Presentation

PetroTal is an independent E&P company focused on Peru. The company’s key asset is the Bretaña heavy oil field development (100% WI), which holds ~48 mill barrels of 2P reserves. PetroTal was established through a spin-off of Gran Tierra’s assets in Peru following Gran Tierra’s decision to exit all non-Colombian assets. The company is dual listed on the TSX Venture in Canada and London’s AIM.

In early July 2018, PetroTal commenced production from the first well at the Bretaña field. This was six months ahead of the company’s previous guidance with costs also being 25% below the initial budget. The field currently produces 12,000 bbl/day from seven wells, which PetroTal plans increase to above 15,000 bbl/day in 2021-22e driven by drilling more production wells. The company has also proven its ability to transport and sell the crude at attractive prices in the international market.