PetroTal (LSE:PTAL) delivered solid operational performance during the second quarter of 2026, with average group production of 12,557 barrels of oil per day. Production for the first half averaged 13,726 barrels per day, approximately 3 percent above budget, supported primarily by strong output from the Bretana field. The company maintained its full-year production guidance of 12,000 barrels per day and outlined plans to improve well performance ahead of a new drilling programme later this year.
Production remains ahead of budget
PetroTal plans to carry out pump and tubing replacements on four to five wells at the Bretana field during the third quarter. The work is intended to improve production efficiency and prepare the field for the restart of its development drilling campaign, which is scheduled to begin in October.
Management said the maintenance programme is expected to enhance well deliverability while supporting production targets for the remainder of the year.
Asset sale strengthens liquidity
During the quarter, PetroTal completed the sale of its Amazonia-1 drilling rig, generating net cash proceeds of 13.4 million dollars. Although the transaction will result in an estimated impairment charge of around 10 million dollars, it has strengthened the company’s financial position.
Cash at the end of the quarter increased to 136.8 million dollars, including 105.3 million dollars of unrestricted cash. PetroTal also retained its existing oil price hedging programme despite a modest negative fair value and continues to assess the timing of restarting its erosion control project.
Active second half planned
With a stronger cash position and drilling preparations underway, PetroTal is entering the second half of the year with an active capital investment programme. The company believes its planned field development activities will support future production growth while reinforcing its position as one of Peru’s leading oil producers.
About PetroTal Corp
PetroTal Corp. is an oil and gas exploration and production company headquartered in Calgary and Houston with operations focused on onshore oil assets in Peru. The company is listed on multiple stock exchanges and is best known for its wholly owned Bretana Norte field in Block 95, which has become the foundation of its production growth.
PetroTal also has interests in the Los Angeles field in Block 131 and continues to focus on disciplined capital allocation, operational efficiency, safe production and community engagement as it expands its presence in Peru’s energy sector.
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