PetroTal Corp. (TSX-Venture:TAL) made noticeable gains Wednesday, on providing their investors with an update in respect of its operations and production at the Bretaña field in Block 95 in Peru, a facility including a water disposal well.
On completion of the well known as the 2WD, PetroTal then converted the existing water disposal well ("BN 95-1W") into an oil producer, renamed the BN 95-1, a well with an initial production rate of 2,700 barrels of oil per day (BOPD), way ahead of management expectations
The Houston-based PetroTal, which also has headquarters in Calgary, has completed a new water disposal well, BN 95-2WD, and proved injection capacity, thus allowing the Company to re-complete BN 95-1W and make it an oil producer, BN 95-1. Management expected the BN 95-1 to deliver initial uplift of 1,500-2,000 BOPD.
Shares acquired three cents, or 12.8%, to 26.5 cents, on volume of 856,000 shares.