PetroTal Corp. provides the following 2025 guidance update. All amounts are in US dollars unless stated otherwise.

2025 Guidance

• Target average 2025 production and sales of 21,000 – 23,000 barrels of oil per day (“bopd”), a ~24% increase on 2024
• Capital investment of $140 million, a decrease of approximately 14% on 2024
• Target annual EBITDA of $240 – 250 million at $75.00 Brent, net of $30 million expensed for non-recurring erosion control, a 6% increase on 2024
• Total of four development wells, down from seven in 2024
• Fully funded quarterly dividend of $0.015/share, consistent with 2024

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:
“PetroTal is well positioned to build on the operational momentum that we established in 2024. We are firmly committed to a consistent return of capital policy, while maximizing the value of the Bretana oil field. We are one of very few companies in the oil and gas sector that can support a stable dividend while growing output by more than 20% year after year.

In addition to our active development programs at both the Bretana and Los Angeles fields, PetroTal is also expanding its exploration activities in the Ucayali Basin, where we recently secured an extension to our Block 107 license contract, and signed two new TEA’s adjacent to Block 131. Lastly, our budget also includes erosion protection measures for our key producing asset, a project that should be completed by the second quarter of 2026.

I would like to thank all of our stakeholders for their continued support. The PetroTal team has set ambitious goals for 2025, and we look forward to delivering for investors over the next twelve months.”

2025 Guidance Overview

PetroTal’s Board of Directors has approved a 2025 capital budget of $140 million, a decrease of approximately 14% compared to 2024. Key components of the capital program include:

• $55 million for drilling and workover activities, assuming a total of four development wells at the Bretana and Los Angeles oil fields
• $60 million for field infrastructure at Bretana, including upgrades to fluid handling capacity and new drilling cellars to facilitate continued expansion of the Bretana field
• $36.5 million for investments in erosion control measures at Bretana (allocated ~75% to opex)

These capital investments are expected to support 2025 annual average production in the range of 21,000 – 23,000 bopd, where the midpoint of 22,000 bopd implies growth of approximately 24% relative to 2024 annual average production of 17,733 bopd. Adjusted EBITDA and Funds Flow guidance assumes a 2025 annual average Brent oil price of $75.00/Bbl, a slight decrease relative to 2024 ($79.80/Bbl average). At the midpoint of production guidance (22,000 bopd), PetroTal expects to generate approximately $240-250 million Adjusted EBITDA, an increase of approximately 6% compared to 2024. However, it is important to note that 2025 Adjusted EBITDA guidance is net of approximately $30 million in non-recurring erosion control expenses that will be allocated to opex. Consistent with prior years, PetroTal has designed its capital program to provide a stable dividend and maintain minimum unrestricted cash liquidity of $60 million.

PetroTal acquired a new drilling rig in October 2024. This rig is currently being imported to Peru, with the expectation that it will be moved to the Los Angeles field in Q2 2025 and commissioned by mid-year. PetroTal’s 2025 budget contemplates the drilling of a total of four development wells in both fields, with the last one to be completed in early 2026.

Major investments in field infrastructure include the expansion of fluid handling capacity at Bretana, where PetroTal is currently installing the fourth train of its central processing facility. This project will ultimately increase installed crude oil processing capacity to 32,000 bopd. The 2025 budget also includes upgrades to existing well cellars, along with the construction of new cellars for ten wells (pending approval of the updated EIA), which are expected to lay the foundation for PetroTal’s drilling program over the next two years.

KeyFacts Energy: PetroTal Peru country profile   l   KeyFacts Energy: CapEx news