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Petrotal Corporation jumps after Peru protests end

The protests were being conducted by a group seeking assistance from the government of Peru

PetroTal Corp. (AIM:PTAL, TSX-V:TAL), the oil and gas development and production company, saw its shares rise 17% to 208p today after protests at its oil loading facility came to an end.

The protests were being conducted by a group seeking assistance from the government of Peru.

The company said the social initiatives that it recently announced, including a proposal for a community social development fund that should be acknowledged and supported by the Peruvian government, contributed towards the peaceful resolution of the matter.

“Based on the company’s initiatives to promote change and equalisation of social profits, a sense of confidence and trust was created between our groups,” said Manuel Pablo Zuniga-Pflucker, president and chief executive of Petrotal. 

The protesters have offered a 30-day truce starting 10 December which if not achieved may result in the company having to constrain production by December’s third week.

Petrotal also revealed that its new 9H horizontal well in Peru began production over the weekend, which coupled with the alleviation of the protests should enable Petrotal to increase in production over coming weeks.

Read More: Petrotal Corporation jumps after Peru protests end

2021-12-06 07:24:00

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