PetroTal secures liquidity, improves risk management position, and advances offtake optionality prior to executing an operationally focused and pivotal development plan
Calgary, Alberta and Houston, Texas (Newsfile
PetroTal secures liquidity, improves risk management position, and advances offtake optionality prior to executing an operationally focused and pivotal development plan Calgary, Alberta and Houston, Texas (Newsfile Corp. - May 31, 2021) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) ("PetroTal" or the "Company") is pleased to announce its financial and operating results for the three months ("Q1") ended March 31, 2021.Selected financial and operational information is outlined below and should be read in conjunction with the .
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- Further to the Company s press release dated
March 31, 2021, the remaining 1.4 million barrels of oil in the North Peruvian Pipeline ( ONP ) have now been hedged by Petroperu, thereby securing future total true-up revenue payments of approximately
USD$31 million for the original 1.8 million barrels;
- At the corporate level, over 1.2 million barrels in total are now hedged, representing 32% of forecast oil production for
April 2021 to
December 2021. PetroTal completed a second layer of its oil hedging program for 2021. Approximately 338,000 barrels have been hedged (representing 9% of forecast oil production covering
August 2021 to
December 2021) in a Put structure with a
$60/bbl strike. In addition, 284,000 barrels have been hedged (representing 8% of forecast oil production covering