RE:RE:RE:RE:RE:Predictions???!!!
Good news today from PTAL as the company recommences oil production at the Bretana Field, all seven wells continue to be gradually brought into full operation, current production is c.11,000 bopd approaching the pre-shutdown level of 11,500 bopd.
Production will initially be through deliveries to the Iquitos refinery, then it will be through the Northern Oil Pipeline to the Saramuro Pump Station will be ready to receive deliveries of Bretana oil when the barges arrive.
This is all due to a long term resolution between the local communities and the regional and central Government of Peru that will see enhanced funding available for these regions to aid community projects. As at September 29th the company had cash of $12m and accounts payable and accrued liabilities of approximately US $36 million, a reduction of US $14 million from the end of Q2 2020. Ongoing payments will be managed from expected oil field revenues and internal cash resources. Pursuant to contractual terms with their suppliers, approximately 30% of the amount is not due until into 2021.