PetroTal Corporation (TSX: TAL, AIM: PTAL, OTCQX: PTALF), the Peru-focused oil and gas producer, has announced that shareholders approved every resolution put forward at its Annual General Meeting held on 23 June 2026, including a significant special resolution granting directors authority to consolidate the company's common shares. The company also issued a correction to an earlier version of the announcement, which had erroneously included reference to a retired director in the election results. With 398,160,798 common shares represented at the meeting — equivalent to approximately 43.3% of issued and outstanding common shares — the results provide a clear mandate across all key governance and corporate matters. Investors in the AIM-Listed Stock will be watching closely given the approved share consolidation authority, which could materially alter the company's share structure in due course.

Key Points

  • Company: PetroTal Corporation, ticker PTAL on AIM (also TSX: TAL and OTCQX: PTALF)
  • All resolutions at the 23 June 2026 AGM were fully authorised and approved by shareholders
  • 398,160,798 common shares, representing approximately 43.3% of Issued Shares, were represented at the meeting
  • Eight directors were elected; Deloitte LLP was reappointed as auditor with 99.7% of votes in favour
  • A special resolution authorising a share consolidation on a ratio of between 5:1 and 10:1 was approved with 98.0% support
  • The announcement corrects an earlier version issued on 24 June 2026 that included a reference to a retired director
  • Investors should monitor whether and when the board exercises its new share consolidation authority

Correction Issued After Earlier Announcement Named a Retired Director

PetroTal issued a corrected version of its AGM voting results announcement on 24 June 2026, the same day as the original release. The correction was necessitated by the inclusion of a reference to a retired director in the earlier press release. The company confirmed that the corrected announcement sets out the accurate director election results and supersedes the original communication.

While the correction relates to an administrative error rather than a change in the underlying voting outcome, it serves as a reminder of the importance of accuracy in regulatory disclosures, particularly where director appointments and governance matters are concerned. The corrected announcement states that eight directors were elected, consistent with the number approved by shareholders at the meeting. Full voting results are available under PetroTal's profile on SEDAR+ at www.sedarplus.ca.

AGM Held on 23 June 2026 With 43.3% Shareholder Participation

The annual general meeting of PetroTal Corporation took place on 23 June 2026. A total of 398,160,798 common shares were represented at the meeting, equating to approximately 43.3% of the company's issued and outstanding common shares. This level of participation provides a reasonable quorum for a TSX and AIM-listed company of PetroTal's size and structure, though the company did not offer commentary on whether this figure was above or below historical participation rates.

Shareholders were asked to consider several substantive resolutions covering board composition, auditor appointment, share unit plan renewal, and a special resolution on share consolidation. The announcement states that all resolutions were fully authorised and approved, with the detailed voting breakdowns disclosed for each individual matter.

Eight Directors Elected, With Strong Support for Most Nominees

Shareholders approved the setting of the number of directors at eight and proceeded to elect all eight nominees as listed in the management information circular dated 12 May 2026. The elected directors are: Manuel Pablo Zúñiga-Pflücker, Mark McComiskey, Gavin Wilson, Eleanor Barker, Jon Harris, Felipe Arbelaez-Hoyos, Emily Morris, and Denisse Abudinen. Each will hold office until the next annual meeting of shareholders or until a successor is duly elected or appointed, unless their office is vacated earlier under PetroTal's by-laws.

The voting results reveal that the majority of nominees received very high levels of support. Manuel Pablo Zúñiga-Pflücker led with 99.46% of votes in favour (361,490,749 votes for; 1,962,570 withheld), while Mark McComiskey received 99.45% support (361,464,604 for; 1,988,715 withheld). Eleanor Barker received 99.36% (361,087,235 for; 2,338,981 withheld) and Jon Harris 99.41% (361,326,308 for; 2,127,011 withheld). Felipe Arbelaez-Hoyos received 98.96% support (359,656,734 for; 3,796,585 withheld).

Gavin Wilson and Two Other Directors Receive Comparatively Lower — Though Still Substantial — Support

Three nominees received comparatively lower, though still clearly decisive, levels of support. Gavin Wilson was elected with 94.35% of votes in favour (342,933,738 for) and 5.65% withheld (20,519,581 votes). Emily Morris received 95.37% support (346,631,975 for; 16,821,344 withheld), and Denisse Abudinen was elected with 95.44% in favour (346,846,363 for; 16,579,853 withheld).

It is worth noting that all three nonetheless secured clear and unambiguous mandates. Under TSX governance norms, a director who receives more votes withheld than votes for is typically required under majority voting policies to tender their resignation for board consideration — but no such situation arose here, as all eight nominees received comfortable majorities. The announcement does not provide specific commentary on the reasons behind the relatively higher withhold rates for these three individuals.

Deloitte LLP Reappointed as Auditor With Near-Unanimous Backing

Shareholders approved the reappointment of Deloitte LLP as the company's auditors, to hold office until the next annual meeting of shareholders. The directors were also authorised to fix Deloitte's remuneration. The resolution was supported by 397,040,210 votes, representing 99.7% of shares voted on this resolution. The company did not disclose the number or percentage of votes withheld on the auditor appointment in the same format as the director elections.

The near-unanimous endorsement of Deloitte LLP's reappointment reflects the high level of shareholder confidence in the current audit arrangements. Deloitte is one of the Big Four global accounting firms, and its continued engagement provides assurance to investors regarding the external oversight of PetroTal's financial statements, particularly given the operational complexities inherent in Peru-based Upstream oil production.

Share Unit Plan Renewal Approved With 61.2% Support Under TSX Requirements

Shareholders also approved the renewal of unallocated share units issuable under PetroTal's performance and restricted share unit plan, pursuant to the requirements of the Toronto Stock Exchange. The resolution received 243,690,159 votes in favour, representing 61.2% of votes cast on this resolution. This approval allows the company to continue granting long-term incentive awards to eligible participants under its existing share unit framework.

The comparatively lower approval percentage for this resolution, relative to other items on the agenda, is consistent with broader patterns seen at TSX-listed companies where institutional shareholders and proxy advisory firms occasionally apply stricter scrutiny to Equity compensation and dilutive share plan renewals. The announcement does not provide further detail on the composition of votes against or abstained. Nevertheless, with 61.2% approval, the resolution passed comfortably above the majority threshold required.

Special Resolution Grants Board Authority to Consolidate Common Shares on a 5:1 to 10:1 Ratio

Perhaps the most structurally significant resolution passed at the meeting was a special resolution authorising the directors to consolidate PetroTal's common shares. Under the terms approved, the consolidation may be carried out on the basis of between five and ten pre-consolidation common shares for each one post-consolidation common share. This resolution was approved by 390,026,730 votes, representing 98.0% of votes cast, a very strong mandate.

It is important to note that this resolution grants the board the authority to proceed with a consolidation; it does not confirm that a consolidation will take place, nor does the announcement specify a timeline or chosen ratio. Shareholders and investors in PTAL on AIM and TAL on the TSX should be aware that if the board exercises this authority, the number of shares in issue could be reduced by a Factor of between five and ten, with a commensurate theoretical increase in the price per share. Such exercises are typically undertaken to meet exchange listing requirements or to improve the marketability of shares. The company did not disclose the specific rationale or intended timing for exercising this authority in the announcement.

PetroTal's Operational Focus Remains on Peru's Bretana Oil Field in Block 95

PetroTal is a publicly traded, tri-quoted oil and gas development and production company domiciled in Calgary, Alberta, with a strategic focus on oil Assets in Peru. The company's flagship asset is its 100% working interest in the Bretana oil field in Block 95, where oil production commenced in June 2018. The announcement states that in early 2022, PetroTal became the largest Crude Oil producer in Peru, a significant operational milestone for the company.

The management team brings substantial experience in Peruvian oil development, and the board is described in the announcement as focused on safely and cost-effectively developing the Bretana oil field. PetroTal also highlights its commitment to community-sensitive energy production. Investors seeking further operational and financial detail beyond the scope of this AGM disclosure are directed to the company's website at www.petrotal-corp.com and to its filings on SEDAR+ at www.sedarplus.ca.

Governance Outcomes and What AIM Investors Should Monitor Going Forward

From a governance perspective, the 2026 AGM delivered a clean sweep of approvals across all resolutions, reinforcing the current board's mandate and providing the directors with the tools they need to manage compensation programmes and potentially restructure the company's Share Capital. The election of eight directors, combined with the strong backing for the auditor reappointment, reflects a well-functioning governance process that AIM-listed investors and institutional holders of PTAL will generally view positively.

The immediate share price impact of these announcements was not clear from available public information at the time of writing. Investors may be watching particularly closely for any future board announcement regarding the exercise of the share consolidation authority, given that this could affect the Liquidity and trading characteristics of PTAL shares on AIM. The company has not provided a timeline for such a decision, and it remains a matter for the board to determine in light of prevailing market conditions. Interested parties can consult the full voting report via PetroTal's SEDAR+ profile, and the company's Investor relations team is contactable via [email protected].