PetroTal Corp (TSX-V:TAL, OTCQX:PTALF, AIM:PTAL) shares traded up in Thursday’s early deals as it confirmed the reopening of an oil export route in Peru.
The company, in a statement, told investors it had reached an agreement with the Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua to reopen the river transportation route in and out of the company's operating area.
A blockade was removed as a result of the agreement.
With the reopening of the river, the company's Brazilian export route is now available and production is expected to ramp up immediately over the next few days, the company noted.
It expects to reach 18,000 barrels of oil production per day for the remainder of December.
Downtime in November, meanwhile, resulted in a new company estimate that fourth-quarter production will average between 8,500 and 9,500 bopd.
"We are pleased the Puinahua Channel has reopened and believe the forthcoming addendum incorporating the 2.5% Social Trust Fund to the Block 95 License Contract will provide long-term stability and a material quality of life enhancement to the communities of the Puinahua District," PetroTal chief executive Manuel Pablo Zuniga-Pflucker said.
In London, PetroTal shares were up 3.92p or 10.54%, changing hands at 41.12p each.