New well sets daily production record for PetroTal
PetroTal announced on Thursday that the 10H well, which began production on January 30, had set a new internal daily production record with a 10-day average stand-alone production level of 10,050 barrels of oil per day.
The AIM-listed company said the last reported rate was 10,122 barrels of oil per day.
He said the final cost of the well was $11.5 million, 17% below budget, adding that it had been commissioned on schedule and had already paid over 45% of its cost. total wells at $90 a barrel of Brent.
The 10H well, PetroTal noted, was the longest horizontal well drilled to date in Peru.
The company also said it set a new record daily production level of 20,891 barrels of oil on Feb. 1, surpassing the mark set in mid-December when the 9H well was commissioned.
With the company’s ‘CPF-2’ central processing facility fully commissioned, PetroTal said it is now awaiting final approval from the ministry – expected around February 15 – to operate at its maximum capacity of 24,000 to 26,000 barrels per day, from current limited production of around 20,000 barrels.
“We set additional production records with the first 10H production rates,” said President and CEO Manuel Pablo Zuniga-Pflucker.
“We are extremely pleased from a technical perspective with what this could mean for the future performance of PetroTal’s drilling inventory and are excited to deliver a strong start to 2022 for shareholders.”
At 12:18 GMT, PetroTal shares were up 12.12% to 37p.