PetroTal, a company focused on the development of oil assets in Peru, has announced the results of its 2024 year-end reserve evaluation by Netherland, Sewell & Associates, Inc. ('NSAI'). All currency amounts are in United States dollars unless otherwise stated.
Highlights:
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1P and 2P reserves of 67.1 million barrels of oil (“mmbbls”) and 113.7 mmbbls, respectively;
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Replaced 293% and 208% of 1P and 2P reserves, respectively;
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PDP reserve value per share increased 68% year-on-year, to $0.89 (C$1.22, or £0.68);
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PDP and 1P reserve life index (“RLI”) increased to 7.0 years and 10.3 years, respectively, while 2P RLI is estimated at 17.5 years;
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Bretana OOIP estimate increases to 494 mmbbls in the 2P case, compared to 329 mmbbls at PetroTal’s inception.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:
'PetroTal’s 2024 year-end reserves evaluation represents a satisfying conclusion to a successful year for the Company. Proven reserves for the Bretana oil field now exceed 60 million barrels. Including the 23 million barrels that the field has already produced to date, Bretana has quadrupled in size since we began our development program in 2018.
The intrinsic value of PetroTal’s reserve base has grown substantially as well – our Proven reserves are now worth more than $1.0 billion on a PV10 After Tax basis. This reflects strong returns on our invested capital, which have compounded as our development program has grown over the past few years. The Bretana field is a world-class asset; we are constantly looking for new ways to maximize its value, whether by optimizing the field development plan, or opening up new export routes for our product.
Block 131 and its adjacent TEA blocks are exciting additions to our portfolio, which we see as strong complements to the Bretana growth story. The Los Angeles field is already providing a preview of what’s to come with NSAI attributing an additional 13 million barrels of original oil in place (“OOIP”) compared to its pre-acquisition evaluation. We look forward to providing additional updates as 2025 progresses.'
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Source: PetroTal
