PetroTal to acquire 100% working interest in Peru’s Block 131 (TSX:TAL:CA)

PetroTal (TSX:TAL:CA) to acquire a 100% working interest in Peru’s Block 131, including the producing Los Angeles field, through the acquisition of CEPSA Peruana, S.A.C., which represents the entire Peruvian business unit of Compania Española de Petroleos, for a purchase price of about $5 mln in cash, it said on Wednesday.

“This is PetroTal’s first acquisition since entering Peru in late 2017… The assets being acquired are synergistic, highly accretive to the company’s current operations and we have immediate plans for development once the transaction is complete,” Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer said.

Completion of this acquisition will add approximately 900 bopd to our current 18,500 bopd of Bretana production, with the potential for further upside in the near to medium term.

At March 31, 2024 the assets have produced a total of approximately 7.6 million barrels.

Source: Press Release