05.08.10
Placing to raise US$5 million
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Placing to raise US$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, 8,143,662 new ordinary shares of US$0.10 par value each (“Ordinary Shares”) in the Company of which 1,302,812 Ordinary Shares were placed at a placing price of 37.57 pence per share, and 6,840,850 Ordinary Shares were placed at a placing price of 40 pence per share (together, the “Placing Shares”) to raise approximately US$5 million (at the prevailing USD/GBP exchange rate), with Macquarie Bank Limited (“MBL”), an existing shareholder and lender to 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 9.16 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.
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 Tuesday 10 August 2010. The Company’s issued ordinary share capital will consist of 88,934,640 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 88,934,640 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, MBL now holds, in aggregate, 9,638,479 Ordinary Shares, representing approximately 10.84 per cent. of the Company’s enlarged issued share capital and warrants over a further 8,000,000 Ordinary Shares. In addition, the Company has agreed to amend the terms of the warrant instrument dated 4 March 2010 and held by MBL to subscribe for 8 million Ordinary Shares by varying the exercise price from 75.7 pence per Ordinary Share to 50 pence per Ordinary Share.
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
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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30.09.08 Interim Results for the six months ended 30 June 2008
30 September 2008
PetroLatina Energy Plc
(“PetroLatina” or “the Company”)
Interim Results for the six months ended 30 June 2008
On track to commence drilling campaign in early November
PetroLatina, the oil and gas...
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30.09.08 Change of Registered Office
30 September 2008
PetroLatina Energy Plc
(“PetroLatina” or “the Company”)
Change of Registered Office
PetroLatina (AIM: PELE), the oil and gas exploration and production company focused on Latin America, announces that...
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05.08.08 2008 Annual General Meeting Results
2008 Annual General Meeting Results
PetroLatina, the oil and gas exploration and production company focused on Colombia, with additional interests in Guatemala, announces that Resolutions 1 to 3 and 5 to 9 were duly passed at...
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05.08.08 Directorate and Management Changes
Directorate and Management Changes
PetroLatina (AIM: PELE), the oil and gas exploration and production company focused on Colombia, with additional interests in Guatemala, announces the following Directorate and Management...
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30.07.08 Director’s Dealing
Director's Dealing
PetroLatina (AIM: PELE), the oil and gas exploration and production company focused on Colombia, with additional interests in Guatemala, was today notified that Luc Gerard, a director of the Company, today...
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24.07.08 Holding(s) in Company
Holding in Company
PetroLatina (AIM: PELE), the oil and gas exploration and production company focused on Colombia, with additional interests in Guatemala, received notification on 23 July 2008 from Macquarie Group Limited...
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23.07.08 Director’s Dealing
Director’s Dealing
PetroLatina (AIM: PELE), the oil and gas exploration and production company focused on Colombia, with additional interests in Guatemala, was today notified that yesterday Luc Gerard, a director of the...
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14.07.08 Annual Report and Accounts & Notice of AGM
Final Results for the year ended 31 December 2007
PetroLatina, the oil and gas exploration and production company focused on Colombia, with additional interests in Guatemala, announces its audited final results for the year...
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14.07.08 Update on Financing
Update on Financing - Completion of Final US$15 million Tranche of a total US$25 million Investment
PetroLatina, the oil and gas exploration and production company focused on Colombia, with additional interests in Guatemala,...
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30.06.08 Temporary suspension of trading in the Company’s shares
Temporary suspension of trading in the Company’s shares
PetroLatina, the oil and gas exploration, development and production company focused on Latin America, announces that the publication of its 2007 report and accounts has...
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