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30.07.10

Placing to raise US$11.5 million


PetroLatina Energy Plc
(“PetroLatina” or the “Company”)

Placing to raise US$11.5 million

PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, announces that it has yesterday agreed to place, in aggregate, 18,503,500 new ordinary shares of US$0.10 par value each (“Ordinary Shares”) in the Company (the “Placing Shares”) at a placing price of 40 pence per share (the “Placing Price”) to raise approximately US$11.5 million (at the prevailing USD/GBP exchange rate), of which US$10.0 million gross has been subscribed by Tribeca Oil & Gas Inc. (“TOGI”), an existing substantial shareholder in the Company, and US$1.5 million gross by a company associated with Juan Carlos Rodriguez, a director of the Company (the “Placing”). The Placing is conditional on admission of the Placing Shares to trading on AIM. The Placing Shares will rank pari passu in all respects with the Company’s existing Ordinary Shares and will represent approximately 22.90 per cent. of the enlarged issued share capital of the Company.

The net proceeds from the Placing will be used to finance the group’s ongoing work programme and exploration expenditure in Colombia and for general working capital purposes. The Company expects to raise additional equity finance in due course to ensure that the group maintains an appropriate capital structure and is able to fully fund its committed development programme.

Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on Thursday 5 August 2010. The Company’s issued ordinary share capital will consist of 80,790,978 Ordinary Shares with voting rights. PetroLatina does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares.

The aforementioned figure of 80,790,978 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, PetroLatina under the FSA’s Disclosure and Transparency Rules.

Following the issuance of the abovementioned Placing Shares, and TOGI’s subscription for 16,090,000 Placing Shares, TOGI and its related companies now hold, in aggregate, 43,726,155 Ordinary Shares, representing approximately 54.12 per cent. of the Company’s enlarged issued share capital and warrants over a further 690,644 Ordinary Shares which are automatically exercisable if, and to the extent that, any exercise of the Company’s other existing outstanding 1,973,269 warrants occurs. In addition, TOGF currently holds an aggregate principal amount of US$11.165 million of convertible 12 per cent. loan notes due 2011.

In addition to subscribing for the abovementioned Placing Shares, Rorick Ventures Group Inc (“Rorick”), a company associated with Juan Carlos Rodriguez, a director of the Company, has acquired 294,504 Ordinary Shares from Dignam Holdings Limited at a price of 50 pence per share. Changes in the disclosable interests of Mr Juan Carlos Rodriguez are as set out below:
Director Interest immediately following Admission
Percentage of enlarged issued
share capital


Juan Carlos Rodriguez* 12,616,629 15.62


Notes:
* - includes 2,535,872 Ordinary Shares held by Lyan Financial Corporation and, following the subscription for 2,413,500 Placing Shares and the acquisition of 294,504 Ordinary Shares from Dignam Holdings Limited, 10,080,757 Ordinary Shares held by Rorick, companies in which members of Juan Carlos Rodriguez’s family have beneficial interests. Mr Rodriguez also holds options over a further 1,000,000 Ordinary Shares and has a beneficial interest in Athos Enterprises Limited which holds warrants over a further 160,000 Ordinary Shares.

Luc Gerard and Ciro Mendez, directors of PetroLatina, are President and Investment Manager respectively of Tribecapital Partners S.A. of which TOGI is a portfolio investment company. The participation of both TOGI and Rorick, a company associated with Juan Carlos Rodriguez, in the Placing is considered to be a related party transaction under the AIM Rules for Companies. Accordingly, the independent directors, being John May and Menno Wiebe, consider, having consulted with Strand Hanson Limited, that the terms of the Placing are fair and reasonable insofar as the Company’s shareholders are concerned.

Enquiries:

PetroLatina Energy Plc
Juan Carlos Rodriguez, Chief Executive Officer

Tel: +57 1627 8435
Pawan Sharma, Executive Vice President - Corporate Affairs Tel: +44 (0)20 7766 0081

Strand Hanson Limited
Simon Raggett/Matthew Chandler Tel: +44 (0)20 7409 3494

Evolution Securities Limited
Rob Collins/Chris Sim Tel: +44 (0)20 7071 4304

Financial Dynamics
Ben Brewerton/Susan Quigley Tel: +44 (0)20 7831 3113

Additional Information on PetroLatina Energy Plc:PetroLatina Energy Plc (AIM: PELE) is presently focused on Colombia where it currently holds 45% and 20% interests respectively in the Los Angeles and Santa Lucía fields on the Tisquirama licence, and a 100% interest in the Doña María field. In April 2006 the Group acquired an interest in two exploration blocks: an 85% interest in Midas and an 80% interest in La Paloma. In November 2007 the Company secured the extension of the Tisquirama licence for the economic life of the fields. In February 2009, the Group acquired the Putumayo-4 block in which it has a retained 50% interest. In June 2010, the Group was awarded two new blocks, the VMM28 in the Middle Magdalena basin and LLA57 in the Llanos basin. PetroLatina also owns the Río Zulia-Ayacucho pipeline in the prolific Catatumbo basin which transports crude oil. Present exploration/exploitation activities in this area should increase the volume of crude oil transported resulting in an increased cash flow. Having sold its assets in Guatemala, PetroLatina retains a 20% interest in the first three wells and a 20% working interest in future wells. Further information is available on the Company’s website (www.petrolatinaenergy.com).

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