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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26.09.07 Interim Results
Unaudited Interim Results For The Six Months Ended 30 June 2007
PetroLatina Plc , the Latin America focused petroleum exploration and production
Company (LSE-AIM: "PELE"), announces unaudited interim results for the...
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28.08.07 AIM Rule 26
Company Website
PetroLatina Energy plc (AIM:PELE.L) is pleased to announce that the information
required by AIM Rule 26 is available on the PetroLatina Energy website at
www.petrolatinaenergy.com...
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31.07.07 Disposal
Petrolatina is pleased to announce that the option announced on 21 May 2007 has
been exercised and that accordingly it has today completed the sale of its
Guatemala assets. The consideration is $4 million in cash.
The...
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04.07.07 Notice of AGM
PetroLatina wishes to announce that the AGM of the Company will take place at 10
am on 17 July 2007 at Room Green 1, The Guoman Cumberland Hotel, Great
Cumberland Place, London, W1A 4RF,
For further...
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29.06.07 Annual Report and Accounts
The Company wishes to announce that the Company's Annual Report and Accounts for
the year ended 31 December 2006 have been sent to the shareholders of the
Company....
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21.06.07 Board Change
PetroLatina Energy Plc (AIM: PELE), an independent oil and gas exploration, development and production company focused on Latin America, announces that Richard Lavers has stepped down as a Non Executive Director of the Company...
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13.06.07 Issue of Equity
The Company announces that under the terms of an employment contract 1,500,000 new ordinary shares of the Company are to be issued and allotted to Rudolph Berends, Chief Executive Officer of PetroLatina.
Application has been...
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12.06.07 Final results for the year ended 31 December 2006
Chief Executive’s Statement
The past year has seen some large steps forward in the development of PetroLatina but we have also experienced disappointments.
Operations Review
In April 2006 the Group acquired interests in...
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07.06.07 Holding(s) in Company
The Company was informed on 7 June 2007 that Macquarie Bank Limited is interested in 3,474,086 ordinary shares in the capital of the Company, representing 3.02 per cent of the entire issued voting share capital of the Company. ...
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30.05.07 Additional Listing
The Company has issued 830,000 new ordinary shares of $0.10 to Macquarie Bank Limited (“Macquarie”) as partial consideration for the agreement with Macquarie to make available an extension of $1.7 million to the Company’s...
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