08.06.11
Final Results for the year ended 31 December 2010 and Notice of Annual General Meeting
PetroLatina Energy Plc
(“PetroLatina”, “PELE” or the “Company”)
Final Results for the year ended 31 December 2010
PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, announces its audited final results for the year ended 31 December 2010.
Operational Highlights:
• Continuation of ongoing drilling campaign: 3 new wells drilled (Querubin-1, Chuira-1, Colon-3ST)
• Completed the Zoe-1 exploration well which is currently producing at a stable rate of 42 bopd of 23 degree API oil
• Gross production for the year increased by 35 per cent. to 660,137 (2009: 489,159) bbls, at an average daily gross production rate of 1,809 (2009: 1,340) bopd
• Net production for the year increased by 25.5 per cent. to 292,694 (2009: 233,285) bbls, at an average daily net production rate of 802 (2009: 639) bopd
• Petrophysical and field performance studies and resulting reservoir simulation exercises commissioned on the Los Angeles and Santa Lucia fields
• High resolution seismic reinterpretation commissioned from Arcis Seismic Solutions on the Colon field
• Seismic reprocessing, fault orientation and density analysis and formation fluid study commissioned from Landocean Energy Services Inc. on the Chuira discovery
Financial Highlights:
• Revenues increased by 46 per cent. to US$20.1m (2009: US$13.8m)
• Gross underlying profits (before depreciation and impairment charges) increased to US$10.8m (2009: US$10.1m)
• Underlying EBITDA generation of US$3.1m (2009: US$5.25m)
• Loss after tax of US$27.6m (2009: US$12.5m)
• Loss per share of US$0.43 (2009: US$0.28)
• Cash and cash equivalents (including term deposits) of US$10m (2009: US$4.9m)
• Successfully raised, in aggregate, US$25m in new equity from management, existing shareholders and senior lenders to the Company in July/August 2010
• Entered into a Senior Secured Debt Facility of up to US$75m with Macquarie Bank Limited (“Macquarie”), of which an initial tranche of US$25m was made available and drawndown at completion in March 2010
Post Balance Sheet Events:
• Announced initial production flow rates of 5.5MMscf/d in respect of a 6 month extended test of the Serafin-1 gas well (50 per cent. working interest and operator, which reduces to 25 per cent. if Ecopetrol S.A. back-in, and after PELE has recovered 200 per cent. of its capex incurred to date from revenues.)
• 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
o Based upon the average oil price received in 2010 and as adjusted to actual prices received for each property, Ryder Scott Company, L.P. provided an NPV10 figure for the Company’s 3P reserves of US$280.6m (30 November 2009: US$247m)
• US$4.875m first tranche of the loan notes held by Tribeca Oil and Gas Financing, Inc. (“TOGF”), a subsidiary of existing substantial shareholder Tribeca Oil & Gas Inc. (a portfolio investment company of Tribeca Asset Management Inc (“Tribeca”)), a Colombian private equity firm, converted in full into equity
Outlook:
• Well positioned to resume development drilling in a more effective and lower risk manner
• Prospect of strong short term cash flow generation and economic returns from the potential further development of the Serafin field:
o High probability of further gas deposits on the licence area
o Studies underway utilising existing 3D seismic coverage to identify further drillable prospects
Luc Gerard, Executive Chairman of PetroLatina, commented:
“I am pleased to report on another year of progress for PetroLatina. During the year we have consolidated our position as a leading operator in Colombia, with one of the largest acreages in the Middle Magdalena Valley, increasing both production and revenue.
Our decision to continue to focus our efforts on the development of our Colombian assets has proved successful - the country is now generally considered to be amongst the fastest growing and most stable in the region.”
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
Chris Sim / Adam James Tel: +44 (0)20 7071 4304
Financial Dynamics
Ben Brewerton / Chris Welsh Tel: +44 (0)20 7831 3113
Availability of Annual Report and Financial Statements
Copies of the Company’s full Annual Report and Financial Statements are expected to be posted to shareholders today and, once posted, will also be made available to download from the Company’s website at www.petrolatinaenergy.com.
The Annual Report and Financial Statements will also be made available for inspection at the Company’s registered office during normal business hours on any weekday. PetroLatina Energy Plc is registered in England and Wales with registered number 05173588. The registered office is at 2nd Floor Suite 2.3, Stanmore House, 29-30 St James’s Street, London SW1A 1HB.
Annual General Meeting
The Company’s next Annual General Meeting (“AGM”) will be held at the offices of Strand Hanson Limited, 26 Mount Row, London W1K 3SQ at 11.00 a.m. on 30 June 2011. The formal Notice of AGM and proxy form have also been posted to shareholders today and can also be downloaded from the Company’s website at www.petrolatinaenergy.com.
Download Full Press Release
Download Annual Report & Financial State
Download Notice of AGM
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PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Holdings in Company/PDMR Shareholdings
Purchases under the Third-Party Trading Facility
PetroLatina, the independent oil and gas exploration, development and...
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