TIDMPTAL
RNS Number : 1398V
PetroTal Corp.
30 November 2023
PetroTal Announces Third Annual ESG Sustainability Report and
Drilling Commencement of Well 16H
Scope 1 emissions of 6.96 kg CO2eq/bbl
Material carbon offset project evaluations initiated
Calgary, AB and Houston, TX - November 30, 2023-PetroTal Corp.
("PetroTal" or the "Company") (TSX: TAL, AIM: PTAL and OTCQX:
PTALF) announces the release of its 2022 ESG Sustainability Report,
which has been posted on the Company's website (
www.petrotal-corp.com ).
2022 marked another significant step forward in terms of ESG
reporting and standards achieved, aligning key projects with the UN
Sustainable Development Goals ("SDG") and improving the quality of
life for many Peruvians.
PetroTal is committed to providing a sustainable business plan
that delivers meaningful opportunities for all stakeholders, which
includes dedicating significant attention, consideration and
resources to environmental stewardship and social responsibility,
with a constant and uncompromising commitment to safety, ethics and
transparency.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive
Officer, commented:
"PetroTal is very pleased to present its third annual ESG report
covering operations for 2022. We have trended portions of our ESG
data from previous reports, and feel these trends show a
significant advancement in our ESG practices and reporting from
three years ago. We are particularly pleased with our ability to
scale scope 1 carbon emissions down to 6.96 kg CO2eq/bbl from 11.4
kg CO2eq/bbl in 2021. The Company has many exciting ESG related
projects in development and is looking forward to communicating
them in 2024 and beyond."
The key highlights from the Company's third annual 2022 ESG
report are noted below.
-- Distributed economic value in Peru of US$92.7 million in 2022
encompassing operating costs, salaries and benefits, payments to
government and community investments including amounts related to
the 2.5% development fund created by PetroTal in late 2021;
-- Significant climate change related projects which include but are not limited to:
o An evaluation of the Bretana oilfield's geothermal energy
generation potential, driven from the near boiling water produced
from the Company's fluid production;
o A diesel to solar panel transition at the Bretana oilfield and
nearby communities;
o A field wide reduction of flare gas from gas to power
investments in infrastructure; and,
o A carbon sequestration project partnership with Servicio
Nacional de Areas Naturales Protegidas ("SERNANP") that utilizes
peat bogs in the Pacaya Samiria National Reserve adjacent to the
field.
-- A commitment to achieving net-zero biodiversity loss by 2030,
by implementing a robust flora and fauna hydrobiological monitoring
program around 400 meters surrounding the area of operating
influence near the Bretana oilfield;
-- Completion of the Taricaya Genetic Study which allowed for
the discovery of a new species of bird called a Batara de Cocha,
which, the Company was awarded for by the Sociedad Nacional de
Mineria Petroleo Y Energia ("SNMPE");
-- Initiation of a reforestation project in 7 de Junio community;
-- Improvement of the Company's climate change goals by
reiterating a 40% reduction of greenhouse gases of scope 1 and 2 by
2030, which aligns with Peru's environmental targets;
-- A reduction in scope 1 emissions intensity to a peer leading
6.96 kg CO2eq/bbl from 11.40 kg CO2eq/bbl in 2021;
-- A commitment to local value creation with a strong Peruvian
workforce irrespective of race, disability, sexual orientation, or
age; and,
-- No fatalities or work related near misses during 2022 despite
total number of hours worked increasing to nearly 2.8 million in
2022 from 2.1 million in 2021 by employees and contractors.
Drilling Commenced on well 16H
PetroTal is also pleased to announce the drilling commencement
of well 16H, the first well to be drilled from the new L2 West
platform. The well is expected to cost approximately $15 million
with completion and initial production expected in January
2024.
ABOUT PETROTAL
PetroTal is a publicly traded, tri--quoted (TSX: TAL, AIM: PTAL
and OTCQX: 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 2022, PetroTal
became the 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) 20 7770 6424
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
T: +44 (0) 20 7710 7600
Peel Hunt LLP (Joint Broker)
Richard Crichton / David McKeown / Georgia Langoulant
T: +44 (0) 20 7418 8900
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, oil production levels and guidance, including the
ramp up and resumption of shut-in production. 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. Without
limitation, this press release contains forward-looking statements
pertaining to: the appointment of an additional director during the
forthcoming year; expectations surrounding disrupted barge
logistics and the consequences in respect thereof, including in
relation to the Company's ability to maintain production at about
22,000 bopd ; effects of the illegal blockade removal and release
of oil convoys in respect of overall safety in the Loreto area;
PetroTal's recommendations and expectations surrounding furniture
negotiations with AIDECOBAP and future social fund allocation
decisions. In addition, statements relating to expected production,
reserves, recovery, replacement, 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. 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 government groups
to effectively achieve objectives in respect of reducing social
conflict and collaborating towards continued investment in the
energy sector, including pursuant to Acta, 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 impact of inflation on costs, 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, future river water
levels, 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; changes in the
financial landscape both domestically and abroad, including
volatility in the stock market and financial system; and wars
(including Russia's war in Ukraine). Please refer to the risk
factors identified in the Company's most recent AIF and MD&A
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 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.
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