StockMarketWire.com - Oil company PetroTal said it had completed a fourth horizontal well at the Bretana oil field in Peru, boosting output there to a record.

PetroTal commenced production of well 8H on 4 September, with unrestricted flow rates of about 7,600 barrels of oil per day recorded over a 10-day period.

It said the Bretana field had achieved record production of about 15,400 bopd.

The 8H well cost came in 3% under budget, at $11.8 million, it added.

'The initial flow rates from well 8H are very exciting and echo the profile of the prolific 5H horizontal well,' chief executive Manuel Pablo Zuniga-Pflucker said.

'Similarly, the clean sands of the 8H well reflect what we have observed in the recently drilled 7D well and the cores obtained in the 3WD water disposal well.'


Story provided by StockMarketWire.com