PELE Petrolatina

RNS Number:8924G
Petrolatina Energy PLC
02 November 2007

2 November 2007

                             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
Company's 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 May's 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 Rudolph's action to reduce costs and close the London corporate
office, the Company's 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 Carlos's 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 PetroLatina's relationships with the country's
authorities and the Company's 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.






James May



James Joseph May (58) has extensive experience of working with natural resource
companies and is currently a Director of AIM-listed TomCo Energy Plc. He has
also served previously as Finance Director of AIM listed London & Boston
Investments Plc and as a non-executive Director of AIM listed Croma Group Plc.
Mr May is also currently a principal of a boutique chartered accountancy
practice, focusing on advising companies on finance raising, mergers and
acquisitions, business strategies and entry onto the OFEX and AIM markets, in
addition to providing general accountancy, tax and audit services. He was
previously a Senior Partner at Horwath Clark Whitehill, a UK accountancy firm,
for 17 years, including 8 years on the Managing Board.  Mr May qualified as a
chartered accountant in 1974.



Greg Smith, Chairman and Founder of PetroLatina, said:



"I am pleased to welcome Juan Carlos to the Board as Chief Executive and look
forward to reporting positively on the continuing negotiations regarding
Tisquirama very shortly.



"I believe that PetroLatina has tremendous potential and value.  We have
substantial proved, probable and possible reserves, with a firm plan to increase
volume through our pipeline and  develop and commercialise the reserves.
PetroLatina remains a cash flow positive business and is financially secure.



"I am also delighted to welcome James to the Board of PetroLatina and believe
that we are now in good shape to realise the Company's potential and to start
delivering value to shareholders."



Enquiries:


Greg Smith                    Executive Chairman            07717 880923
Ben Brewerton                 Financial Dynamics            020 7831 3113
Jonathan Wright               Seymour Pierce                020 7107 8000







James May is currently a Director of the following companies:



Coolcharm Gold Mining Co Ltd

Falcon Media Services Ltd

Int'l Entrepreneurs Academic Forum Ltd

Major Broadcasting Corp Ltd

TomCo Energy Plc (Isle of Man)

The Genesis Initiative Ltd

The Lisa May Memorial Fund Ltd

The Small Business Bureau Ltd

Denholm's Noni Juice Ltd

TV One (Europe) Ltd

Media World Networks Ltd

Enterprise 24/7 Ltd

The Time Traveller Company Ltd

International Consolidated Minerals Inc (Cayman Islands)

K&M Financial Group Ltd

K&M China Ltd

K&M India Ltd

K&M Russia Ltd

Southbank UK Plc (Channel Islands)

Platinum Coal Resources Inc. (Cayman Islands)



Mr May has held the following directorships within the past five years:



Albion Plaza Ltd

Association of Personal Property Searches Limited

Audiotel International Ltd

Audiotel (UK) Ltd

L&Bi Holding Ltd

London & Boston Investments plc

Moore & Buckle (Flexible Packaging) Limited

Patersons Financial Services Ltd

PSG Franchising Ltd

Rochdale Development Co Ltd

Security Research Ltd

PSG Marketing Ltd

Netcentric Technology Ltd

Netcentric Ltd

Manx Properties (Bristol) Ltd

Denbrae Estates Ltd

Options (London) Ltd

Opulus Resources (UK) Ltd

PSG Financial Services Ltd

Creative Real Estate Asset Management Ltd

MSSware Ltd

Croma Group Plc

Eurocity (Crawley) Ltd

Ground Rent Opportunities Ltd

GRO Properties Ltd

Residence Suite Developments Ltd

Options Human Resources Ltd

Aerodynamic Recycling Technology Corp Ltd

Stocken Stone & Partners Ltd

Healthcare Enterprise Group Plc

Netcentric Solutions Ltd

Stoneburn Ltd

Lioncrest Properties Ltd

Lemons Ltd

Manx (Central) Ltd





Juan Carlos Rodriguez is currently a Director of the following companies:



Petroleos Del Norte



Mr  Rodriguez has held the following directorships within the past five years:



Fosfonorte Mining

Distasa Power transmission

Teleorinoquia Telkecommunications Company



There are no further disclosures required to be made pursuant to schedule 2
paragraph (g) of the AIM Rules.










                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

BOAGLBDBUUGGGRD

Petrolatina Energy (LSE:PELE)
Historical Stock Chart
From Jul 2024 to Jul 2024

Petrolatina Energy (LSE:PELE)
Historical Stock Chart
From Jul 2023 to Jul 2024