PetroTal Corp. (TSX-Venture:TAL) saw its shares rocket Monday on giving an update of its operations and production at its flagship oil field in Block 95 in Peru (100% working interest). All monetary amounts are in U.S. dollars.
The oil firm, with offices in both Houston and Calgary, completed the BN 95-4H horizontal well on time and under budget by approximately $3.0 million using new technology to maximize oil production
4H boasts an initial four-day production rate of 6,200 barrels of oil per day ("BOPD"), exceeding management's expectations
The project in question reached anew record production of over 8,000 BOPD, with three of five wells online
The well was drilled under budget by approximately $3.0 million (representing 20% savings), and TAL will announce additional well data, including sustained rates, with its quarterly financial filings and operations update in November.
Shares in TAL leaped 2.5 cents, or 9.3%, by midday Monday to 29.5 cents, on 868,000 shares.