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PetroTal Corp - Calgary, Canada-based, Peru-focused oil and gas development and production company - Expects 2023 earnings before interest, tax, depreciation and amortisation of $220 million with $84 per barrel Brent oil forecast. Its Ebitda in 2021 amounted to $105million. Announces 2023 capital investment budget of $125 million, which it expects to generate significant after-tax, pre debt service free cash flow of $55 million in 2023. Expects to have around $240 million of available cash to repay company’s debt, accrued interest and initiate a capital return programme to shareholders via share buybacks and dividends. Targets 2023 production growth of 15% to 19% above 2022 levels, equivalent to 14,000 to 15,000 barrels of oil per day. Says this may increase in late 2023 to around 17,000 bopd, if additional sales capacity becomes available mid-year.
Current stock price: 41.10 pence, down 3.3% on Monday
12-month change: up 44%
By Greg Rosenvinge, Alliance News reporter
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