PetroTal has appointed Jorge Osorio as its new Chief Operating Officer. With 37 years of executive leadership in the upstream oil and gas industry, he will oversee all major operational and strategic aspects, including field operations, engineering, production, and drilling.

Professional Background and Expected Impact

Osorio's prior experience includes serving as Vice President of Upstream at Colombia's Ecopetrol, where he managed a portfolio delivering 730,000 barrels per day and led the company to its highest production since 2016. He has also held key roles in BP’s Asia Pacific and Atlantic LNG operations, implementing best practices in operational readiness, safety, and integrity. The company's CEO stated that Osorio has a strong track record with major heavy oil projects in Colombia and will be a tremendous asset as PetroTal enters its next development phase.

2025 Production and Operational Update

PetroTal reported its cumulative 2025 production was just over 7.1 million barrels, a 9.2% increase from the previous year, averaging 19,473 barrels per day (bpd). Fourth-quarter group output averaged 15,258 bpd, primarily from the Bretana field (14,766 bpd) and the Los Angeles field (492 bpd) in onshore Peru, where PetroTal holds a 100% working interest.

Production at the Bretana field had been below capacity since mid-August 2025 due to leaks in production tubing, which required shutting in five wells. A service rig was mobilized in October 2025, and by January 7, 2026, production tubing had been successfully replaced in six wells. Consequently, group production averaged approximately 15,600 bpd in the first week of January 2026, consistent with November 2025 levels and in line with the indicative 2026 forecast.

Financial Position and Field Milestone

The company ended the fourth quarter with a total cash position of $139.1 million, of which approximately $112.4 million was unrestricted. This compares to unrestricted cash of $108.8 million at the end of the previous quarter and $102.8 million at the end of 2024. Separately, PetroTal announced the Bretana field reached a milestone, with cumulative production surpassing 30 million barrels. The management team remains confident in the field's potential as it prepares for the next phase of development from 2026 to 2028.