PetroTal Corp has provided operational and financial updates. All amounts are in US dollars unless stated otherwise.
Key Highlights
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Group production averaged 11,797 barrels of oil per day ('bopd') in Q3 2026, and 13,076 bopd YTD;
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Unrestricted cash balance increased to $115.6 million as of September 30, 2026;
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Bretana development well 25H drilling progressing on schedule, with the well currently at 3,362 meters;
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PetroTal awarded Area CXVII Technical Evaluation Agreement ('TEA') in Peru’s Maranon Basin.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:
'PetroTal delivered another solid quarter in Q3 2026. Year-to-date production is running about 3% ahead of budget, and our unrestricted cash rose by more than $10 million quarter-over-quarter to $115.6 million. At Bretana, the 25H development well drilling is progressing on schedule and in line with the pre-drill prognosis. The 25H well is the first oil well in the renewed development drilling program that we expect will return Bretana field production to approximately 20,000 bopd by the end of the first quarter of 2027.
We are also pleased to have signed a new TEA with PeruPetro in Area CXVII. It gives us exclusive, low-cost access to evaluate two structures where legacy wells have tested oil, on trend with other major oil fields in the Maranon Basin, including Bretana. We look forward to updating shareholders on Q3 financial results and the 25H well on November 9.'
Q3 2026 Production and Operations Update
PetroTal’s group production averaged 11,797 bopd in Q3 2026, including 11,465 bopd from the Bretana field (Block 95; PetroTal 100% WI) and 332 bopd from the Los Angeles field (Block 131; PetroTal 100% WI). As of September 30, 2026, PetroTal’s year-to-date production has averaged 13,076 bopd, approximately 3% ahead of internal budget expectations. Following the completion of stimulation work on two water injection wells at the Bretana field, PetroTal injected an average of 187,000 barrels of water per day in the month of September, a 6% increase compared to the prior month.
As disclosed previously, PetroTal spud the Bretana 25H development well on Monday, September 21. The well is currently drilling at a depth of 3,362 meters, in line with pre-drill prognosis. PetroTal is pleased with drilling progress to date, as the Company moves to restore production to 20,000 bopd by the end of the first quarter of 2027.
Area CXVII TEA Award
On October 1, 2026, PetroTal signed a TEA with PeruPetro, covering Area CXVII in Peru’s Maranon Basin, where Block 95 is also located. The TEA runs for an initial 24 months, which PeruPetro may extend by up to 12 months. During the term, PetroTal has exclusive rights to evaluate the area. It also has an exclusive option to negotiate directly for one or more license contracts for the exploration and exploitation of hydrocarbons over all or part of the area. The work program is limited to desk-based technical studies of existing data and excludes any field activities. Planned work includes reprocessing legacy 2D seismic, re-evaluating historical exploration wells, and petroleum system modelling. The area contains two structures where legacy wells have previously tested oil. Both structures have potential in the Vivian formation, which is the producing reservoir at Bretana, and in the deeper Chonta formation that produces oil in Blocks 8 and 192.
Cash and Liquidity Update
PetroTal ended Q3 2026 with a total cash position of $151.4 million, of which approximately $115.6 million was unrestricted. This compares to unrestricted cash of $105.3 million at the end of Q2 2026 and $108.8 million at the end of Q3 2025. As of September 30, 2026, PetroTal’s unaudited trade receivables and trade and other payables were approximately $47.5 million and $55.9 million, respectively (versus comparable values of $50.0 million and $47.6 million as of June 30, 2026, respectively).
PetroTal initiated new hedges on approximately 0.9 million barrels of oil in Q3 2026. As of September 30, 2026, the Company maintains hedges on approximately 338,000 barrels over the remainder of 2026 and a total of 1.7 million barrels through 2027. The costless collars have a weighted average Brent floor price of $60/bbl and a ceiling of $78/bbl, with a cap of $98/bbl. PetroTal’s production hedges had a fair value of negative $12.8 million as of September 30, 2026.
Q3 2026 Results Webcast Scheduled for Monday, November 9
PetroTal’s management team will host a webcast to discuss Q3 2026 financial results on November 9, 2026 at 9am CT (Houston) and 3pm GMT (London). Please see the link below to register.
https://brrmedia.news/PTAL_Q3_26
Source: PetroTal
