The oil patch took its share of wounds in recent days, therefore, what a relief when PetroTal Corp. (TSX-Venture: TAL) revealed some cheer to accelerate the momentum being felt by the energy sector and markets in general Wednesday.
The company, with headquarters in both Calgary and Houston, said it’s ready to reopen the Bretana oil field in Peru as soon as the ongoing discussions between the communities and the Lima Government have been ratified.
TAL expects the good news in the next few days.
In late August, the Peruvian government announced a Supreme Decree approving the financial Gap Closure Plan within a number of provinces in northeast Peru, including Loreto, the area where PetroTal operates the Bretana oil field.
“PetroTal welcomes the announcement,” according to Wednesday’s news release, “that the Decree provides for a six-year financial commitment of approximately $1.7 billion U.S. to the communities, of which $46 million U.S. will be designated for economic development of the localities over the next four months, by the Peruvian government.”
TAL shares partied at noon hour EDT Wednesday, gaining 1.5 cents, or 7.7%, to 21 cents, on volume of 116,000.
