02.11.07
Directorate Change and Corporate Update
PetroLatina Energy Plc ("PetroLatina" or the "Company")
Directorate Change and Corporate Update
PetroLatina, the oil and gas exploration and production company focused on Columbia, announces that Juan Carlos Rodriguez (46), currently President of the Companys Columbian subsidiary Petroleos del Norte (PDN), will become Interim Chief Executive Officer with immediate effect. He will be joined on the Board by James Joseph May (58) who has agreed to join the Company as a Non-Executive Director.
Juan Carlos has been President of PDN for several years and is an experienced oil and gas operator supported by an operational team of more than 40 people. He is also highly respected within the business community in Columbia.
James Mays appointment will give the Company a full-time UK resident Board member.
Rudolph Berends has resigned today as a Director of the Company effective immediately. Rudolph has also stepped down from his position as President and Chief Executive Officer with immediate effect. At the same time, James Guiang has resigned as a Non-executive Director.
The Board thanks Rudolph and James for their contributions to the Company and wishes them well in their future endeavours.
Corporate Update
Following Rudolphs action to reduce costs and close the London corporate office, the Companys focus has been on its cash generating assets in Columbia and, in particular, negotiations to agree the amount and structure of the second tranche of the PDN acquisition consideration, due upon extension of the Tisquirama licence.
The Board believes that this issue, and the ongoing development of the asset, is best achieved through its Columbian-based operational team. In addition, because of Juan Carloss experience of working in the region, the Board believes that he will be ideally placed to conclude negotiations to extend the Tisquirama licence and to strengthen PetroLatinas relationships with the countrys authorities and the Companys Columbian partners.
PetroLatina now expects to make quick progress with these negotiations and anticipates making further announcements regarding the extension of the Tisquirama licence; its planned drilling programme; and an updated production profile before the end of this month. The Company is also in detailed discussions to secure the financing required for the planned drilling and development. This facility will enable the Company to enter the second phase of the development programme in Columbia and increase cash flow dramatically. Further announcements regarding the financing will be made in due course...
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