PetroTal Corp (TSX-V:TAL, OTCQX:PTALF, AIM:PTAL) shares climbed 11% to $0.73 on Thursday after the Peru-focused oil and gas development and production company announced that its average annual production in 2022 surged 36% year-over-year to 12,200 barrels of oil per day (bopd).
PetroTal also said it achieved a 46% increase in Proven & Probable reserves value per share (NPV-10, after tax) to C$2.29 per share.
“We are pleased with 2022's operational and financial results, having significantly improved the operating stability of the company in recent months from both a sales and balance sheet perspective,” PetroTal CEO Manuel Pablo Zuniga-Pflucker said in a statement.
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“In addition, it was equally important that we fulfilled our promise to investors to fully repay our bonds and initiating a return of capital program to our patient and deserving shareholder group,” he added.
PetroTal noted it set a record for daily production of more than 26,000 bopd on June 30, 2022, confirming the current facility's oil handling capacity.
As well, the company said it brought four highly productive horizontal oil wells online in 2022, which allowed it to exit the year with 20,000 bopd.
PetroTal added that it ended the year with about $120 million in cash ($15.6 million restricted) and a $74 million net surplus on the balance sheet as of December 31, 2022.
Contact Sean at sean@proactiveinvestors.com