TIDMPTAL
RNS Number : 0667X
PetroTal Corp.
18 December 2023
PetroTal Announces Grant of Performance Share Units for Dividend
Equivalents
Dividend of $18.4 million paid to shareholders on December 15,
2023
Calgary, AB and Houston, TX - December 18, 2023-PetroTal Corp.
("PetroTal" or the "Company") (TSX: TAL, AIM: PTAL and OTCQX:
PTALF) announces the grant of performance share units ("PSUs") to
employees and officers of the Company, in accordance with the
Company's performance and restricted share unit plan.
PSU Dividend Equivalents for Q4 2023
PetroTal's PSU plan ("PSU)" includes a value make whole
provision to all PSU holders when dividends are issued to
shareholders. The dividend equivalent provision compensates PSU
holders with additional PSUs equal to the value of the dividends
paid on a per unit basis on the record date. Based on the US$0.02
per share dividend at the record date of November 30, 2023 (payable
on December 15, 2023), the Company has issued 688,010 PSUs, of
which 520,655 PSUs are to Officers. The PSUs issued will vest
according to their grant date and each PSU will entitle the holder
to acquire for nil cost, equal common shares of the Company
("Shares"), subject to achievement, as evaluated by the Corporate
Governance and Compensation Committee and Key Performance
Indicators ("KPIs") relating to the Company's total shareholder
return, net asset value and certain production and operational
milestones. The remaining 167,355 PSUs are issued to employees.
This new PSU issue is approximately 3.3% of the total outstanding
PSUs.
Manuel Pablo Zuniga-Pflucker President and CEO 329,166
Douglas Urch Executive Vice President and CFO 91,269
----------------------------------- --------
Jose Contreras Senior Vice President, Operations 25,217
----------------------------------- --------
Vice President, Exploration and
Dewi Jones Development 75,003
----------------------------------- --------
Following this grant, the Company has a total of 20,801,920 PSUs
outstanding.
December 15, 2023 Dividend Payment Confirmation
As announced on November 13, 2023, the Company is pleased to
confirm that a total dividend payment of approximately $18.4
million, representing US$0.02/share, was paid on December 15, 2023
to shareholders on record at November 30, 2023. This equates to a
13.3% annualized yield based on a US$0.60/share trading price.
Shareholders should confirm with their brokers to verify their
ownership status on November 30, 2023. Inclusive of this dividend
payment, approximately $52 million in total dividends has been paid
to shareholders in 2023. This is an eligible dividend for the
purposes of the Income Tax Act (Canada), and shareholders outside
of Canada should contact their respective brokers or register
agents for the appropriate tax election forms regarding this
dividend.
ABOUT PETROTAL
PetroTal is a publicly traded, tri--quoted (TSX: TAL, AIM: PTAL
and OTCQX: PTALF) 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. In early 2022, PetroTal
became the largest crude oil producer in Peru. The Company's
management team has significant experience in developing and
exploring for oil in Peru and is led by a Board of Directors that
is focused on safely and cost effectively developing the Bretana
oil field. It is actively building new initiatives to champion
community sensitive energy production, benefiting all
stakeholders.
For further information, please see the Company's website at
www.petrotal-corp.com , the Company's filed documents at
www.sedar.com , or below:
Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 20 7770 6424
Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / James Spinney / Robert Collins
T: 44 (0) 207 409 3494
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
T: +44 (0) 20 7710 7600
Peel Hunt LLP (Joint Broker)
Richard Crichton / David McKeown / Georgia Langoulant
T: +44 (0) 20 7418 8900
READER ADVISORIES
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, oil production levels and guidance, including the
ramp up and resumption of shut-in production. 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. Without
limitation, this press release contains forward-looking statements
pertaining to: the appointment of an additional director during the
forthcoming year; expectations surrounding disrupted barge
logistics and the consequences in respect thereof, including in
relation to the Company's ability to maintain production at about
22,000 bopd ; effects of the illegal blockade removal and release
of oil convoys in respect of overall safety in the Loreto area;
PetroTal's recommendations and expectations surrounding furniture
negotiations with AIDECOBAP and future social fund allocation
decisions. In addition, statements relating to expected production,
reserves, recovery, replacement, costs and valuation are deemed to
be forward-looking statements as they involve the implied
assessment, based on certain estimates and assumptions that the
reserves described can be profitably produced in the future. 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 ability of existing
infrastructure to deliver production and the anticipated capital
expenditures associated therewith, the ability of government groups
to effectively achieve objectives in respect of reducing social
conflict and collaborating towards continued investment in the
energy sector, including pursuant to Acta, reservoir
characteristics, recovery factor, exploration upside, prevailing
commodity prices and the actual prices received for PetroTal's
products, including pursuant to hedging arrangements, the
availability and performance of drilling rigs, facilities,
pipelines, other oilfield services and skilled labour, royalty
regimes and exchange rates, the impact of inflation on costs, the
application of regulatory and licensing requirements, the accuracy
of PetroTal's geological interpretation of its drilling and land
opportunities, current legislation, receipt of required regulatory
approval, the success of future drilling and development
activities, the performance of new wells, future river water
levels, the Company's growth strategy, general economic conditions
and availability of required equipment and services. 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. These
include, but are not limited to, risks associated with the oil and
gas industry in general (e.g., operational risks in development,
exploration and production; delays or changes in plans with respect
to exploration or development projects or capital expenditures; the
uncertainty of reserve estimates; the uncertainty of estimates and
projections relating to production, costs and expenses; and health,
safety and environmental risks), commodity price volatility, price
differentials and the actual prices received for products, exchange
rate fluctuations, legal, political and economic instability in
Peru, access to transportation routes and markets for the Company's
production, changes in legislation affecting the oil and gas
industry and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures; changes in the financial
landscape both domestically and abroad, including volatility in the
stock market and financial system; and wars (including Russia's war
in Ukraine). Please refer to the risk factors identified in the
Company's most recent AIF and MD&A 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.
OIL REFERENCES: All references to "oil" or "crude oil"
production, revenue or sales in this press release mean "heavy
crude oil" as defined in NI 51-101.
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