LONDON (ShareCast) - (Sharecast News) - PetroTal reported a strong operational performance in the second quarter on Monday, with group production averaging 21,039 barrels of oil per day, up 15% year-on-year.
First-half production rose 20% from the same period in 2024 to 22,160 barrels per day, driven by continued output from the core Bretana field in Block 95.

The AIM-traded company confirmed that it had now replaced three of four failed electric submersible pumps at Bretana, restoring about 3,300 barrels per day of production capacity.

It said the final pump replacement was expected to be completed by the end of July.

The Bretana field averaged 20,512 barrels per day in the quarter, while the Los Angeles field in Block 131 contributed 526 barrels per day, slightly down due to planned well-logging.

"PetroTal's preliminary second quarter results reflect continued strong operational performance from our core asset base," said chief executive Manuel Pablo Zuniga-Pflucker.

"I am pleased to report that the Bretana field continues to produce near all-time highs, in-line with expectations.

"Our operations team has already replaced three out of the four electric submersible pumps that failed earlier this year, restoring approximately 3,300 bopd of production capacity that was previously offline."

He added that while the commissioning of a new drilling rig at Block 131 had been delayed, production remained on track with 2025 guidance, and capital expenditure year-to-date was below budget.

PetroTal said it ended the quarter with total cash of $142.1m, up from $113.6m in the prior quarter.

Unrestricted cash stood at $99.3m.

The increase reflected a $50m term loan facility drawn in May from Peruvian banks, of which $31.9m remained in escrow to fund the company's erosion control project.

Year-to-date capital spending was estimated at between $40m and $50m.

On shareholder returns, PetroTal paid a regular dividend of 1.5 cents per share in June, bringing year-to-date capital returns to $30m and total cumulative returns to $140m.

The company also confirmed the departure of chief operating officer Jose Contreras in June.

Max Torres, formerly vice-president of exploration, was named interim COO.

The board said Torres had more than three decades of industry experience, including senior roles at Repsol and Ecopetrol.

A full operational and development update was expected on 7 August with PetroTal's second quarter results.

At 1129 BST, shares in PetroTal were up 0.41% at 36.9p.

Reporting by Josh White for Sharecast.com.

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