PELE Petrolatina

 

TIDMPELE 
 
RNS Number : 6138W 
Petrolatina Energy PLC 
31 July 2009 
 

31 July 2009 
 
PetroLatina Energy Plc 
("PetroLatina" or the "Company") 
 
 
Update re Chuira-1 Exploration Well and Issue of Equity 
PetroLatina (AIM: PELE), an independent oil and gas exploration, development and 
production company, focused on Latin America, is pleased to provide the 
following operational update in respect of its Chuira-1 exploration well and 
details of an issue of new ordinary shares to Tribeca Oil and Gas Financing Inc. 
("TOGF"), a subsidiary of existing substantial shareholder Tribeca Oil & Gas, 
Inc. ("TOGI"), following the exercise of warrants and to satisfy interest 
payable in respect of its holding of convertible loan notes. 
 
 
Chuira-1 Exploration Well 
 
 
Further to the announcement of 17 June 2009, drilling of PetroLatina's Chuira-1 
exploration well on the Midas block has now been completed to a total depth of 
8,315 feet. As anticipated, the primary target, the La Luna limestone was 
encountered at approximately 7,778 feet with casing being set above it at 
approximately 7,500 feet and a 7 inch liner set through the La Luna limestone to 
a depth of 8,251 feet. Logging of the well was completed and based on the log 
and sample evidence oil pay exists in the La Luna section. The well has been 
completed and preliminary testing of the well has now commenced. Preliminary 
test results are expected to be available for release in mid to late August 
2009. 
 
 
The Company's sixth well in its ongoing drill programme, Colon-2, an appraisal 
well located 450 metres north of the Colon 1 discovery well on the adjacent La 
Paloma block, has recently been spudded and is currently at a depth of 
approximately 3,000 feet, drilling towards its targeted total depth of 9,200 
feet. 
 
 
Issue of Equity 
 
 
PetroLatina has yesterday issued and allotted (credited as fully paid) 1,226,329 
new ordinary shares of US$0.10 par value each (the "Warrant Shares") to TOGF 
following the exercise of warrants held by it pursuant to an agreement dated 21 
January 2009. The exercise price of US$300,000 payable by TOGF to the Company in 
respect of the warrant exercise has been set off in full against the arrangement 
fee owed by the Company to TOGF pursuant to the convertible loan note issue 
announced on 21 January 2009. 
 
 
In addition, the Company has yesterday issued and allotted (credited as fully 
paid) a further 435,376 new ordinary shares of US$0.10 par value each (the 
"Interest Shares") to TOGF in satisfaction of the first six monthly interest 
installment to 21 July 2009 due in respect of the initial tranche of US$4.875 
million convertible loan notes subscribed by TOGF on 21 January 2009. 
Accordingly, TOGF has yesterday been allotted, in aggregate, 1,661,705 new 
ordinary shares. 
 
 
The Warrant Shares and Interest Shares will rank pari passu in all respects with 
the Company's existing ordinary shares and application will be made to the 
London Stock Exchange for these new ordinary shares to be admitted to trading on 
AIM. Admission is expected to become effective and dealings in the Warrant 
Shares and Interest Shares are expected to commence at 8.00 a.m. on Wednesday 
5 August 2009. The Company's issued ordinary share capital will consist of 
45,550,274 ordinary shares of US$0.10 each 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 45,550,274 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 Warrant Shares and Interest Shares, 
TOGI and its related companies now hold, in aggregate, 17,022,704 ordinary 
shares, representing approximately 37.37 per cent. of the Company's enlarged 
issued share capital and warrants over a further 1,875,260 ordinary shares which 
are automatically exercisable if, and to the extent that, any exercise of the 
Company's other existing outstanding 3,482,625 warrants occurs. In addition, 
TOGF currently holds an aggregate principal amount of US$11.165 million of 
convertible 12 per cent. loan notes due 2011. 
 
 
Enquiries: 
 
 
+-------------------------------------------------------+------------------------+ 
| PetroLatina Energy Plc                                | Tel: +57 1627 8435     | 
| Juan Carlos Rodriguez, Chief Executive Officer        |                        | 
+-------------------------------------------------------+------------------------+ 
| Pawan Sharma, Executive Vice President - Corporate    | Tel: +44 (0)20 7956    | 
| Affairs                                               | 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). 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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