PetroTal (TAL) Trading update summary

Production and operations

• Q3 2026 group production averaged 11,797 bopd: Bretana 11,465 bopd and Los Angeles 332 bopd.

• YTD production averaged 13,076 bopd, ~3% ahead of internal budget expectations.

• Bretana water injection averaged 187,000 bbl/d in September, up 6% MoM after stimulation of two injection wells.

• Bretana 25H was drilling at 3,362 m, on schedule and in line with pre-drill prognosis; production recovery to 20,000 bopd targeted by end-Q1 2027.

Area CXVII

• A TEA signed with PeruPetro on October 1 covers Area CXVII for an initial 24 months, with a possible 12-month extension and exclusive evaluation rights.

• The agreement provides an exclusive option to negotiate hydrocarbon licenses; work is limited to desk studies, including seismic reprocessing, well review and petroleum system modelling.

• Two structures have legacy oil tests and potential in the Vivian formation, which produces at Bretana, and the deeper Chonta formation.

Cash, liquidity and hedging

• Q3-end total cash was $151.4 million, including $115.6 million unrestricted, versus $105.3 million at Q2-end and $108.8 million at Q3 2025-end.

• September 30 trade receivables were $47.5 million and trade and other payables were $55.9 million, versus $50.0 million and $47.6 million at June 30, respectively.

• New Q3 hedges covered ~0.9 million barrels; positions total ~338,000 barrels for the rest of 2026 and 1.7 million through 2027.

• Costless collars have a weighted-average Brent floor of $60/bbl, ceiling of $78/bbl and cap of $98/bbl; hedge fair value was negative $12.8 million at September 30.