PetroTal production runs ahead of budget as Block 131 royalty terms improve

PetroTal reported an operations update on 7 September 2026.

Production and drilling

Production averaged 13,181 barrels per day through August, approximately 3% above internal budget. August alone averaged 11,709 barrels daily.

Bretana development drilling remains scheduled to resume in October, following pump and tubing work and water-injection improvements.

Royalty agreement

Qualifying incremental Block 131 production will pay price-sensitive royalties of 5%, 9% or 15%. Approximately 60% of current field output is expected to qualify; the balance remains at 23.5%.

Potential production from the deeper, untested Noi and Copacabana formations would attract 5%. The local Social Fund contribution rises to 2.5%.

PetroTal must drill two Block 131 wells within two years, or royalties on all production revert to 23.5%.

Remaining execution risks

The agreement can improve incremental drilling economics, but comes with investment obligations. Erosion-control construction remains largely suspended while contractor selection continues.

The next milestones are October's drilling start, infrastructure contracting and actual production benefiting from the revised royalties.

Source: Company announcement, 7 September 2026.