PetroTal Provides Bretana Operations Update

Core Viewpoint - PetroTal Corp. has provided an operational update indicating production challenges due to technical issues, particularly at the Bretana field, but maintains its production guidance for 2025 [3][6][9]. Production Update - As of September 15, 2025, PetroTal's average production in Q3 2025 was 18,805 barrels of oil per day (bopd), with 18,325 bopd from the Bretana field and 479 bopd from the Los Angeles field [3][9]. - Bretana's production has significantly improved compared to last September's average of 10,333 bopd, but technical issues have led to a decline since mid-August [3][4]. - The first two weeks of September saw an average production of approximately 16,750 bopd [3][9]. Technical Issues - The company faced pump failures in four wells at the Bretana field from December 2024 to February 2025, which were resolved by mid-July 2025, temporarily increasing production to over 21,000 bopd [4][6]. - During investigations into the pump failures, leaks in production tubing were discovered in six wells, necessitating the shut-in of four wells until repairs can be made [4][9]. - PetroTal is expediting the replacement of production tubing and plans to complete workover operations at Block 131 by the end of September, with production expected to resume in November [5][9]. Production Guidance - The impact of the well failures on the 2025 annual average production is estimated to be less than 1,000 bopd, and the company maintains its production guidance of 20,000-21,000 bopd for 2025 [6][9]. - Year-to-date production as of September 15, 2025, is approximately 5.47 million barrels, averaging 21,135 bopd [6][9]. Management Commentary - The CEO expressed disappointment over the production reliability issues but reassured shareholders that the company is actively addressing these challenges [7].