PetroTal Announces Corporate
Updates
Calgary, AB and Houston, TX -
April 24, 2024-PetroTal
Corp. ("PetroTal" or the
"Company") (TSX: TAL, AIM:
PTAL and OTCQX: PTALF) is pleased to announce leadership team
updates.
Chief Financial Officer Appointment
Effective April 24, 2024, Mr. Camilo
McAllister joins PetroTal as Executive Vice President and Chief
Financial Officer. Camilo McAllister
brings over 25 years of experience in the international energy
sector to his role as a strategic executive of the Company.
His leadership has spanned roles across North America, Latin
America, and the UK, across various companies, including BP,
Ecopetrol S.A., Frontera Energy, and Constellation. He most
recently served as Group Chief Financial Officer at Constellation,
a privately owned offshore and onshore oil and gas drilling
company. He holds an MBA from The Fuqua School of Business at
Duke University.
Mr. McAllister has a strong track
record across finance, strategy, and operations. He has
developed collaborative, high-performing teams and has shown a
commitment to the highest standards of governance and compliance
for stakeholders. Mr. McAllister's ability to forge strategic
relationships has secured critical funding and collaboration across
diverse business cultures.
Mr. McAllister will be based in
Houston and will also spend time in Lima, in line with our policy
of ensuring senior management work closely with our operational and
finance teams in-country.
Concurrent with the appointment, Mr.
Douglas Urch is retiring as PetroTal's Executive Vice President and
Chief Financial Officer, positions he held since November
2019. Mr. Urch will continue to work with the Company to
ensure a smooth transition period. As one of the original
investors in PetroTal, Mr. Urch initially served on the Board from
2017 until 2019 and then as Chief Financial Officer. Having
over 35 years of experience leading the financial, compliance and
regulatory aspects for a variety of international energy companies,
Mr. Urch has been instrumental in the growth and success of
PetroTal.
Vice President, Business Development
Appointment
Effective April 1, 2024, Mr. Emilio
T. Acin Daneri joined PetroTal as Vice President, Business
Development. Emilio Acin Daneri brings over 30 years of
experience in several global oil companies, working in a variety of
business development, commercial and financial executive roles.
He has been instrumental in multiple merger,
acquisition and divestiture transactions, primarily in Latin
America.
Prior to PetroTal, Mr. Acin Daneri
served as a Senior Commercial Advisor at CNOOC International,
having key roles in developing transactions and alliances across
Latin America. Prior to CNOOC, Mr. Acin Daneri was a Director
at Repsol where he held several positions of increasing
responsibility, including Director of Business Development for
Europe, Asia and Africa and later Latin America, and Deputy CFO for
the JV with Sinopec in Brazil. Prior to Repsol, he held
commercial and finance positions at Madagascar Oil, Pioneer Natural
Resources, El Paso Corporation and Santa Fe Energy
Resources.
Manuel Pablo Zuniga-Pflucker,
President and Chief Executive Officer, commented:
"On behalf of the management team and board, we want to extend
a warm welcome to Messrs. McAllister and Acin Daneri. Both
have very impressive backgrounds and complement our existing
leadership team extremely well, along with enhancing our corporate
growth strategy.
I
would like to thank Mr. Urch for his outstanding leadership and
dedication to PetroTal over the past seven years and extend our
best wishes in his retirement and other
endeavors."
ABOUT PETROTAL
PetroTal is a publicly traded,
tri‐quoted (TSX: TAL, AIM: PTAL and OTCQX: PTALF) oil and gas
development and production Company domiciled in Calgary, Alberta,
focused on the development of oil assets in Peru. PetroTal's
flagship asset is its 100% working interest in Bretana oil field in
Peru's Block 95 where oil production was initiated in June
2018. In early 2022, PetroTal became the largest crude oil
producer in Peru. The Company's management team has
significant experience in developing and exploring for oil in Peru
and is led by a Board of Directors that is focused on safely and
cost effectively developing the Bretana oil field. It is actively
building new initiatives to champion community sensitive energy
production, benefiting all stakeholders.
For further information, please see
the Company's website at www.petrotal-corp.com,
the Company's filed documents at www.sedarplus.ca, or below:
Camilo McAllister
Executive Vice President and Chief Financial
Officer
Cmcallister@PetroTal-Corp.com
T: (386) 383-1634
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 20 7770 6424
Strand Hanson Limited (Nominated & Financial
Adviser)
Ritchie Balmer / James Spinney /
Robert Collins
T: 44 (0) 207 409 3494
Stifel Nicolaus Europe Limited (Joint
Broker)
Callum Stewart / Simon Mensley /
Ashton Clanfield
T: +44 (0) 20 7710 7600
Peel Hunt LLP (Joint Broker)
Richard Crichton / David McKeown
/ Georgia Langoulant
T: +44 (0) 20 7418 8900
READER ADVISORIES
FORWARD-LOOKING STATEMENTS: This press release contains
certain statements that may be deemed to be forward-looking
statements. Such statements relate to possible future events,
including, but not limited to, oil production levels and guidance.
All statements other than statements of historical fact may be
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as
"anticipate", "believe", "expect", "plan", "estimate", "potential",
"will", "should", "continue", "may", "objective" and similar
expressions. Without limitation, this press release contains
forward-looking statements pertaining to: PetroTal's drilling,
completions, workovers and other activities; the Company's plans
and expectations with respect to the OCP pilot oil shipment and its
continued advancement; anticipated future production and revenue;
drilling plans including the timing of drilling, commissioning, and
startup; PetroTal's 2024 guidance, including in respect of its
production and sales target of 17,000 bopd and estimate that it
will deliver a 20% growth rate over 2023 production and anticipated
benefits thereof (i.e., that PetroTal will generate approximately
$200 million in EBITDA as a result, underpinned by a total 2024
capex spend of $134 million and allowing for a stable return of
capital program and shareholder return upside); expectations with
respect to well 17H production; 2024 budget guidance; plans
with respect to well 18H including in respect of anticipated costs,
completion and timing thereof including the Company's plans to
begin production at well 18H in May of 2024; expectation that the
Company will continue to prioritize derisking oil sales so it can
embark on new production growth projects; average 2024 production;
intentions with respect to return of capital and the 19 year 2P
reserve life index. In addition, statements relating to expected
production, reserves, recovery, replacement, costs and valuation
are deemed to be forward-looking statements as they involve the
implied assessment, based on certain estimates and assumptions that
the reserves described can be profitably produced in the future.
The forward-looking statements are based on certain key
expectations and assumptions made by the Company, including, but
not limited to, expectations and assumptions concerning the ability
of existing infrastructure to deliver production and the
anticipated capital expenditures associated therewith, the ability
to obtain and maintain necessary permits and licenses, the ability
of government groups to effectively achieve objectives in respect
of reducing social conflict and collaborating towards continued
investment in the energy sector, reservoir characteristics,
recovery factor, exploration upside, prevailing commodity prices
and the actual prices received for PetroTal's products, including
pursuant to hedging arrangements, the availability and performance
of drilling rigs, facilities, pipelines, other oilfield services
and skilled labour, royalty regimes and exchange rates, the impact
of inflation on costs, the application of regulatory and licensing
requirements, the accuracy of PetroTal's geological interpretation
of its drilling and land opportunities, current legislation,
receipt of required regulatory approval, the success of future
drilling and development activities, the performance of new wells,
future river water levels, the Company's growth strategy, general
economic conditions and availability of required equipment and
services. Although the Company believes that the expectations and
assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because the Company can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, risks associated with the oil and gas industry in
general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses; and health, safety and
environmental risks), commodity price volatility, price
differentials and the actual prices received for products, exchange
rate fluctuations, legal, political and economic instability in
Peru, access to transportation routes and markets for the Company's
production, changes in legislation affecting the oil and gas
industry and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures; changes in the financial
landscape both domestically and abroad, including volatility in the
stock market and financial system; and wars (including Russia's war
in Ukraine and the Israeli-Hamas conflict). Please refer to the
risk factors identified in the Company's most recent annual
information form and MD&A which are available on SEDAR+ at
www.sedarplus.ca. The forward-looking statements contained in this
press release are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.