21.05.09
Final Results for the year ended 31 December 2008
PetroLatina Energy Plc
(“PetroLatina” or “the Company”)
Final Results for the year ended 31 December 2008
A period of restructuring to create the basis for future growth
PetroLatina (AIM: PELE), an independent oil and gas exploration, development and production company focused on Latin America, announces its audited final results for the year ended 31 December 2008.
Financial Highlights:
Revenues increased by approximately 10% to $7.8 million (2007: $7.1 million)
Gross profit increased significantly to $3.4 million (2007: $0.2 million)
Loss after tax reduced by 51% to $3.9 million (2007: $8.0 million)
Loss per share of $0.120 (2007: $0.345)
$25 million equity investment secured at 86 pence per share
Cash at year end of $2.7 million (2007: $3.5 million)
Operational Highlights:
New operationally focused management team established
First well in new six well minimum drilling programme spudded
Awarded the Putumayo-4 block in the Colombian licence bidding round ‘Mini-Ronda 2008’
Post Balance Sheet Events:
Subsidiary of an existing substantial shareholder subscribed for $4.875 million of secured convertible loan notes, with an option to subscribe for up to a further $5 million
First exploration well at La Paloma, Colon-1, proved successful. Production to commence in mid-2009 at an expected rate of approximately 1,200 bopd gross
Los Angeles-11 development well proved successful and commenced production at a rate of approximately 220 bopd
Los Angeles-12 development well drilled to 8,000ft (target depth 7,700ft) and currently being evaluated
RZA pipeline throughput rose significantly in the first quarter of 2009 averaging 4,041 bopd, a 33% increase over the prior year
Outlook:
Ongoing drill programme expected to significantly increase production, cash flow and reserves
First commercial gas sales from Serafin gas field expected to commence in Q4 2009
Anticipated continued increase in the RZA pipeline throughput
Drilling of at least a further 3 wells expected to have commenced by the year end bringing the total number of wells drilled in 2008-2009 campaign to 7.
Luc Gerard, Executive Chairman of PetroLatina, commented:
“PetroLatina’s ongoing drill programme has met with initial success and we are now firmly on track to deliver considerably increased production, cash flow and reserves in the near future. Our cost saving initiatives introduced in the year will have a material impact on future profitability and we are focused on delivering significantly improved results to shareholders in 2009 and beyond.”
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 7956 2821
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
Additional Information on PetroLatina Energy Plc:
PetroLatina Energy Plc (AIM: PELE), formerly known as Taghmen Energy Plc, was founded in 2004. The Company is presently focused on Colombia after the sale of its assets in Guatemala in which it retains a 20% interest in the first three wells and a 20% working interest in future wells. In Colombia, the Company currently holds 45% and 20% interests in the Los Angeles and Santa Lucía fields on the Tisquirama licence respectively, and a 100% interest in the Doña María field. In November 2007 the Company secured the extension of the Tisquirama licence for the economic life of the fields. In April 2006 the Group acquired an interest in two exploration blocks with an 85% interest in Midas and an 80% interest in La Paloma. 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. Further information is available on the Company’s website (www.petrolatinaenergy.com).
Availability of Annual Report and Financial Statements:
Copies of the Company’s full Annual Report and Financial Statements are expected to be posted to shareholders shortly and, once posted, will also be made available to download from the Company’s website at www.petrolatinaenergy.com.
The Annual Report and Financial Statements will also be made available for inspection at the Company’s registered office during normal business hours on any weekday. PetroLatina Energy Plc is registered in England and Wales with registered number 05173588. The registered office is at Suite 219, No. 1, Liverpool Street, London EC2M 7QD.
Annual General Meeting:
The Company’s next Annual General Meeting (“AGM”) will be held at 11.00 a.m. on 23 June 2009 at the offices of Strand Partners Limited, 26 Mount Row, London W1K 3SQ and a formal Notice of AGM will accompany the Annual Report and Financial Statements in due course.
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