Petrotal provided operational and financial updates to its investors and stakeholders this month. Among them, PetroTal spudded well 23H at Bretana on December 23. This well is expected to be completed by the end of January 2025, at which point the company plans to release its current drilling rig and pause the Bretana development drilling program.
The company signed a contract extension with PeruPetro for the exploration of Block 107, in Peru’s Ucayali Basin, in December 2024. This extension of the Fifth Exploration Period, which was granted to account for force majeure periods in the interim, will now last until February 2027, providing ample time to undertake an exploration program at the Osheki-Kametza prospect.
PetroTal also signed two Technical Evaluation Agreements (TEAs) with PeruPetro in December 2024. The TE’s for Blocks XCVII and XCVIII are located in the vicinity and on trend with PetroTal’s Block 131, as well as the Aguaytia and Agua Caliente fields in Peru’s Ucayali Basin. These new evaluation contracts offer growth potential in proven exploration acreage near our existing operations in the Ucayali Basin.
Blocks XCVII and XCVIII include acreage that was previously relinquished from the present-day Block 131 and contain several drillable prospects and leads identified with existing 2D seismic coverage in the producing Cushabatay light oil play. Contractual commitments will be executed in two 12-month phases, and mainly include geological and geophysical studies such as seismic imaging, geochemical modeling and hydrocarbon potential evaluation reports. The TEAs also grant PetroTal the option to convert the blocks to exploration licenses within the next 24 months.
