PetroTal Corp. executed definitive agreement to acquire Block 131 in Peru from Compañía Española de Petróleos, S.A. for $5 million.

PetroTal Corp. (TSX:TAL) executed definitive agreement to acquire Block 131 in Peru from Compañía Española de Petróleos, S.A. for $5 million on May 8, 2024. The transaction is subject to regulatory approval.

As of October 2, the President of Peru signed a Supreme Decree allowing for the amendment of the hydrocarbon exploration and production license for Block 131 in Peru. The parties now await the renewal of an investment certificate from the Peruvian tax authority, expected within the next 30 business days, at which point the transaction is expected to close. Evercore Group L.L.C. and Strand Hanson Limited acted as financial advisor and Stikeman Elliott LLP acted as legal advisor to PetroTal Corp.