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Key achievements to date
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March: Announced a production update in respect of the first quarter of 2011. PetroLatina achieved total gross production from its Tisquirama, La Paloma and Midas licence blocks located in the Middle Magdelana Valley, Colombia, in the three months to 31 March 2011 of 193,790 barrels of oil (“bbls”) (2010 equivalent period: 155,323 bbls) and total net production of 90,536 bbls (2010 equivalent period: 72,465 bbls) at an average gross production rate of 2,154 barrels of oil per day (“bopd”) (2010 equivalent period: 1,726 bopd) and an average net production rate of 1,006 bopd (2010 equivalent period: 805 bopd).
Serafin-1 gas well put into production, with initial production rates from the first few days of continuous testing of 5.5 MMscf/d of gas, a well pressure of 1,850 pounds per square inch (“psi”) and minimal pressure decline. The well will be tested for a 6 month test period. All gas produced during the 6 month extended test period will be sold to Ecopetrol S.A., at 90% of the regulated price for Texaco for Barranca-Ballena’s gas (as regulated by CREG, the Regulatory Commission of Energy and Gas of Colombia). The regulated price is currently $4.2562/million British thermal unit (“BTU”).
April: Announced an updated independent assessment of the Company’s reserves, future production and income attributable to its concessions in Colombia as at 31 December 2010. Based upon crude oil prices as of 31 December 2010 adjusted for each property, Ryder Scott provided an NPV10 value for the Company’s 3P reserves of $284 million.
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February: Announced an updated independent assessment of the Company’s reserves, future production and income attributable to its concessions in Colombia as at 30 November 2009. Based upon crude oil prices as of 30 November 2009 adjusted for each property, Ryder Scott provided an NPV10 value for the Company’s 3P reserves of $247 million .
Completed the Zoe-1 exploration well which is currently producing at a stable rate of 42 barrels of oil per day (“bopd”).
March: Entered into a Senior Secured Debt Facility of up to $75 million with Macquarie Bank Limited (“Macquarie”), of which an initial tranche of $25 million was drawndown at completion, and announced plans to drill up to a further 8 new wells over the remainder of 2010 in order to increase production and reserves with the expectation of substantially increasing Possible Reserves, identified by Ryder Scott, as well as moving an element of them into the Probable Reserves and Proved Reserves categories.
Announced the commissioning of works to connect the Serafin-1 gas well to the main Colombian gas trunk line, with initial production of up to 7 million cubic feet per day (“MMscf/d”) expected to commence during the final quarter of 2010.
July / August: Raised $25 million through private placements with Tribeca Oil & Gas Inc, management and Macquarie Bank Limited.
December: Ended the year having undertaken an aggressive drilling campaign with 3 new wells being drilled in 2010. Total gross production for the year increased by 35% to 660,137 (2009: 489,159) barrels (“bbls”) at an average daily production rate of 1,809 bopd (2009: 1,340). Net oil production to the Company for the year increased by 25.5%% to 292,694 (2009: 233,285) bbls, at an average daily net production rate of 802 (2009: 639) bopd.
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January: Tribeca Oil and Gas Financing, Inc. (“TOGF”), a subsidiary of existing shareholder, TOGI, subscribed for $4.875m of secured convertible loan notes with an option to subscribe for up to a further $5m, to provide additional funds for the Company’s ongoing work programme.
February: Announced successful preliminary test results for the Colon-1 exploratory well, tested at 1,200 bopd.
April: Announced positive results for the Los Angeles-11 development well.
June: Secured increased US$6.29 million second tranche of convertible loan note funding from Tribeca Oil and Gas Financing, Inc. (“TOGF”), a subsidiary of existing substantial shareholder Tribeca Oil & Gas Inc. (“TOGI”), a portfolio investment company of Tribecapital Partners S.A. (“Tribeca”), a Colombian private equity firm.
September: Colon-2 development well successfully drilled to a total measured depth of 9,300ft which produces oil at an average rate of 664 bopd over the first three days of testing, thereby confirming that the Colon discovery has considerable potential. Announced maiden interim profit before tax of $99,000 (2008: loss of $408,000).
December: Ended the year having undertaken an aggressive drilling campaign with 8 new wells being drilled in 2009 increasing total gross production for the year by 58% to 489,159 (2008: 310,032) barrels (“bbls”) at an average daily production rate of 1,340 bopd (2008: 849). Net oil production to the Company for the year increased by 162% to 233,285 (2008: 89,230) bbls, at an average daily net production rate of 639 (2008: 244) bopd.
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June: Updated Reserves reported as at 31 December 2007.
July: Completed a $25m investment by Tribeca Oil & Gas Inc (“TOGI”).
August: Completed the restructuring of the senior management team.
November: Commenced drilling of Colon-1, the first exploratory well on the La Paloma block.
December: Awarded the Putumayo-4 block in the Colombian licence bidding round ‘Mini-Ronda 2008’.
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January: Confirmed producible oil on Guatemalan Licence A7-2005.
July: Serafin well #1 tests at 14 mmcf/day. Disposal of 100% interest in its Guatemalan subsidiary.
November: Extension to Tisquirama licences announced extending these licences to the economic life of the fields.
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February: Obtained interests in La Paloma and Midas licences in Colombia.
June: Completed acquisition of Petroleos Del Norte ("PDN").
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January: Company listed on London Stock Exchange.
July: Confirmed producible oil on the Las Casas structure.
September: Awarded Guatemalan Licence A7-2005.
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July: Raised $21.3 million through private placements to fund the acquisition of PetroLatina Corporation (formerly Mexpetrol Guatemala Corporation) which owned a licence and operations in Guatemala.
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