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(Sharecast News) - PetroTal reported fourth-quarter average production of 15,258 barrels of oil per day on Tuesday, and said full-year 2025 output averaged 19,473 daily barrels, as the company worked to restore shut-in production amid weaker oil prices.
Cumulative production for the year reached just over 7.1 million barrels, up about 9.2% from 2024, while production in early January averaged around 15,600 barrels per day, broadly in line with the company's November forecast.
Production in the quarter included 14,766 daily barrels from the Bretana field in Block 95 and 492 barrels per day from the Los Angeles field in Block 131, both operated at 100% working interest.
PetroTal said Bretana had been producing below capacity since mid-August due to leaks in production tubing that forced the shut-in of five wells, but noted that a service rig mobilised in October had now replaced tubing in six wells as of 7 January.
The AIM-traded company said the work supported stabilisation in output entering 2026.
"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," said president and chief executive Manuel Pablo Zuniga-Pflucker.
"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 forecast as we begin the new year."
PetroTal highlighted a milestone at Bretana in mid-December, when cumulative production surpassed 30 million barrels.
At the time of the company's recapitalisation in 2017, proven reserves at Bretana were estimated at 16.9 million barrels, with 2P reserves of 37.5 million barrels.
By year-end 2024, 1P reserves had risen to 67 million barrels and 2P reserves to 114 million barrels.
The company said it remained confident in the field's long-term potential as it prepared for the next phase of development over the 2026 to 2028 period.
On the balance sheet, PetroTal ended the year with total cash of $139.1m, including $112.4m of unrestricted cash, compared with $108.8m at the end of the third quarter and $102.8m at the end of 2024.
Restricted cash totalled about $26.7m, of which $19.2m related to the escrow account for the COFIDE/BanBif loan.
Unaudited trade and other payables stood at $60.4m at year-end, broadly in line with receivables of $62.1m.
The company said it did not enter into new production hedges during the quarter and that existing costless collars covering around 0.2 million barrels through March had a fair value of about $0.8m as at 7 January.
Separately, PetroTal announced the appointment of Jorge Osorio as chief operating officer, effective 12 January.
Osorio had 37 years of upstream oil and gas experience, including senior roles at Ecopetrol and BP.
"Jorge has a strong track record operating major heavy oil projects in Colombia," Zuniga-Pflucker said.
"He will be a tremendous asset to the company as we kick off the next phase of PetroTal's development."
He added that the group remained confident in its ability to deliver sustainable production growth and expects to provide further details when it releases 2026 guidance later this month.
At 1130 GMT, shares in PetroTal Corporation were up 2.8% at 21.08p.
Reporting by Josh White for Sharecast.com.