PetroTal completes longest ever horizontal well at Bretana Oil Field in Peru

The Bretana oil field reached record production of over 9,000 BOPD, currently with only two of the six wells in operation

PetroTal has successfully completed the 5H well, the company's second horizontal well in the Bretaña oil field in Peru.

The 863-meter horizontal section inside the main productive oil reservoir makes the 5H well the longest horizontal well drilled to date in Peru.

Just like in well 4H, the 5H well completion also utilises autonomous inflow control device valves to maximise oil production.

The 5H well was drilled up-dip towards the crest of the structure and the results confirmed management's forecast of the reservoir, including high reservoir permeability that is allowing the well to flow at high rates.

PetroTal will commission phase one of the Bretaña central production facilities before year-end 2019, which will increase full field production capacity to approximately 15,000 BOPD.

With this additional capacity, PetroTal will be able to bring the other wells back online. Incremental implementation of phase two of the company's central production facilities is planned for September 2020.

Once this is fully integrated by year‐end 2020, PetroTal will have the capacity to produce approximately 20,000 BOPD, the company said.

With this production from the 5H well, the company expects to meet its 2019 year-end production guidance of between 11,000 - 13,000 BOPD. The drill rig will now undergo annual maintenance for about six weeks, after which, the company plans to drill a second water disposal well followed by additional oil wells.

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The cost of the well was approximately $11.5 million, $3 million less than the original budget. The company will announce additional well data, including sustained rates, with its operations update in January 2020.

The Bretaña oil field reached new record production of over 9,000 BOPD, currently with just two of the six wells online.

PetroTal is a publicly‐traded, dual‐quoted 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 the Bretaña oil field in Peru's Block 95 where oil production was initiated in June 2018, six months after acquisition.

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