The following is a summary of the PetroTal Corp. (PTALF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• PetroTal reported Q1 net income of $47.6 million or $0.05 per share, marking the 17th straight quarter of positive net income.

• Average sales and production stood at 18,347 and 18,518 barrels of oil per day respectively.

• Net revenue for the quarter was $100.6 million or $60.25 per barrel.

• The company had cash holdings of $85.2 million by the end of Q1 and reported no long-term debt or drawdowns on its short-term credit facility.

Business Progress:

• PetroTal acquired 100% working interest in CEPSA Peru's Block 131, producing about 900 barrels of light oil daily.

• Adjustments were made to tackle riverbank erosion at the Bretaña oil field, with the project cost being revised to $65-$75 million.

• The firm plans to maintain a production level above 20,000 barrels of oil per day for 2025 by drilling four wells per year.

• PetroTal also signed a deal with Petroperu to potentially boost oil export capacity via the 'OCP route'.

• The acquisition of CEPSA's assets is expected to boost profitability and strengthen the company's financial standing significantly.

More details: PETROTAL CORP IR

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