PetroTal announces Q3 2022 operations and liquidity update
Oct. 13, 2022 2:57 AM ETPetroTal Corp. (PTALF), TAL:CATAL:CABy: Pranav Ghumatkar, SA News Editor6 Comments
- PetroTal (OTCQX:PTALF) Q3 oil production was ~1.12M barrels, representing 12,229 barrels of oil/day, which was the Co.'s second best producing quarter to date.
- The current technical production capacity of the Bretana oilfield is ~18,000 bopd, prior to the upcoming completion of well 13H.
- The Co. expects to continue increasing its monthly Brazilian export capacity from the initial 120,000 barrels exported in December 2020 to an average of 600,000 barrels per month in 2023, without reliance on the ONP.
- In May and August 2022, the Co. exported 470,000 and 450,000 barrels respectively, to Brazil, prior to being impacted by low river levels.
- As at Sept. 30, 2022 the Co. had ~C$93M in total cash with C$18M being restricted.
- At the end of Q3 2022, accounts payable were ~C$50.6M, and estimated accounts receivable were C$123.7M.