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.
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