- Peru-focused oil company PetroTal said it had boosted its annual output to the upper end of its guidance range and planned to increase production again in 2020.

Exit production in 2019 reached 13,300 barrels of oil per day and had averaged 12,500 bopd for the first 11 days of 2020.

PetroTal said it produced just over 1.5m barrels of oil in 2019, representing average oil production of 4,131 bopd, an increase of over 330% from the average production of 958 bopd in 2018.

'Within a week, the company intends to announce its 2020 capital budget, which aims at replicating last year's success by more than tripling annual production and achieving a 2020 exit rate of 20,000 bopd,' the company said.

'PetroTal plans to achieve this by accelerating commissioning of the next phase of facilities to late August this year instead of year-end 2020.'

At 9:39am: [LON:PTAL] share price was +1.5p at 32p

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