Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
PetroTal reports robust second-quarter production
(Sharecast News) - PetroTal reported robust second-quarter production in an update on Thursday, achieving an average production rate of 18,290 barrels of oil per day (bopd) despite a brief river blockade, with June's average production reaching 20,555 bopd. The AIM-traded firm said two wells, 18H and 19H, were successfully completed in early May and June, respectively.
Well 18H was performing as expected, with initial production rates of 4,621 bopd over seven days and 3,929 bopd over 30 days.
The well cost around $17.3m, and was projected to achieve payback within six months at current oil prices.
Well 19H, the company's 20th oil-producing well, began production on 14 June, and reached a seven-day production rate of 8,511 bopd.
The well was completed below budget at $11.5m, with an expected payback period of less than two months.
PetroTal started drilling well 5WD on 17 June, which would enhance the company's water disposal capacity, facilitating sustained production of over 20,000 bopd.
The cost of the 5WD well would be around $12.5m.
Additionally, the company said it planned to accelerate the drilling of well 20H, starting in late July, with an estimated cost of $15m.
PetroTal reached a production milestone in early July, surpassing 20 million barrels of oil since beginning operations in June 2018.
The company's proved and probable (2P) oil reserves had meanwhile more than tripled to an estimated ultimate recovery of around 120 million barrels of oil.
In regulatory news, PetroTal said it had secured all necessary approvals for the Oleoducto de Crudos Pesados (OCP) pipeline in Ecuador.
The company would soon start a 100,000-barrel pilot program to evaluate the transportation route.
On the social front, PetroTal transferred $12.6m to the Social Trust Fund, marking a significant step since the fund's inception in 2021.
The fund would support various community initiatives, including internet connectivity for 7,000 inhabitants, scholarships for 100 students, the creation of a technical support team, and the installation of solar energy pods in 17 communities.
Financially, PetroTal ended the second quarter with a strong cash position of $96m, comprising $84m in unrestricted cash and $12m in restricted cash.
The company also conducted a share buyback programme, purchasing 1.2 million shares at an average price of 61 cents each, and paid $13.7m in dividends related to first-quarter operations.
Accounts receivable and payable stood at $113m and $69m, respectively, at the end of the quarter.
At 1059 BST, shares in PetroTal Corporation were up 2.13% at 42.9p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.