PetroTal has provided the following operational and financial updates. All amounts are in US dollars unless stated otherwise.
- Group production averaged 15,258 barrels of oil per day ("bopd") in Q4 2025, and 19,473 bopd in FY 2025;
- Total cash of $139.1 million as of December 31, 2025, of which $112.4 million is unrestricted;
- Appointment of Mr. Jorge Osorio as Chief Operating Officer, effective January 12, 2026.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:
'As we discussed on our Q3 2025 earnings call in mid-November, the entire PetroTal team is working hard to restore shut-in production and cash flow as we manage a period of weakness in oil pricing. I am pleased to report that recent wells have responded positively to production tubing replacements, and our current corporate production is in line with the November 2025 forecast as we begin the new year.
I would also like to welcome Jorge Osorio as PetroTal's new Chief Operating Officer. Jorge has a strong track record operating major heavy oil projects in Colombia, including several with significant associated water production. He will be a tremendous asset to the Company as we kick off the next phase of PetroTal's development. We remain confident in our ability to deliver sustainable production growth and look forward to providing additional details on PetroTal's development program when we release 2026 guidance later this month.'
Q4 2025 Production and Operations Update
PetroTal's group production averaged 15,258 bopd in Q4 2025, including 14,766 bopd from the Bretana field (Block 95; PetroTal 100% WI) and 492 bopd from the Los Angeles field (Block 131; PetroTal 100% WI). Cumulative annual production through December 31 amounted to just over 7.1 million barrels, an increase of approximately 9.2% compared to 2024. PetroTal's annual average production was 19,473 bopd in 2025.
As disclosed previously, the Bretana field has been producing below capacity since mid-August 2025, due to leaks in production tubing which necessitated the shut-in of five producing wells. PetroTal mobilized a service rig to Bretana in the first week of October 2025, and as of January 7, 2026 has successfully replaced the production tubing in six wells. Group production during the first week of January 2026 has averaged approximately 15,600 bopd, essentially flat to November 2025 levels, and in line with the indicative 2026 production forecast published with PetroTal's Q3 2025 financial results on November 13, 2025.
In mid-December, the Bretana field reached an important milestone when cumulative production passed 30 million barrels. At the time of PetroTal's recapitalization in late 2017, the Bretana field was estimated to hold proven reserves of 16.9 million barrels, and 2P reserves of 37.5 million barrels; as of year-end 2024, PetroTal's 1P reserves had increased to 67 million barrels, while its 2P reserves were estimated at 114 million barrels. PetroTal's management team remains confident in the future potential of the field, as it prepares to ramp up the next phase of development over the 2026-28 timeframe.
Cash and Liquidity Update
PetroTal ended Q4 2025 with a total cash position of $139.1 million, of which approximately $112.4 million was unrestricted. This compares to unrestricted cash of $108.8 million at the end of Q3 2025 and $102.8 million at the end of 2024. Of the approximately $26.7 million that PetroTal carried as Restricted Cash on December 31 2025, approximately $19.2 million was related to the escrow account of the COFIDE/BanBif loan.
As of December 31, PetroTal's unaudited trade and other payables and trade receivables were approximately $60.4 million and $62.1 million, respectively (versus comparable values of $59.0 million and $66.9 million as of September 30, 2025, respectively).
PetroTal did not initiate any new production hedges during Q4 2025. As of January 7, the Company maintains hedges on approximately 0.2 million barrels over the period from January 1, 2026, through March 30, 2026. Consistent with prior disclosure, the costless collars have a Brent floor price of $65.00/bbl and a ceiling of $80.50/bbl, with a cap of $100.50/bbl. As of January 7, PetroTal's production hedges had a fair value of approximately $0.8 million.
Appointment of Chief Operating Officer
Effective January 12, 2026, Mr. Jorge Osorio joined PetroTal Corp as Chief Operating Officer. In this role, Mr. Osorio oversees all major aspects of the Company's operations and strategic execution, with responsibility for field operations, engineering, production, and drilling.
Mr. Osorio brings 37 years of executive leadership experience in the upstream oil and gas industry, having held senior operational and project leadership roles at Ecopetrol and BP. As Vice President of Upstream at Ecopetrol, Mr. Osorio managed a portfolio delivering 730,000 bopd, overseeing approximately $4-5 billion in annual capex and $2-3 billion in opex. Under his leadership, Ecopetrol achieved its highest production since 2016, significant EBITDA growth, and industry-leading safety metrics. He developed and led initiatives that accelerated field development, optimized reserves progression, and reduced greenhouse gas emissions, earning UN Gold Standard OGMP 2.0 recognition. Previously, Mr. Osorio held key roles in BP's Asia Pacific and Atlantic LNG operations, where he successfully implemented best practices in operational readiness, safety, and integrity.
Mr. Osorio is widely recognized for translating his deep technical expertise and strategic vision into measurable results. His strong operational discipline, and collaborative leadership approach have consistently driven performance, accelerated growth, and delivered superior returns across complex portfolios.
Source: PetroTal
