PetroTal Announces 2024 Grant
of Performance Share Units
Calgary, AB and Houston, TX -
May 10, 2024-PetroTal Corp.
("PetroTal" or the
"Company") (TSX: TAL, AIM:
PTAL and OTCQX: PTALF) announces the annual 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.
2024 PSU grants
PetroTal has granted an aggregate of
6,372,974 PSUs, of which 3,526,270 PSUs are to Officers. The
PSUs issued to the Officers will vest three years from the date of
grant and each PSU will entitle the holder to acquire, for nil
cost, between zero and two common shares of the Company ("Shares"),
subject to achievement, as evaluated by the Corporate Governance
and Compensation Committee, of 2024 Key Performance Indicators
("KPIs") relating to the Company's total shareholder return, net
asset value and certain production and operational milestones.
The remaining 2,846,704 PSUs are issued to employees, and
vest annually, on an equal basis, over the next three years.
Manuel Pablo Zuniga-Pflucker
|
President and
CEO
|
2,161,299
|
Camilo McAllister
|
Executive Vice President and
CFO
|
494,448
|
Jose Contreras
|
Senior Vice President
Operations
|
677,954
|
Sudan Maccio
|
Chief Legal
Counsel
|
192,569
|
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.sedarplus.ca, or below:
Camilo McAllister
Executive Vice President and Chief Financial
Officer
Cmcallister@PetroTal-Corp.com
T: (386) 383 1634
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.
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: PetroTal's drilling,
completions, workovers and other activities; the Company's plans
and expectations with respect to the OCP pilot oil shipment and its
continued advancement; anticipated future production and revenue;
drilling plans including the timing of drilling, commissioning, and
startup; PetroTal's 2024 guidance, including in respect of its
production and sales target of 17,000 bopd and estimate that it
will deliver a 20% growth rate over 2023 production and anticipated
benefits thereof (i.e., that PetroTal will generate approximately
$200 million in EBITDA as a result, underpinned by a total 2024
capex spend of $134 million and allowing for a stable return of
capital program and shareholder return upside); expectations with
respect to well 17H production; 2024 budget guidance; plans
with respect to well 18H including in respect of anticipated costs,
completion and timing thereof including the Company's plans to
begin production at well 18H in May of 2024; the Company's
expectation to meet Q1 2024 production guidance of 18,500 bopd;
expectation that the Company will continue to prioritize derisking
oil sales so it can embark on new production growth projects;
average 2024 production; intentions with respect to return of
capital and the 19 year 2P reserve life index. 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 to obtain and maintain necessary
permits and licenses, the ability of government groups to
effectively achieve objectives in respect of reducing social
conflict and collaborating towards continued investment in the
energy sector, 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 and the Israeli-Hamas conflict). Please refer to the
risk factors identified in the Company's most recent annual
information form and MD&A which are available on SEDAR+ at
www.sedarplus.ca. 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.