PetroTal, a publicly traded, tri-quoted oil and gas development and production Company, focused on the development of oil assets in Peru, has provided an operational and financial update. All amounts are in US dollars unless stated otherwise.
Key Highlights
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Group production averaged 14,907 barrels of oil per day (“bopd”) in Q1 2026, down 2% QoQ;
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Total cash of $128.1 million as of March 31, 2026 ($104.2 million unrestricted), compared to $139.1 million at YE25.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:
'I am pleased to report that PetroTal delivered a strong start to 2026, with average production in the first quarter of approximately 15,000 barrels of oil per day, slightly ahead of our internal expectations. This performance has allowed us to maintain $128.1 million of total cash, which has been further supported by a constructive commodity price environment, with our sale prices averaging approximately $90.00 per barrel in March 2026.
Looking ahead, our focus over the next six months is on advancing our development program at Bretana. We are in the final stages of securing a contract with a third-party drilling contractor and expect to mobilize a rig to the field in the coming months, with drilling activities targeted to resume by October.
We look forward to providing a more comprehensive update when we report our full first quarter 2026 financial results on May 7.'
Q1 2026 Production and Operations Update
PetroTal’s group production averaged 14,907 bopd in Q1 2026, including 14,490 bopd from the Bretana field (Block 95; PetroTal 100% WI) and 417 bopd from the Los Angeles field (Block 131; PetroTal 100% WI). As disclosed previously, Bretana field production remains constrained by water reinjection capacity, which currently stands at approximately 170,000 bwpd. PetroTal’s 2026 guidance includes planned downtime to replace production tubing in three producing horizontal wells; the Company is considering undertaking these tubing replacements in Q2 2026, prior to the expected arrival of the drilling rig in Q3 2026.
Cash and Liquidity Update
PetroTal ended Q1 2026 with a total cash position of $128.1 million, of which approximately $104.2 million was unrestricted. This compares to unrestricted cash of $139.1 million at the end of Q4 2025 and $113.6 million at the end of Q1 2025.
As of March 31, 2026, PetroTal’s unaudited trade and other payables and trade receivables were approximately $51.5 million and $86.5 million, respectively (versus comparable values of $60.4 million and $62.1 million as of December 31, 2025, respectively).
As of April 1, 2026, the Company maintains hedges on approximately 0.9 million barrels over the remainder of 2026. Consistent with prior disclosure, the costless collars have an average Brent floor price of $60.00/bbl and a ceiling of $80.50/bbl, with a cap of $100.50/bbl. As of April 10, PetroTal’s production hedges had a fair value of negative $8.6 million.
Corporate Presentation Update
The Company has updated its Corporate Presentation, available for download or viewing at https://petrotalcorp.com/investors/
Source: PetroTal
