PetroTal Announces Closure of Bretana Oil Field due to Social Disruption
To Focus on the Team's Safety, only Key PetroTal Personnel Remain on Location to Restart Operations when Appropriate
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - August 10, 2020) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) ("PetroTal" or the "Company") advises that as a preemptive measure it has shut down the Bretana Oil Field due to civil unrest outside the oil field camp. The civil unrest has been conducted by the same group that the prior week took over Petroperu's Pump Station No.5 at Saramiriza seeking Government assistance against the COVID-19 crisis. The field closure is expected to last until the inquiry into the incident is completed.
As a result of the attack at Pump Station No.5, PetroTal had requested enhanced security at the Bretana field from Peru's National Police. The police had dispatched about 40 officers to act in a preventive manner to discourage any violence from the protesters, and a local prosecutor from nearby Requena came along to be able to report on any disturbances. Charges are expected to be laid against those protesters that acted unlawfully during the protest.
In the late hours of August 8, 2020 and into the early hours of August 9, 2020, an armed group of protesters, mostly from areas outside of Bretana, confronted the national police force. As a result, and during the ensuing struggle, about a dozen injuries amongst the police and protesters were reported. Unfortunately, there were also three other injured protestors that later died from their injuries. PetroTal is cooperating fully with the authorities as they conduct their review of this unfortunate incident.
For safety reasons, all non-essential personnel have been evacuated from the oil field pursuant to the normal rotation schedule, with a key group remaining on hand to commence production when it's appropriate, at which time the remaining crew will be brought back into the field under the appropriate COVID-19 protocol.
It is important to highlight that the protests were against the Government of Peru, as PetroTal is known as a Peruvian led and operated oil company whose mission and vision is in tune with the local communities struggle to be empowered to manage their fair share of the Government's oil contracts take. PetroTal has consistently promoted that Government and community revenue sharing should happen under full transparency.
PetroTal is a publicly‐traded, dual‐quoted (TSXV: TAL) (AIM: PTAL) oil and gas development and production company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal's flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95 where oil production was initiated in June 2018, and in early 2020 became the second largest crude oil producer in Peru with more than 10,000 bopd of production. Additionally, the Company has large exploration prospects and is engaged in finding a partner to drill the Osheki prospect in Block 107. The Company's management team has significant experience in developing and exploring for oil in Northern Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretaña oil field.
Executive Vice President and Chief Financial Officer
T: (713) 609-9101
Manuel Pablo Zuniga-Pflucker
President and Chief Executive Officer
T: (713) 609-9101
Mark Antelme / Jimmy Lea
T : 44 (0) 208 434 2643
Strand Hanson Limited (Nominated & Financial Adviser)
James Spinney / Ritchie Balmer
T: 44 (0) 207 409 3494
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Auctus Advisors LLP (Joint Broker)
Jonathan Wright / Rupert Holdsworth Hunt / Harry Baker
T: +44 (0) 7711 627449
FORWARD‐LOOKING STATEMENTS: This press release contains certain statements that may be deemed to be forward‐looking statements. Such statements relate to possible future events, including, but not limited to: PetroTal's business strategy, objectives, strength and focus; the AGM; and the Consolidation. All statements other than statements of historical fact may be forward‐looking statements. Forward‐ looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "estimate", "potential", "will", "should", "continue", "may", "objective" and similar expressions. The forward‐looking statements are based on certain key expectations and assumptions made by the Company, including, but not limited to, expectations and assumptions concerning the timely receipt of all required Shareholder, TSXV and regulatory approvals. Although the Company believes that the expectations and assumptions on which the forward‐looking statements are based are reasonable, undue reliance should not be placed on the forward‐looking statements because the Company can give no assurance that they will prove to be correct. Since forward‐looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Please refer to the risk factors identified in the Company's annual information form for the year ended December 31, 2019 and management's discussion and analysis for the three months ended March 31, 2020 which are available on SEDAR at www.sedar.com. The forward‐looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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