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Oil & Gas Company Raises 2019 Production Guidance
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This results from progress made with both a second exploration well and commissioning of the production facilities.

PetroTal Ltd. (SLG:TSX.V) announced in a news release that drilling of its second horizontal well 5H on Peru's Bretaña field is moving forward on time and on budget.

Of the 870 meters (870m) slated for horizontal drilling, 700m have been drilled, all in the main productive oil reservoir. The 5H well reached the Vivian Formation at the projected vertical depth of 2,696m.

PetroTal expects 5H completion, tie-in and initial production tests to start around Dec. 15, 2019.

In other news, the energy company expects to finish commissioning the central production facilities (CPF-1) during the week of Dec. 22, 2019. These efforts constitute boosting the their capacity to 10,000 barrels of oil per day (10 Mbbl/d) and 40,000 barrels of water per day.

In light of these developments, PetroTal announced it intends to increase its year-end 2019 production guidance to 11–13 Mbbl/d from 10 Mbbl/d. This is based on the belief that 5H will act as 4H did (it produced 200,000 barrels of oil in 35 days) and that CPF-1 will handle more than its nominal oil processing capacity.

"We set ourselves an ambitious target of achieving 10 Mbbl/d by year-end 2019, so to exceed this is a great testament to the team we have assembled," President and CEO Manolo Zuniga said in the release.


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