed to PTALF:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
👍️0
RudieCantFail RudieCantFail 8 years ago
Hi there! So if i understand this correctly, before this change i need the shares to rise to .40 (they were at .02) and now i need them to go to $40 to get my money back, something that is never ever going to happen in anyones lifetime!! How is this allowed to happen!?!
👍️0
Renee Renee 8 years ago
SGURF one for 100 reverse split:

http://otce.finra.org/DLSymbolNameChanges
👍️0
futrcash futrcash 10 years ago
STERLING RESOURCES ANNOUNCES SUCCESSFUL BREAGH WELL A07 FRACTURE STIMULATION AND WELL TEST

Calgary, Alberta, Canada, June 16, 2014 – Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or the "Company") is pleased to advise that fracture stimulation and production testing of Breagh well A07 have been successfully completed.

After several days of flowing the well to clean it up, the well was production tested at a stabilized rate of 32 million standard cubic feet per day (100 percent) at the planned initial operating conditions of the well. The performance achieved under these conditions represents an estimated two to three-fold increase in production rates over what would have been expected if the well had been completed with the standard completion used in the Breagh field to date. The well will now be tied into production over the summer in parallel with the drilling of well A08, which should commence within the next two weeks.

The A07 well was drilled during the fourth quarter of 2013 to a location approximately 2 kilometres to the south-east of the Alpha platform, encountering 100 feet of net pay in two separate zones. The well was suspended in early January 2014 to release the ENSCO 70 drilling rig for a planned period of maintenance and upgrade. The rig arrived back on location at Breagh in early May and re-entered A07 to commence operations with the assistance of the Schlumberger Big Orange XVIII well-stimulation vessel. Fracture stimulations were performed over the two reservoir zones, Zone 1, which is the main productive zone and reserves base in the Breagh field, and Zone 3, which Sterling currently classifies as contingent resources. A total of 179,500 pounds of proppant was pumped. The estimated overall cost of the fracture treatment is approximately US$10 million (100 percent interest), or US$3 million net to Sterling.

"These results have exceeded our expectations," stated John Rapach, Chief Operating Officer for Sterling Resources. "We achieved a marked improvement on Zone 1 production rates. The results are also very relevant for the Phase 2 development of Breagh on which we continue to work with Operator RWE Dea to firm up the plans for submission of a Field Development Plan Addendum," added Mr. Rapach.

Jake Ulrich, Chief Executive Officer for Sterling Resources, also commented, "After the lower than expected initial rate from some of the Breagh wells and the delays in production due to the unplanned shut-ins, it is particularly pleasing to announce an excellent result with the first fracture stimulation. This will have significant positive implications for the ongoing development of the Breagh field and the future cash flow that we expect to receive."

Sterling Resources is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands. The common shares are listed and posted for trading on the TSX-V under the symbol "SLG".

futr
👍️0
Skalar Skalar 11 years ago
Sterling Resources Announces First Quarter Operating and Financial Results

For the three months ended March 31, 2014 the Company recorded net income of $167.6 million ($0.54 per share) compared with a net loss of $8.8 million ($0.04 per share) for the three months ended March 31, 2013.

financial results
👍️0
futrcash futrcash 11 years ago
With Breagh Repaired-

This company is finally back on track,and a buy!
imo

http://www.sterling-resources.com/docs/2013_AGM.pdf


http://www.sterling-resources.com/docs/2013_09_Pareto_Presentation.pdf

futr
👍️0
futrcash futrcash 11 years ago
Breagh Production Imminent-

http://www.sterling-resources.com/docs/2013_09_Pareto_Presentation.pdf

futr
👍️0
Southern Gal Southern Gal 12 years ago
Vitol to offer $192 mln for Sterling Resources

Wed Feb 13, 2013 6:12am EST
* Acquisition would give exposure to North Sea oil assets

* Offer amounts to around $192 million, or C$0.85/share

* Follows financial assistance to Sterling Resources

GENEVA, Feb 13 (Reuters) - Top oil trading house Vitol plans to offer C$192 million ($192 million) for Canadian oil and gas group Sterling Resources, to gain a foothold in the North Sea oil and gas sector.

The planned deal, worth C$0.85 per Sterling Resources share - a 79 percent premium to Tuesday's close at C$0.475, is the latest in a series of moves by Vitol to acquire physical energy assets.

"Vitol has held discussions with Sterling's management and, based on the company's inability to find an acceptable long-term financing solution, Vitol Anker has decided to pursue an offer for the company," Vitol said on Wednesday.

The bid follows the purchase of a Swiss oil refinery from insolvent refiner Petroplus last year and the gradual expansion of oil exploration in west Africa.

Calgary-based Sterling Resources, drilling for oil and gas in the North Sea and with energy assets in France, the Netherlands and Romania, said it had received an unsolicited takeover bid from Vitol.

"Sterling has also had discussions with third parties on other potential transactions including business combinations, sales of subsidiaries and assets and additional financing opportunities," it said.

Vitol said it was prepared to enter further talks with Sterling to provide additional interim financing.

STOCKSM&AMARKETSMUTUAL FUND CENTERETFS NEWSPRIVATE CAPITALFINANCIALS
👍️0
futrcash futrcash 12 years ago
Sterling Resources Announces Closing of US$12 Million Bridging Loan
CALGARY, Jan. 8, 2013 /CNW/ - Sterling Resources Ltd. (TSX-V: SLG) ("Sterling" or "the Company") is pleased to announce that it has closed the previously announced secured US$12 million bridging loan agreement (the "Loan") with a subsidiary of Vitol Holding B.V. ("Vitol"). TSX-V approval has been received and other outstanding conditions which were required to close the Loan have now been satisfied.

The Loan is intended for use to fund the remaining costs of the Ioana and Eugenia wells offshore Romania, certain other exploration costs on its Romanian oil and gas licences, ordinary course of business corporate costs in Canada and Romania and to repay funds temporarily advanced from the UK subsidiary to fund Romanian exploration costs in December. The Loan is secured by a first-ranking security package over Sterling's offshore and onshore licences in Romania, a pledge of the shares of Sterling's Romanian subsidiary, Midia Resources SRL, and a pledge of certain of Sterling's receivables. The Loan bears interest at a rate of LIBOR plus 1.0 percent, payable in arrears, subject to a maximum of 2.0 percent per annum during the term of the Loan, and matures on March 31, 2013. As consideration for the Loan, Vitol is receiving 2,418,500 common shares of Sterling at a price of $0.717 per common share. The common shares are subject to a four month holding period which expires on May 9, 2013. The Loan is repayable out of proceeds received from Romanian asset sales, including the previously announced sale of a portion of the Midia licence to ExxonMobil Exploration and Production Romania and OMV Petrom.

Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".

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 release.

Filer Profile No. 00002072

Forward-Looking Statements

All statements included in this press release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements. In addition, statements relating to reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be profitably produced in the future. In particular, this document contains forward-looking information and statements regarding: (i) the intended use of proceeds from the Loan, and (ii) future capital expenditures and projects.

These forward-looking statements involve numerous assumptions made by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling's control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form.

Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the press release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law.

Financial outlook information contained in this press release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this press release should not be used for purposes other than for which it is disclosed herein.

SOURCE: Sterling Resources Ltd.


For further information: visit www.sterling-resources.com or contact:

Mike Azancot, President and Chief Executive Officer, Phone: 44-20-3008-8488, Mobile: 44-7740-432883, mike.azancot@sterling-resources.com

David Blewden, Chief Financial Officer, Phone: 44-20-3008-8488, Mobile: 44-7771-740804, david.blewden@sterling-resources.com

George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912, george.kesteven@sterling-resources.com

futr
👍️0
Southern Gal Southern Gal 12 years ago
CALGARY , Dec. 14, 2012 /CNW/ - Sterling Resources Ltd. (SLG.V) ("Sterling" or "the Company") is pleased to announce a gas discovery following the drilling of the Eugenia-1 well drilled in the Black Sea offshore Romania . The well reached a total measured depth ("MD") at 2,276 metres (2,248 metres subsea).
The preliminary log analysis indicates a total of 22 metres of gas-bearing Late Cretaceous sandstones, mainly within two intervals. Average porosity ranges from 10 to 20 percent and average gas saturations range from 55 to 62 percent. The sandstone units are located within the interval 1,938 to 2,038 metres MD. Formation pressure data and recovered gas samples from open-hole logging tools confirm moveable gas. Further detailed analysis of logs, pressure data and samples is ongoing.

In addition to these Late Cretaceous sandstones, a further 20 metre zone of interest is evident within an Eocene limestone section from 1,900 to 1,938 metres. The interval was drilled with gas shows but attempts to collect pressure data were unsuccessful although this is not an uncommon occurrence in carbonates where matrix porosity is limited. Log analysis will be undertaken to determine if the Eocene limestone could be gas bearing and producible as was the case in the adjacent Olimpiyskaya well.

"The Eugenia-1 well is the first exploration well to be drilled on the 2,312 square kilometre Pelican Block which is equivalent in size to ten United Kingdom North Sea Blocks," stated Pat Whitley , Sterling's Vice President Exploration International . "The presence of gas in both the Eocene limestone and Cretaceous sand sections in this first exploration well is a great step forward for exploration in the Pelican Block."
A third, shallower but high-risk objective of the well was to test the stratigraphy of a large Oligocene slump or fan structure as outlined by seismic. Although drilled at a downdip location to enable drilling of the deeper Eocene and Late Cretaceous main objectives from the same well location, 100 metres of good quality sandstones with some minor gas shows were encountered. "With the quality and quantity of potential reservoir sands, the Oligocene structure remains an interesting prospect updip of the current well," added Mr. Whitley .
"We are delighted to have drilled two exploration wells this year in our highly prospective blocks in the Black Sea safely and on budget and found hydrocarbons in both. We have achieved our long-stated objectives to return to operations in Romania and now plan to review these well results in planning an active work program in both blocks over the next couple of years," stated Mike Azancot, Sterling's President and CEO.
Midia Resources SRL, a wholly owned subsidiary of Sterling Resources Ltd (65 percent working interest), is the operator of the Midia and Pelican Blocks in offshore Romania and with partners Petro Ventures Europe BV (20 percent) and Gas Plus International BV (15 percent).
👍️0
SOCOM SOCOM 12 years ago
BEWARE THIS COMPANY IS HALTED AND HAS DONE NOTHING TO RAISE SHAREHOLDER VALUE!!

SOCOM
👍️0
SOCOM SOCOM 12 years ago
WOW, low volume here! Looks to risky for me.

SOCOM
👍️0
Southern Gal Southern Gal 12 years ago
Sterling Resources Announces Farm Out Agreement of UK License P1792
Press Release: Sterling Resources Ltd. –
CALGARY , Nov. 29, 2012 /CNW/ - Sterling Resources Ltd. (SLG.V) ("Sterling" or "the Company") is pleased to announce the signing of an agreement with Shell U.K. Limited ("Shell") to farm out a 40 percent participating interest in UK License P1792 covering Blocks 21/30f and 22/26c in the Central North Sea containing the Beverley prospect and the Belinda and Evelyn discoveries. Sterling was awarded these blocks in the UK 26th Offshore Licensing Round. Under the agreement, Shell will cover Sterling's 20 percent remaining participating interest share of 3D seismic costs across the two blocks and Sterling's share of the costs of an exploration well on the Beverley prospect. Sterling will continue as Operator for the exploration well. Subject to the approval of the Department of Energy and Climate Change, the joint venture interests will be Sterling Resources (UK) Ltd. 20 percent, Shell U.K. Limited 40 percent, and Valiant Petroleum Plc 40 percent.
"The Beverley prospect is associated with possibly the last undrilled salt diapir in the Central North Sea and we believe it has significant potential given the drilling results of other analogous salt diapir structures in the Gannet area. Success could add to the existing Evelyn and Belinda discoveries to create a possible producing hub. The farm out agreement with Shell brings in a partner with regional knowledge while providing Sterling with a carry for the costs of the imminent exploration activities on the Beverley prospect," said David Findlater, Sterling's Vice President UK Exploration .
Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary , Alberta with assets in the United Kingdom , Romania , France and the Netherlands. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".
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 release.
👍️0
Southern Gal Southern Gal 12 years ago
IIROC Trading Resumption - SLG
VANCOUVER, Nov. 13, 2012 /CNW/ - Trading resumes in:

Company:Sterling Resources Ltd.

TSX-Venture Symbol:SLG

Resumption: 8:55 AM ET

Reason: Halted in Error
👍️0
Southern Gal Southern Gal 12 years ago
Slg is halted pending news
👍️0
Southern Gal Southern Gal 12 years ago
News out today

Sterling Resources Announces Drilling Results of the Ioana-1 Well and Confirms Active Gas System, Romanian Black Sea

CALGARY , Nov. 7, 2012 /CNW/ - Sterling Resources Ltd. (SLG.V) ("Sterling" or "the Company") announces the results of the exploration well on the Ioana prospect in Block 15 Midia in the Romanian Black Sea. The well was drilled to a total depth of 1,950 metres measured depth ("MD"), 1,513 metres true vertical depth subsea ("TVDSS"). Gas shows from drilling mud gas measurements were experienced from a depth of 500 MD down to total depth of 1,950 metres MD.
The primary objective identified by 2D seismic was encountered as prognosed with gas shows from drilling mud gas measurements over a 70 metre interval between 1,186-1,422 metres TVDSS. Analysis of the open-hole logs across this interval indicate that the formation comprises of thin-bedded sands within lower permeability siltstone and gas saturations similar to the siltstones present within the gas leg of the Doina and Ana fields.
Shallower sands of 55 metres thickness between 831-910 metres TVDSS with gas shows from drilling mud gas measurements were identified prior to setting intermediate casing. Only gamma ray and resistivity data from Logging-While-Drilling ("LWD") tools are available across this shallow zone, but cased-hole logs have been run to further evaluate these intervals and log interpretation of the shallower sandstone should be completed over the next few weeks.
"We are encouraged by the gas saturations in the primary objective, thereby proving up potential trap and gas sourcing to the structure," stated Patrick Whitley , Sterling's Vice President, International Exploration. "However, the reservoir development is poorer than expected in this up dip area of the prospect and will require further work with seismic and drilling to appraise the large Ioana structure further to the east," Mr. Whitley added.
The Ioana-1 well is situated on the western edge of a very large areal structure of some 150 square kilometres. The well location was selected at the deepest water depth location possible in which the only available jack-up drilling unit, the Grup Servicii Petroliere SA rig "GSP Jupiter", could safely operate. The Ioana-1 location was defined by 2D seismic data, which has proved successful for the Ana and Doina discovery and appraisal wells, but the complexity of the formations encountered in the Ioana-1 well now suggest that 3D seismic might be needed for reservoir thickness predictions and further drilling on this structure.
"We gave strong assurance to the Romanian government early this year, having received their approvals, to resume our long-awaited exploration of the Midia Block by drilling the Ioana-1 well as soon as possible in 2012," stated Mike Azancot, Sterling's President and CEO. "While the results from this first well on the prospect have not confirmed commercial resources, the extensive gas shows confirm the presence of an active gas system within the Ioana prospect. We will now be assessing the potential follow on program for the Ioana prospect for next year, which might commence with the acquisition of a 3D seismic survey over Ioana and other Midia Block prospects. Subject to contracting a drilling vessel rated to operate in deeper water (circa 100 metres), we would plan to drill in the most promising part of the Ioana prospect to the south east of the Ioana-1 well, where stronger seismic amplitudes and direct hydrocarbon indicators suggest a better quality gas-bearing reservoir (see Figures 1 and 2). In addition, we plan to drill exploration wells on one or more other prospects in the Midia Block. All of the above work will be subject to financing, regulatory and partner approvals," Mr. Azancot added.
The drilling of the Ioana-1 well is now complete and abandonment operations are being conducted. Following these operations the rig will be moved to the second exploration well location, Eugenia-1, some 70 kilometres to the north. This well will be the first to be drilled in the oil prone Pelican Block and is estimated to take approximately 30 days to complete.
👍️0
Southern Gal Southern Gal 12 years ago
Sterling Resources Announces Commencement of Operations at Ioana-1

CALGARY , Oct. 5, 2012 /CNW/ - Sterling Resources Ltd. (SLG.V) ("Sterling" or "the Company") is pleased to announce that drilling operations have commenced at the Ioana gas prospect in Block 15 Midia in the Romanian Black Sea utilizing the Grup Servicii Petroliere SA ("GSP") cantilever-type jack-up drilling rig "GSP Jupiter". The Ioana-1 well, which is located in a water depth of 91 metres, is targeting the Mid Pontian sandstone formation to a total well depth of 1,600 metres and is expected to take up to 30 days to complete.

Following the drilling of Ioana-1, the rig will be remobilized approximately 70 km to the north for the drilling of the Eugenia-1 well in oil prone Block 13 Pelican, in 55 metres water depth to an anticipated total depth of 2,300 metres. This well has three separate objectives. The shallower Oligocene target is a new play in the area. The other two targets are in the Eocene and Upper Cretaceous. OMV Petrom's nearby Lebada field complex is believed to be producing from reservoirs in both the Eocene and Upper Cretaceous intervals. The estimated drilling time for this well is also 30 days.

"We are excited to resume our drilling program in the Romanian Black Sea with the arrival of the GSP Jupiter rig at the Ioana-1 drill site. Success at Ioana could greatly enhance the potential for a gas hub in the Midia block that already includes the Ana and Doina fields," stated Mark Beacom , Sterling's Vice President and General Manager for Romania . "The second well, Eugenia-1, will be the first to be drilled in the highly prospective, oil prone Pelican block which has existing hydrocarbon discoveries to the west and east."
👍️0
patrick patrick 12 years ago
Howdy folks... Gonna look at this one in a bit
👍️0
Southern Gal Southern Gal 12 years ago
I hope so.
Last 2 months have been pretty stagnant
👍️0
futrcash futrcash 12 years ago
Next few months here should be transformational for Sterling -

http://www.sterling-resources.com/

futr
👍️0
futrcash futrcash 12 years ago
Good to see a board on I-hub for Sterling Resources-

Happy to say I bought 5k shares right near the 52 week low back in June!

Romania promises to be a company maker for this issue-

http://www.sterling-resources.com/docs/2012_09_Corp_Pres.pdf

futr
👍️0
Southern Gal Southern Gal 12 years ago
Bullish Two Hundred Day Moving Average Cross - SLG

In trading on Monday, shares of Sterling Resources Ltd. (Toronto: SLG) crossed above their 200 day moving average of $1.48, changing hands as high as $1.57 per share. Sterling Resources Ltd. shares are currently trading up about 12.1% on the day. The chart below shows the one year performance of SLG shares, versus its 200 day moving average:

Looking at the chart above, SLG’s low point in its 52 week range is $0.85 per share, with $2.38 as the 52 week high point — that compares with a last trade of $1.53.
👍️0

Your Recent History

Delayed Upgrade Clock