PetroTal - Intention for Secondary Quote of Common Shares with Admission to Trading on AIM

Posted by OilVoice Press - OilVoice


Calgary, Alberta and Houston, Texas —PetroTal Corp. (“PetroTal” or the “Company”) (TSX-V: TAL), an exploration and production company focused on oil assets in Peru, is pleased to announce its intention to seek a secondary quotation of its common shares with their admission to trading on the London Stock Exchange's AIM market (“AIM”), subject to preparation of the requisite documentation. The Company expects that the shares will begin trading by the end of this year.

The Company is seeking admission to AIM, alongside its current listing on the TSX Venture Exchange, in order to take advantage of AIM's liquidity, as well as to access a broader range of institutional investors.  The Board believes that this will help expedite the unlocking the value of PetroTal's Peruvian assets. PetroTal would be the only exclusively Peru focused independent oil and gas company quoted in London.

Strand Hanson Limited is acting as the Company's Nominated Adviser on the proposed admission.

The Company will hold a special meeting of shareholders on Thursday, October 25, 2018 to amend the Articles of the Company in preparation for the secondary quotation. A management information circular and related meeting materials have been mailed to the Company's registered shareholders and filed on SEDAR at


Key Highlights:

PetroTal is increasing production from the Bretaña oil field on Block 95, as well as evaluating the Osheki prospect in Block 107. 


Ø  Bretaña oil field (Block 95):

  • One of the largest undeveloped discoveries in Peru
  • First oil achieved in June 2018, ahead of schedule
  • Installation of initial Long-Term Testing Facilities to handle production of 5,000 barrels of oil per day (“bopd”) and 5,000 barrels of water per day is expected to be completed on schedule and under budget by late October, 2018
  • Average September 2018 production is ~900 barrels of oil per day (“bopd”) naturally flowing, expected to increase to over 2,000 bopd by November 2018
  • First development well to be spud in early 2019, allowing for production growth to 5,000 bopd by mid-2019 and to 10,000 bodp in early 2020.
  • Significant proved + probable (2P) reserves of 39.8 million barrels of oil, independently verified by Netherland Sewell & Associates, Inc. (“NSAI”) effective as of December 31, 2017
  • Attractive fiscal terms with an initial cash royalty of five percent, not surpassing eight percent at peak production
  • Established routes to market with current production being sold at the Iquitos Refinery


Ø  Osheki light oil prospect (Block 107):

  • Recent confirmation that Osheki prospect is estimated to hold 534 million barrels of mean prospective recoverable resources, estimated by NSAI effective as of June 30, 2018.
  • Estimate is based on a recovery factor of 30 percent of the estimated 1.78 billion barrels of mean prospective original oil in place (“OOIP”)
  • Currently in discussions with potential joint venture partners to drill Osheki
  • Further potential material upside from additional leads in Block 107


Manolo Zuniga, President and Chief Executive Officer, said:

“We are focused on realizing the value of our material oil assets in Peru. A secondary quotation on London's AIM would hopefully increase liquidity and allow us to broaden the shareholder register, at a time when we both are rapidly moving ahead with the development of Block 95 and continuing to assess potential partners for Block 107.

“We have achieved operational milestones, ahead of schedule and under budget, including the commencement of production at Bretaña.  We have a team with track records of delivering results and creating value for shareholders.  PetroTal is in a strong financial position with no debt, and our investment case is further de-risked by a relatively simple geological story.  We are proud to be aligned with the Peruvian government as we play our part in helping the country increase production and reduce oil imports.  I am very upbeat about the future as we continue our journey to become a Peruvian focused E&P of scale, creating value from our existing assets, and over time expanding the portfolio in Peru.  We look forward to providing further updates on our progress in due course.”



 PetroTal is a publicly-traded independent oil and gas development and production company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru.  The Company's management team has significant experience in developing oil fields in Northern Peru and is focused on safely and cost effectively developing and exploiting the Bretaña oil field in Block 95 and to continue to evaluate the promising Osheki prospect in Block 107.

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