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).
|
|
 |
21.05.07 Operations Update
PetroLatina Energy Plc (“PetroLatina” or the “Company”) an independent oil and gas exploration, development and production company, focused on Latin America, is pleased to provide the following May 2007 operations update....
Read ››
03.05.07 Board Change
John (Jay) Scott has resigned as a Director of the Company effective 2nd May 2007. Jay has also stepped down from his position as Chief Operating Officer....
Read ››
19.04.07 Directors Shareholding
In accordance with Chapter 5 of the Financial Services Authority's Disclosure and Transparency Rules, the Company was informed on 19 April 2007 that Gregory Smith, a Director of the Company, is interested in 2,000,001 ordinary...
Read ››
23.03.07 Holding(s) in Company
The Company was informed on 20 March 2007 that Artemis Investment Management Limited is interested in 9,000,000 ordinary shares in the capital of the Company, representing 7.89 per cent of the entire issued ordinary share capital...
Read ››
22.03.07 Board Change
PetroLatina Energy Plc (AIM: PELE), an independent oil and gas
exploration, development and production company focused on
Latin America and currently producing 450 barrels of oil per
day, announces the following board...
Read ››
21.03.07 Holding(s) in Company
The Company was informed on 20 March 2007 that RAB Special Situations (Master) Fund Ltd is interested in 22,989,602 ordinary shares in the capital of the Company, representing 20.17 per cent of the entire issued ordinary share...
Read ››
13.03.07 Holding(s) in Company
The Company was informed on 12 March 2007 that Credit Suisse Securities (Europe) Limited is interested in 5,283,400 ordinary shares in the capital of the Company, representing 4.63 per cent of the entire issued ordinary share...
Read ››
12.03.07 APPOINTMENT OF CHIEF EXECUTIVE OFFICER
PetroLatina Energy Plc (“PetroLatina” or the “Company”) an independent oil and gas exploration, development and production company, focused on Latin America, is pleased to announce the appointment of Rudolph Berends as Chief...
Read ››
06.03.07 RESULTS OF TECHNICAL DATA ANALYSIS OF SERAFIN GAS WELL
Petrolatina Energy Plc (“PetroLatina” or the “Company”) an independent oil and gas exploration, development and production company, focused on Latin America, is pleased to provide the following technical data on Serafin well #1...
Read ››
26.02.07 Holding(s) in Company
The Company was informed today that FMR Corp (“FMR”) no longer has a notifiable interest in the share capital of the Company....
Read ››
Subscribe:
Add your email address below to get regular email news from PetroLatina Energy:
Unsubscribe
|
|
