Petrotal Corporation (PTAL): Bretana drilling restart and water handling

This situation live

PTAL Petrotal Corporation

£294m · 31.2p · −14% since the first step

13 Nov 2025 · Building breakwaters #1 and #3; on schedule · −23% until the next step PetroTal continues to target completion date in Q3 2026, with total project cost estimates falling within a range of $65-75 million.

13 Nov 2025 · Delayed; water handling expansion needed · −23% until the next step At this point, PetroTal believes the best-case timing to resume drilling at Bretana is mid-year 2026.

20 Jan 2026 · On plan; no material cost changes · +17% until the next step There are no material changes to cost estimates or timelines for the erosion control project at this time; PetroTal expects to complete the project by Q4 2026, for a total investment of $65-75 million

25 Feb 2026 · Restart targeted for October 2026 · +32% until the next step We look forward to the planned resumption of drilling in October 2026 and will continue to update the market on our progress as necessary.

26 Mar 2026 · Behind schedule; contractor being replaced, re-tender · −7% until the next step The Company is currently soliciting bids and expects to award a new construction contract by the end of May 2026, at which time it will be in a better position to provide updated estimates on the tota

14 Apr 2026 · Contract in final stages; rig mobilizing · +11% until the next step We are in the final stages of securing a contract with a third-party drilling contractor and expect to mobilize a rig to the field in the coming months, with drilling activities targeted to resume by

7 May 2026 · Re-tender underway; award slipped to end June · −14% until the next step The tender process is underway and PetroTal expects to award a new contract by the end of June 2026.

15 Jul 2026 · Still in contractor discussions; no award announced · −1% until the next step There are no material changes to the status of the erosion control project at this time. PetroTal remains in discussions with third-party contractors about restarting construction activities in a safe

6 Aug 2026 · Re-tender ongoing; construction largely suspended · +19% until the next step That process remains ongoing, with updated bids now expected by the end of August.

7 Sep 2026 · Evaluating proposals; construction largely suspended · −1% until the next step PetroTal continues to evaluate several proposals to reinitiate construction activities at the erosion control project.

23 Sep 2026 · Well 25H spud 21 Sept; drilling under way · +4% until the next step Well 25H is expected to take approximately eight weeks to drill and complete, at a total cost of $15 million.

14 Oct 2026 · Well 25H drilling on schedule at 3,362m · +2% since The well is currently drilling at a depth of 3,362 meters, in line with pre-drill prognosis.

Project milestones

Bretana drilling restart and water handling

Well 25H drilling on schedule at 3,362m

NOV9 Next: 25H well results and Q3 financial results webcast in 16 days

Every step · 12

13 Nov 2025 Building breakwaters #1 and #3; on schedule – PetroTal continues to target completion date in Q3 2026, with total project cost estimates falling within a range of $65-75 million. ↗
13 Nov 2025 Delayed; water handling expansion needed – At this point, PetroTal believes the best-case timing to resume drilling at Bretana is mid-year 2026. ↗
20 Jan 2026 On plan; no material cost changes – There are no material changes to cost estimates or timelines for the erosion control project at this time; PetroTal expects to complete the project by Q4... ↗
25 Feb 2026 Restart targeted for October 2026 – We look forward to the planned resumption of drilling in October 2026 and will continue to update the market on our progress as necessary. ↗
26 Mar 2026 Behind schedule; contractor being replaced, re-tender – The Company is currently soliciting bids and expects to award a new construction contract by the end of May 2026, at which time it will be in a better... ↗
14 Apr 2026 Contract in final stages; rig mobilizing – We are in the final stages of securing a contract with a third-party drilling contractor and expect to mobilize a rig to the field in the coming months,... ↗
7 May 2026 Re-tender underway; award slipped to end June – The tender process is underway and PetroTal expects to award a new contract by the end of June 2026. ↗
15 Jul 2026 Still in contractor discussions; no award announced – There are no material changes to the status of the erosion control project at this time. PetroTal remains in discussions with third-party contractors about... ↗
6 Aug 2026 Re-tender ongoing; construction largely suspended – That process remains ongoing, with updated bids now expected by the end of August. ↗
7 Sep 2026 Evaluating proposals; construction largely suspended – PetroTal continues to evaluate several proposals to reinitiate construction activities at the erosion control project. ↗
23 Sep 2026 Well 25H spud 21 Sept; drilling under way – Well 25H is expected to take approximately eight weeks to drill and complete, at a total cost of $15 million. ↗
14 Oct 2026 Well 25H drilling on schedule at 3,362m – The well is currently drilling at a depth of 3,362 meters, in line with pre-drill prognosis. ↗

What is happening

Petrotal Corporation: Bretana drilling restart and water handling – Well 25H drilling on schedule at 3,362m. ['Well 25H drilling on schedule at 3,362m']

In short: Drilling restarted at Bretana with well 25H spud on 21 Sept 2026, the first new well since January 2025. On 14 Oct 2026 the company said drilling was on schedule at 3,362m. Injection capacity rose after stimulations. It now targets about 20,000 bopd by end of Q1 2027.
Announced: 13 Nov 2025 · Building breakwaters #1 and #3; on schedule
Latest: 14 Oct 2026 · Well 25H drilling on schedule at 3,362m
Injection capacity: Just over 190,000 bwpd since 3 Sept, up 9% on August; target 320,000 bwpd by end-2028
September output: Group 12,286 bopd; Bretana 11,960 bopd; both up about 600 bopd on August
Inventory: 22 drilling locations remaining; target plateau of approximately 20,000 bopd
Progress: At 3,362 meters on 14 October 2026, in line with pre-drill prognosis
Target: Bretana production about 20,000 bopd by end of Q1 2027
Water injection: Averaged 187,000 bwpd in September 2026, up 6% on August
Q3 production: Group 11,797 bopd; Bretana 11,465 bopd
Next milestone: Q3 results and 25H update webcast on 9 November 2026

What comes next

25H well results and Q3 financial results webcast (9 Nov 2026).

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