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PetroTal Announces Successful Bretana Development Well

Source: www.gulfoilandgas.com 4/10/2019, Location: South America

PetroTal, the TSX-V and London AIM listed Peruvian oil and gas company, has announced that the BN 95-2-2-2XD oil development well, which commenced drilling operations on February 26, 2019, has reach total depth.

The well is being completed as a producer in the Vivian formation in the northern portion of the Bretana structure. This is the second oil well in the first phase of development of the Bretana oilfield. The well was directionally drilled to approx. 3,040 meters total depth. Initial logs indicate a total gross oil column of 24 meters with estimated net oil pay of 18.7 meters, in line with the Company's expectations. The indicated oil water contact in the well was in direct correlation to the other four wells previously drilled in the field.

Once completed the well will be placed online, expected in approx. one week. The Company will provide details on flow rates with the fourth quarter and year-end earnings release scheduled for the week of April 22, 2019.

The discovery well, which came online in mid-2018, is producing in line with management's expectations at an average of 950 - 1,000 barrels per day and has accumulated over 260,000 barrels of oil produced to date.

Manolo Zuniga, President and Chief Executive Officer, commented: 'We are pleased that the operations team was able to drill this well on time and on budget.

This is a testament to the entire team from drillers, to contractors, to our corporate social responsibility team who worked tirelessly to ensure safe and efficient operations.

The well logs provide an early indication that the reservoir is as we expected, with good oil shows in the mud logs and good indications from the full suite of logs obtained. We expect this well to be online within the week and then we will proceed with drilling the BN-95-3H development oil well.'

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