HOUSTON: In a significant expansion of its operations, PetroTal Corp. has announced the successful execution of an agreement to acquire CEPSA Peruana, S.A.C., thereby securing a 100% working interest in the Los Angeles field within Peru’s Block 131. The $5.0 million cash deal marks PetroTal’s first acquisition since its Peruvian debut in 2017 and represents…
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PetroTal reduces production due to protests at its loading dock
HOUSTON, TEXAS: PetroTal Corp. (AIM: PTAL) has reduced production to ensure field safety and manage storage levels due to social protests at PetroTal’s loading dock. On February 28, 2022 a small group from the Asociación Indígena de Desarrollo y Conservación de Bajo Puinahua (AIDECOBAP) commenced gathering outside the Bretana oilfield that led to access to…
PetroTal announces export of Bretena crude oil, price derivative contracts
CALGARY: PetroTal Corp. announced the second export of Bretana crude oil into the Atlantic region through Brazil and the execution of crude oil price derivative contracts. Executed Corporate Hedging Contract In order to support the 2021 capital development program and mitigate Brent oil price downside risk prior to oil delivery, PetroTal has executed a 590,252…
PetroTal completes $100 Million senior secured bond issue
CALGARY: PetroTal Corp. announced that on February 16, 2021 it completed the issuance of the $100 million issue of senior secured bonds, previously announced on February 2, 2021. The new bond issue will be PetroTal’s only interest bearing debt and will be used to retire the existing derivative liability with Petroperu, continue development of the…
PetroTal announces successful $100 million bond issue
HOUSTON: PetroTal Corp. has successfully completed the placement of a 3-year US $100 million senior secured bond (as announced on January 12, 2021) with a fixed coupon of 12% and a borrowing limit of $125 million. PetroTal intends to use the net proceeds from the Bond to repay all existing outstanding loans (in particular the…
PetroTal completes first oil export sale through Brazilian terminal
CALGARY: PetroTal Corp. announced the first export of Bretana oil into the Atlantic region through Brazil. This provides PetroTal with an additional option to monetize oil sales, beyond the Company’s existing important sales arrangements with Petroperu using the Northern Oil Pipeline (ONP), and to the Iquitos refinery. This will facilitate future oil production growth when…
PetroTal recommences oil sales into the pipeline
CALGARY: PetroTal Corp. announced that social issues affecting the Northern Oil Pipeline (ONP), operated by Petroperu, have now been resolved. As a result, PetroTal has now recommenced oil deliveries at Saramuro (Pump Station #1), for sales into the ONP. The social disruption had impacted the ONP’s operations for 85 days and, as a result of…
Remus Horizons replaces Gran Tierra as PetroTal’s largest shareholder
HOUSTON: PetroTal Corp. has been informed by Gran Tierra Resources Ltd. (GTRL), a control person of PetroTal, that GTRL has entered into a private agreement with Remus Horizons PCC Limited in respect of the purchase by Remus of 218,012,500 common shares of PetroTal at a price of GBP0.099385 per Purchased Share, for an aggregate purchase…