About Petrolatina Energy Operations Investor Information News Corporate Responsibility Gallery Aim Rule 26 Contact
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 exploration and production company focused on Latin America, announces its interim results for the six months ended 30 June 2008.

Operational Highlights

• Average production of 280 bopd net to the Company (June 2007 net 326 bopd)
• RZA pipeline average throughput increase by 6% to 3,134 bopd (June 2007: 2,958)
• Ryder Scott reports $164.9 million NPV10 on 3P reserves of 7.34 million boe as at 31 December 2007
• Significant cost savings achieved
• Drill rig secured, drilling expected to commence in November at La Paloma

Financial Highlights

• Revenues increased by 45% $4.5 million (June 2007 restated: $3.1million)
• First operational profit realized by the Group : $273,000 (June 2007 restated: loss of $3,476,000)
• Gross profit in creased by over 300% to $2.3 million (June 2007 restated: $570,000)
• Loss before tax significantly reduced to $408,000 (June 2007 restated: ($4.2 million))
• Loss per share of ($0.016) (June 2007 restated: ($0.215))
• Cash at period end of $1.9 million
• $25 million equity investment secured from Tribeca Oil and Gas, first tranche of $10 million in convertible debt, converted post period end.

Outlook

• Full impact of cost saving initiatives to have further benefits in second half
• On track to deliver increased production and reserves

Luc Gerard, Chairman of PetroLatina, commented:

“Having secured a rig, PetroLatina is on track to meet the commitment it made in August to commence the drilling programme within 100 days; the first well is expected to spud in early November.

“With positive cash flow and a clear investment plan we believe that PetroLatina is now firmly on track to achieve success in the near future through both increased production and reserves. Our cost saving initiatives introduced in the first half are delivering and should have a material impact on the full year performance.”

Enquiries:

PetroLatina Energy Plc
Juan Carlos Rodriguez, Chief Executive Officer Tel: +57 1627 8435
Pawan Sharma, Executive Vice President - Corporate Affairs Tel: +44 (0)207 956 2820

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

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


A copy of PetroLatina’s interim financial statements is available from the Company’s registered office at No. 1 Liverpool Street, Suite 219, London EC2M 7QD, registered company number 05173588 and is also available for download from the Company’s website at www.petrolatinaenergy.com.

Download Full Press Release

News Archive:

« Prev |4 5 6 7 8 9 10 11 12 13 | Next »
10.09.10  Director’s Dealing
PetroLatina Energy Plc (“PetroLatina” or the “Company”) Director’s Dealing PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, was notified on 8...
Read ››

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,...
Read ››

04.08.10  Operational Update
PetroLatina Energy Plc (“PetroLatina” or the “Company”) Operational Update PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, is pleased to...
Read ››

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,...
Read ››

23.07.10  Placing to raise US$8.5 million and Issue of Interest Shares
PetroLatina Energy Plc (“PetroLatina” or the “Company”) Placing to raise US$8.5 million and Issue of Interest Shares PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company...
Read ››

01.07.10  Update re Colon-3 and Querubin-1 wells
PetroLatina Energy Plc (“PetroLatina” or the “Company”) Update re Colon-3 and Querubin-1 wells Colon-3 well sidetrack confirms presence of deeper channel sand PetroLatina (AIM: PELE), the independent oil and gas...
Read ››

30.06.10  Result of 2010 Annual General Meeting
PetroLatina Energy Plc (“PetroLatina” or the “Company”) Result of 2010 Annual General Meeting PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America,...
Read ››

25.06.10  Award of Exploration Blocks
PetroLatina Energy Plc (“PetroLatina” or the “Company”) Award of Exploration Blocks Successful bids for two blocks in the recent Colombian licencing round PetroLatina (AIM: PELE), the independent oil and gas...
Read ››

08.06.10  Notice of Annual General Meeting
PetroLatina Energy Plc (“PetroLatina” or the “Company”) Notice of Annual General Meeting PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America,...
Read ››

07.06.10  Update re La Paloma field
PetroLatina Energy Plc (“PetroLatina” or the “Company”) Update re La Paloma field Colon-3 well drilled and Colon-1 and Colon-2 pump installation PetroLatina (AIM: PELE), the independent oil and gas exploration,...
Read ››

Subscribe:

Add your email address below to get regular email news from PetroLatina Energy:




Unsubscribe