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PetroTal - PTAL - Growing oil production

Proselenes
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Re: PetroTal - PTAL - Growing oil production

#276307

Postby Proselenes » January 10th, 2020, 1:00 am

January figures so far, now PTAL are the number 2 producer in Peru.

https://www.perupetro.com.pe/wps/wcm/co ... S&liquidos

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Re: PetroTal - PTAL - Growing oil production

#276626

Postby Proselenes » January 11th, 2020, 8:50 am

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Re: PetroTal - PTAL - Growing oil production

#276644

Postby Proselenes » January 11th, 2020, 9:36 am

If they average 12K bopd in Q1, that would be 91 x 12,000 x 38$ netback.

So Q1 would see cashflow of 41,496,000 US$.

End of year target is 20K bopd by around October. If they can average 15K bopd in 2020 we are looking at 366 x 15,000 x 38$ = 208,620,000 million dollars cashflow for 2020.

And with the new contract in place now for 2020, how will that effect the netback to PTAL in terms of increasing it.

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Re: PetroTal - PTAL - Growing oil production

#276945

Postby Proselenes » January 13th, 2020, 7:05 am

13 January 2020

PetroTal announces 2019 year-end Oil Production of 13,300 bopd

New 5H horizontal well produced 240,000 barrels of oil over last 30 days

Calgary and Houston - January 13, 2020-PetroTal Corp. ("PetroTal" or the "Company") (TSX-V: TAL and AIM: PTAL), the Peruvian focused E&P company, is pleased to announce 2019 year-end production of 13,300 barrels of oil per day ("bopd") from the Bretaña oil field, operated 100% by PetroTal.

2019 OIL PRODUCTION

The Company achieved 2019 exit rate production of 13,300 bopd and has averaged 12,500 bopd for the first eleven days of 2020. Average oil production from the Bretaña oil field for the fourth quarter was 7,757 bopd, a 77% uplift on the 4,382 bopd achieved during the third quarter of 2019. In 2019, PetroTal produced just over 1.5 million barrels of oil, representing average oil production of 4,131 bopd, an increase of over 330% from the average production of 958 bopd realized in 2018.

The 5H well continues to perform above expectations and has now produced 240,000 barrels of oil in its first 30 days of operation and is currently producing 6,500 bopd.

Commissioning of the central production facility ("CPF") commenced on December 22, 2019 with the successful hydrostatic test of the new 20,000 barrel oil storage tank. Commissioning will continue for another 30 days while all components are flow tested. During this period, overall oil production at the field is expected to fluctuate.

YEAR END CASH

At December 31, 2019, PetroTal had cash of approximately US$21 million, inclusive of US$15 million received for oil delivered to the ONP pipeline from December 1 to 15 through the previously announced oil sales contract with PetroPeru. Going forward, the Company will receive monthly revenue payments under the terms of this oil sales agreement.

2020 CAPITAL BUDGET AND OUTLOOK

Within a week, the Company intends to announce its 2020 capital budget, which aims at replicating last year's success by more than tripling annual production and achieving a 2020 exit rate of 20,000 bopd. PetroTal plans to achieve this by accelerating commissioning of the next phase of facilities to late August this year instead of year-end 2020.

Manolo Zuniga, President and Chief Executive Officer, commented:

"We're pleased that we were able to exit 2019 at the upper end of the previously announced guidance, a new record oil production level for PetroTal. The entire PetroTal team worked extremely hard to accommodate the strong oil production of the 5H well during the CPF commissioning phase. Additionally, the implementation of the PetroPeru oil sales contract, enables the Company to receive regular monthly revenues for its oil production."

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Re: PetroTal - PTAL - Growing oil production

#277503

Postby Proselenes » January 15th, 2020, 12:14 am

12 days offtake data now out.

Image

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Re: PetroTal - PTAL - Growing oil production

#279281

Postby Proselenes » January 22nd, 2020, 9:58 pm

Target price raised to 1 CAD

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Re: PetroTal - PTAL - Growing oil production

#281390

Postby Proselenes » January 31st, 2020, 1:42 pm

Looks like testing of the new CPF-1 is done and now offtake ramping back upwards.

https://www.perupetro.com.pe/wps/wcm/co ... S&liquidos

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Re: PetroTal - PTAL - Growing oil production

#282330

Postby Proselenes » February 5th, 2020, 1:28 am

January finished at 294,208 barrels offloaded.

Average of 9490 bopd.


Thats about 11m US$ of netback for January - cash into the PTAL bank account.

Cash up 11m US$ in January and valuation of PTAL down 35m GBP in January - ho ho ho.

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Re: PetroTal - PTAL - Growing oil production

#283084

Postby Proselenes » February 8th, 2020, 1:59 am


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Re: PetroTal - PTAL - Growing oil production

#284404

Postby Proselenes » February 15th, 2020, 3:24 am

12th Feb was a million dollar netback day with over 25K barrels offloaded.

Average for Feb now nearly 11k bopd.

Image


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Re: PetroTal - PTAL - Growing oil production

#285086

Postby Proselenes » February 18th, 2020, 7:50 am


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Re: PetroTal - PTAL - Growing oil production

#285087

Postby Proselenes » February 18th, 2020, 7:55 am

So....


- 2P reserves of 47.7 MMBBL, upgraded by 21% (+8.3 MMBBL)
- 6H well drilling underway
- NPV10 of $1.1 billion
- Zero debt, significant historical tax loss benefits

Market cap £169m.

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Re: PetroTal - PTAL - Growing oil production

#285091

Postby Proselenes » February 18th, 2020, 8:32 am

From Numis

PetroTal (Buy, TP: 50p) 21% increase in 2P reserves underpins growth

PetroTal, which is developing the Bretana field onshore Peru, has reported a strong 21% increase in independently audited 2P reserves to 47.7mmbbls. This growth is driven by the excellent operational results delivered by the team in 2019. Reported 2P reserves are ~2% ahead of our risked NAV modelling – we incorporated an expectation reserves would increase at YE 2019 and this has now been delivered. PetroTal trades at 0.51x our discovered resource NAV, a 23% discount to the sector on 0.66x. We forecast strong FCF generation of ~US$0.5bn over the next 5yrs at US$65/bbl Brent, equivalent to ~2.25x the current market cap. We continue to see the potential for further NAV increases over time towards our un-risked 88p/sh, if the production performance of the field tends towards that of other analogue fields in the region.

• Growth across all reserves categories: Strong reserves growth was repeated across all reserves categories, with 1P (proven) reserves increasing 20%, 2P reserves (proven + probable, or most likely) increasing 21%, and even 3P reserves (proven + probable + probable) increasing 8% to 84.8mmbbls.
• Recovery factor increase, more to go for: The recovery factor attributed by the reserves auditor has increased from 12% to 13.6% at the 2P level, and the 2P reserves assessment now approximates management’s internal estimate. There is still plenty of room for the recovery factor to increase over time; management believes a recovery factor of ~24% could be achieved given the performance of analogue fields in the region. Our discovered resource NAV stands at 49p/sh; this increases to 88p/sh in the higher recovery factor scenario, ~3.5x the current share price.
• Drilling restarted: Planned maintenance of the drilling rig is now complete and the 6H development well commenced drilling on 17 Feb, with completion expected around mid April. Drilling will continue through the year, and is expected to drive further production increases.
• Facilities commissioning nearing completion: Current production stands at 10mbbls/d, and has been fluctuating during commissioning of the Central Processing Facility, which is now nearing completion. We forecast production of 10.9mbbls/d for 1Q 2020 and production of 13.0mbbls/d for 2020, with 2020 production growth back-end loaded as production wells are drilled and brought onstream.

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Re: PetroTal - PTAL - Growing oil production

#286079

Postby Proselenes » February 22nd, 2020, 12:55 pm

Email reply from the boss.....after someone asking why figures are erratic on the PP website for offtake.



"We have executed flawlessly during the past two years, and we have provided good guidance for 2020. Stop looking at the Perupetro website.
We now have 20,000 barrel storage tanks, so we don’t have to fiscalize every single day. I have explained before that sometimes the person from Perupetro doesn’t send the reports, hence a 0 shows up, and others 20,000 barrels show up when he sends two reports together. We are working to continue growing production to 20,000 bopd , and produce 4.94 MMBO from the 1.5 MMBO we produced last year. Those are our targets, and we will deliver.

Also, Perupetro fiscalizes CRUDE oil, and we sell to Petroperu crude oil blended with 4% diluent.

Regards,
Manolo

Manuel (Manolo) Pablo Zúñiga-Pflücker
President and CEO

PetroTal Corp”

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Re: PetroTal - PTAL - Growing oil production

#287012

Postby Proselenes » February 27th, 2020, 3:02 am


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Re: PetroTal - PTAL - Growing oil production

#289552

Postby Proselenes » March 10th, 2020, 7:04 am


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Re: PetroTal - PTAL - Growing oil production

#289600

Postby Proselenes » March 10th, 2020, 9:54 am

I would guess we are 4 weeks away from well 6H news, early April time.

All being well then PTAL have 15K bopd from mid April onwards.

If we assume 50$ oil price mid April - based on 24$ net back, then PTAL will be getting near 11M dollars a month netback from mid April onwards.

Ignoring the production increase to 20K year end - lets roll with that, so from mid April to end Dec they should get around 90M US$ in netbacks - based on 50$ oil price.

Going into 2021 with 20K - that would be annualized 182M US$ netback for 2021 based on 50$ oil price in 2021.

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Re: PetroTal - PTAL - Growing oil production

#289622

Postby Proselenes » March 10th, 2020, 11:20 am

Greg Smith @GregSmithTAL 33m

Excellent release. From day one both Manolo and I were steadfast about no debt on the balance sheet that didn’t pay for itself. We saw a lot of companies get over their skis when debt was seemingly cheap. Low lifting cost and low G&A mean they will be strong through this!!

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Re: PetroTal - PTAL - Growing oil production

#292810

Postby Proselenes » March 21st, 2020, 2:27 am

Still averaging over 10K bopd offtake after 19 days of March :)

Image


Peru is also a net importer of oil, which means all Peruvian oil has a definite market and will be purchased and used. Another consideration for oil companies moving forward - if they rely on exports for oil - who will buy the oil when the world goes into a glut.

PTAL has a guaranteed market for their produced oil - companies around the world who rely on exports - should start to worry.

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Re: PetroTal - PTAL - Growing oil production

#292813

Postby Proselenes » March 21st, 2020, 3:38 am

Just to confirm what I posted some time back, Bretana field is a National Strategic Asset as defined by the Peruvian government, and so will continue operations as normal to ensure Peru has its local oil supply and does not need to import more.

Declaration as below that PTAL will continue to operate to ensure oil for Peru, and no shutdown.


http://proycontra.com.pe/petrotal-compa ... ecesarias/


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