Petrolatina Energy Share Discussion Threads

[patersdw] 14/4/2011 10:34

If we subtract the Serafin gas bboe from Q1s total it looks like all other production has faded slightly to ca 907bbl net/day, but that's hardly a surprise - we know that the La Paloma wells have a sharpish production decay curve, which is why they need to keep popping holes to even sustain production. Nevertheless, Serafin adds ca 458 bbl net/day which is very worthwhile. Sales contribution from that gas, which I assume is near enough all profit, is ca $23.4K/day or $2.13M/Quarter.

Scott Ryder reserves update does seem to be taking rather a long time in coming forward. Disappointed with that.

Will get more interested whan they start drilling again - all a bit moribund at the moment, sadly.

[cerrito] 14/4/2011 09:33

To a casual reader a good set of results and with the much higher oil prices one would have thought that the share price would have had a good increase up.
No reaction which is not terribly surprising because in some ways the RNS raises more questions than it answers.
Net production seems to have flatlined between the July/October period 2010 and the first quarter of 2011.
I derive these figures by comparing H1 2010 net production with the figures given for the first ten months of the year in the November 22 RNS. Indeed net production last year seems to have been quite volatile; 805k in the first quarter, 715 in the second and 1005 odd in the next four months. Interesting that we have not been given information on the last two months of 2010.
Serafin does seem to be transforming; if we say that the 7359 net production has been done in 20 days that works out to 367 per day. Anyone have a feel if they are getting a good price for this gas?
Where questions arise is in comments on resumption of development drilling and the independent reserves report.
On the latter point we are now told this quarter; on Nov 22 we were told by end of year 2010 an expectation mentioned in the Sept 29 Interim report.
I was interested in today's comment on resumption that development drilling was going to be resumed implying that it had been curtailed. Somehow I had missed similar language in the Nov 22 RNS. I re read the outlook statement in the interims published Sept 29 and paid more attention now to the rather oblique language about their cash flow requirements and noted that they did have commitments under the MBL agreement to do development drilling-something that was not mentioned in the March 9 2010 announcement of the MBL deal.(Incidentally never heard before of the linear amortisation schedule but now see it is the new name for straight line).
Would appreciate any comments people may have.

[liquid millionaire] 14/4/2011 07:50

Juan Carlos Rodriguez, Chief Executive of PetroLatina, commented:



"Our first quarter average production rates and the initial results to date from the Serafin-1 gas well have been very encouraging and in line with our expectations. We continue to pursue our strategy of seeking to increase production and reserves and expect to resume our development drilling in a more effective and low risk manner later this year."

[liquid millionaire] 14/4/2011 07:50

Juan Carlos Rodriguez, Chief Executive of PetroLatina, commented:



"Our first quarter average production rates and the initial results to date from the Serafin-1 gas well have been very encouraging and in line with our expectations. We continue to pursue our strategy of seeking to increase production and reserves and expect to resume our development drilling in a more effective and low risk manner later this year."

[liquid millionaire] 14/4/2011 07:50

Juan Carlos Rodriguez, Chief Executive of PetroLatina, commented:



"Our first quarter average production rates and the initial results to date from the Serafin-1 gas well have been very encouraging and in line with our expectations. We continue to pursue our strategy of seeking to increase production and reserves and expect to resume our development drilling in a more effective and low risk manner later this year."

[liquid millionaire] 14/4/2011 07:45

Thursday 14 April, 2011Petrolatina Energy
First Quarter Production Update
RNS Number : 8832E
Petrolatina Energy PLC
14 April 2011



14 April 2011



PetroLatina Energy Plc

("PetroLatina" or the "Company")



First Quarter Production Update



PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, announces a production update in respect of the first quarter of 2011.



The Company achieved total gross production from its Tisquirama, La Paloma and Midas licence blocks located in the Middle Magdelana Valley, Colombia, in the three months to 31 March 2011 of 193,790 barrels of oil ("bbls") (2010 equivalent period: 155,323 bbls) and total net production of 90,536 bbls (2010 equivalent period: 72,465 bbls) at an average gross production rate of 2,154 barrels of oil per day ("bopd") (2010 equivalent period: 1,726 bopd) and an average net production rate of 1,006 bopd (2010 equivalent period: 805 bopd).



As announced previously, the Serafin-1 gas well located in the Company's Tisquirama licence block is currently on an extended 6 month production test at a flow rate of 5.5 MMscf/d of gas and a well pressure of 1,850 pounds per square inch ("psi"). The well has, during the test period to date, achieved total gross production of 95.98 MMscf of gas (15,997 barrels of oil equivalent ("boe")) and total net production of 44.15MMscf (7,359 boe). Gas produced during the 6 month extended test period is being sold to Ecopetrol S.A. at 90% of the regulated price for Texaco for Barranca-Ballena's gas (as regulated by CREG, the Regulatory Commission of Energy and Gas of Colombia). The regulated price is currently $4.2562/million British thermal unit ("BTU"). The Serafin-1 well is jointly owned by PetroLatina (50%) and PetroSantander Corporation (50%).



The Company expects to release the results of an updated independent reserves report commissioned from Ryder Scott Company, L.P. and various geological and petrophysical studies during the current quarter.





Juan Carlos Rodriguez, Chief Executive of PetroLatina, commented:



"Our first quarter average production rates and the initial results to date from the Serafin-1 gas well have been very encouraging and in line with our expectations. We continue to pursue our strategy of seeking to increase production and reserves and expect to resume our development drilling in a more effective and low risk manner later this year."



Mr Menno Wiebe, a Non-executive director of the Company, has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. Mr Wiebe is a Petroleum Geologist and has been a Member of the American Association of Petroleum Geologists for more than 30 years and a Member of the Geological Society for more than 7 years.





Enquiries:



PetroLatina Energy Plc

Juan Carlos Rodriguez, Chief Executive Officer


Tel: [phone]

Pawan Sharma, Executive Vice President - Corporate Affairs
Tel: [phone]






Strand Hanson Limited



Simon Raggett / Matthew Chandler
Tel: [phone]






Evolution Securities Limited



Chris Sim
Tel: [phone]






Financial Dynamics



Ben Brewerton / Susan Quigley
Tel: [phone]











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

[liquid millionaire] 14/4/2011 07:45

Thursday 14 April, 2011Petrolatina Energy
First Quarter Production Update
RNS Number : 8832E
Petrolatina Energy PLC
14 April 2011



14 April 2011



PetroLatina Energy Plc

("PetroLatina" or the "Company")



First Quarter Production Update



PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, announces a production update in respect of the first quarter of 2011.



The Company achieved total gross production from its Tisquirama, La Paloma and Midas licence blocks located in the Middle Magdelana Valley, Colombia, in the three months to 31 March 2011 of 193,790 barrels of oil ("bbls") (2010 equivalent period: 155,323 bbls) and total net production of 90,536 bbls (2010 equivalent period: 72,465 bbls) at an average gross production rate of 2,154 barrels of oil per day ("bopd") (2010 equivalent period: 1,726 bopd) and an average net production rate of 1,006 bopd (2010 equivalent period: 805 bopd).



As announced previously, the Serafin-1 gas well located in the Company's Tisquirama licence block is currently on an extended 6 month production test at a flow rate of 5.5 MMscf/d of gas and a well pressure of 1,850 pounds per square inch ("psi"). The well has, during the test period to date, achieved total gross production of 95.98 MMscf of gas (15,997 barrels of oil equivalent ("boe")) and total net production of 44.15MMscf (7,359 boe). Gas produced during the 6 month extended test period is being sold to Ecopetrol S.A. at 90% of the regulated price for Texaco for Barranca-Ballena's gas (as regulated by CREG, the Regulatory Commission of Energy and Gas of Colombia). The regulated price is currently $4.2562/million British thermal unit ("BTU"). The Serafin-1 well is jointly owned by PetroLatina (50%) and PetroSantander Corporation (50%).



The Company expects to release the results of an updated independent reserves report commissioned from Ryder Scott Company, L.P. and various geological and petrophysical studies during the current quarter.





Juan Carlos Rodriguez, Chief Executive of PetroLatina, commented:



"Our first quarter average production rates and the initial results to date from the Serafin-1 gas well have been very encouraging and in line with our expectations. We continue to pursue our strategy of seeking to increase production and reserves and expect to resume our development drilling in a more effective and low risk manner later this year."



Mr Menno Wiebe, a Non-executive director of the Company, has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. Mr Wiebe is a Petroleum Geologist and has been a Member of the American Association of Petroleum Geologists for more than 30 years and a Member of the Geological Society for more than 7 years.





Enquiries:



PetroLatina Energy Plc

Juan Carlos Rodriguez, Chief Executive Officer


Tel: [phone]

Pawan Sharma, Executive Vice President - Corporate Affairs
Tel: [phone]






Strand Hanson Limited



Simon Raggett / Matthew Chandler
Tel: [phone]






Evolution Securities Limited



Chris Sim
Tel: [phone]






Financial Dynamics



Ben Brewerton / Susan Quigley
Tel: [phone]











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

[liquid millionaire] 14/4/2011 07:45

Thursday 14 April, 2011Petrolatina Energy
First Quarter Production Update
RNS Number : 8832E
Petrolatina Energy PLC
14 April 2011



14 April 2011



PetroLatina Energy Plc

("PetroLatina" or the "Company")



First Quarter Production Update



PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, announces a production update in respect of the first quarter of 2011.



The Company achieved total gross production from its Tisquirama, La Paloma and Midas licence blocks located in the Middle Magdelana Valley, Colombia, in the three months to 31 March 2011 of 193,790 barrels of oil ("bbls") (2010 equivalent period: 155,323 bbls) and total net production of 90,536 bbls (2010 equivalent period: 72,465 bbls) at an average gross production rate of 2,154 barrels of oil per day ("bopd") (2010 equivalent period: 1,726 bopd) and an average net production rate of 1,006 bopd (2010 equivalent period: 805 bopd).



As announced previously, the Serafin-1 gas well located in the Company's Tisquirama licence block is currently on an extended 6 month production test at a flow rate of 5.5 MMscf/d of gas and a well pressure of 1,850 pounds per square inch ("psi"). The well has, during the test period to date, achieved total gross production of 95.98 MMscf of gas (15,997 barrels of oil equivalent ("boe")) and total net production of 44.15MMscf (7,359 boe). Gas produced during the 6 month extended test period is being sold to Ecopetrol S.A. at 90% of the regulated price for Texaco for Barranca-Ballena's gas (as regulated by CREG, the Regulatory Commission of Energy and Gas of Colombia). The regulated price is currently $4.2562/million British thermal unit ("BTU"). The Serafin-1 well is jointly owned by PetroLatina (50%) and PetroSantander Corporation (50%).



The Company expects to release the results of an updated independent reserves report commissioned from Ryder Scott Company, L.P. and various geological and petrophysical studies during the current quarter.





Juan Carlos Rodriguez, Chief Executive of PetroLatina, commented:



"Our first quarter average production rates and the initial results to date from the Serafin-1 gas well have been very encouraging and in line with our expectations. We continue to pursue our strategy of seeking to increase production and reserves and expect to resume our development drilling in a more effective and low risk manner later this year."



Mr Menno Wiebe, a Non-executive director of the Company, has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. Mr Wiebe is a Petroleum Geologist and has been a Member of the American Association of Petroleum Geologists for more than 30 years and a Member of the Geological Society for more than 7 years.





Enquiries:



PetroLatina Energy Plc

Juan Carlos Rodriguez, Chief Executive Officer


Tel: [phone]

Pawan Sharma, Executive Vice President - Corporate Affairs
Tel: [phone]






Strand Hanson Limited



Simon Raggett / Matthew Chandler
Tel: [phone]






Evolution Securities Limited



Chris Sim
Tel: [phone]






Financial Dynamics



Ben Brewerton / Susan Quigley
Tel: [phone]











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

[fireplace22] 14/4/2011 07:24

Production update released.

[hastyretreat] 11/4/2011 21:17

Luminoso - referring to general performance not missed results. Been here a long time and petrolatina and profit are not two words I put together. Hopefully I will one day!

[luminoso] 11/4/2011 21:01

Woah ! Steady on. Just because they have not yet issued their results, they are now a toilet stock to be flushed away ? Take some Ritolin, lads, for that short attention span ! Who said the results were due now anyway ? Not Pele as far as I know. Anyone would think you needed to take a quick profit and move on.

[peterbill] 11/4/2011 20:16

They have ignored us small investors, perhaps thinking that we would all sell up and go away.

Something fishy ... ?

[hastyretreat] 11/4/2011 18:07

Couldn't agree more. The BOD here are woeful. They had a spell a year ago and then have gone downhill fast. Missed deadlines and poor investor relations. Been in my bottom drawer too long!

[duncandisorderly] 11/4/2011 11:11

Still waiting!

[duncandisorderly] 07/4/2011 12:48

So much for any type of results.

[duncandisorderly] 06/4/2011 21:23

perhaps we will be in for a nice surprise as the directors have been buying,but I doubt it

[luminoso] 06/4/2011 19:15

The effect of previous results on the share price has been pretty negative in recent years, so could we see a different effect this time. Has the market priced in a disappointing set of results ? Who knows ? I certainly don't.

[lespage] 06/4/2011 17:08

according to love it, results are out tomorrow?

[duncandisorderly] 06/4/2011 13:34

Did I hesr somewhere that we are waiting for results or something else?

[luminoso] 03/4/2011 21:26

duncandis/outfly

Thats exactly the question you do need to be answering - to yourself. Why did you invest in them ? Has the story really changed ? If not, then its all market noise and irrelevant and your investment is just as valid as it ever was.

[outfly] 31/3/2011 11:50

Same here.

[love it] 26/3/2011 13:38

Hear on the grape vine that results on the 7th of April. Given the last set combined to the last 6 months should be a great read.


Will top up before the crowd.