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Highlights

  • Q1 2025 group production averaged 23,280 barrels per day, setting a quarterly record
  • Bretana field output rose 17% from Q4 2024 and 22% from Q1 2024
  • Workover and erosion control projects planned for Q2 at Blocks 131 and Bretana

PetroTal Corp. (TSX: TAL) has released its operational and financial update for the first quarter of 2025, highlighting record production levels and outlining upcoming field activities. Group production for the quarter averaged approximately 23,280 barrels of oil per day (bopd), driven primarily by output from the company’s Bretana field in Peru.

Bretana’s production reached 22,660 bopd in Q1 2025, a 17% increase from the previous quarter and a 22% rise year-over-year. The field also recorded its highest monthly production to date in March 2025, averaging approximately 23,100 bopd. The increase in volumes follows continued development from PetroTal’s 2024 drilling program, with recent wells 22H and 23H contributing significantly to output during March.

Outside Bretana, PetroTal’s Los Angeles field, located in Block 131, produced an average of 620 bopd in Q1, remaining steady compared to Q4 2024 but down from the prior year. A workover program is being prepared for the Los Angeles field ahead of a new drilling rig arrival expected by mid-year.

Operationally, PetroTal is preparing to initiate field work on an erosion control project at Bretana, with equipment and materials currently being mobilized. The company noted it will continue to adjust its development strategy based on market conditions and funding availability. Nearly 40% of its remaining 2025 production is hedged.

On the financial side, PetroTal reported a total cash of $114 million as of March 31, 2025, a figure largely unchanged from the end of 2024.