Petrolatina Energy Share Discussion Threads

[cash rich asset poor] 08/6/2011 17:16

ghhghh,

Same thoughts as me. Where did that rumour come from last month about RRL acquiring PELE?

[cash rich asset poor] 08/6/2011 17:15

De-listing? Asset sale? Sale of company?

"Despite announcing increased production last year and, more recently, in the first quarter of the current financial year and the acquisition of the VMM-28 block in the Middle Magdalena basin, there has been no corresponding increase in the Company's market capitalisation. Accordingly, we are currently in the process of reviewing and evaluating strategic alternatives for the further development of the Company with the objective of maximising shareholder value."

[ghhghh] 08/6/2011 17:11

Despite announcing increased production last year and, more recently, in the first quarter of the current financial year and the acquisition of the VMM-28 block in the Middle Magdalena basin, there has been no corresponding increase in the Company's market capitalisation. Accordingly, we are currently in the process of reviewing and evaluating strategic alternatives for the further development of the Company with the objective of maximising shareholder value

Possible takeover?

However dodgy looking balance sheet and, bit like Ascent, they never seem to achieve much despite loads of optimism.

[topinfo] 08/6/2011 16:57

Key Highlights for me.
$280 million=166p per share roughly against 28p share price!
Cash $10 million

Gross production for the year increased by 35 per cent. to 660,137 (2009: 489,159) bbls, at an average daily gross production rate of 1,809 (2009: 1,340) bopd


Revenues increased by 46 per cent. to US$20.1m (2009: US$13.8m)

Based upon the average oil price received in 2010 and as adjusted to actual prices received for each property, Ryder Scott Company, L.P. provided an NPV10 figure for the Company's 3P reserves of US$280.6m (30 November 2009: US$247m)

"I am pleased to report on another year of progress for PetroLatina. During the year we have consolidated our position as a leading operator in Colombia, with one of the largest acreages in the Middle Magdalena Valley, increasing both production and revenue.

Our decision to continue to focus our efforts on the development of our Colombian assets has proved successful - the country is now generally considered to be amongst the fastest growing and most stable in the region."

[lr2] 08/6/2011 16:53

Losses increased by 45%. Think you have a point there Ngms27.

[ngms27] 08/6/2011 16:49

Note the comments about requiring funding....

Not nice at all!

[topinfo] 08/6/2011 16:49

Gross production for the year increased by 35 per cent. to 660,137 (2009: 489,159) bbls, at an average daily gross production rate of 1,809 (2009: 1,340) bopd


Revenues increased by 46 per cent. to US$20.1m (2009: US$13.8m)

Based upon the average oil price received in 2010 and as adjusted to actual prices received for each property, Ryder Scott Company, L.P. provided an NPV10 figure for the Company's 3P reserves of US$280.6m (30 November 2009: US$247m)

[gray1107] 08/6/2011 16:41

Nine well program coming;

---------------------------------------------------------------------------------------
Current and Future Work Programme

With the Company now focused on accelerating the development drilling of its much larger Magdalena Valley and Putumayo-4 properties, the number of personnel in our Colombian office has been increased. Activities during 2010 have established a strong foundation from which to reconvene and accelerate our drilling programme.

We continue to pursue our strategy of maximising the potential of our asset portfolio and, subject to securing the requisite full funding, our proposed work programme for the remainder of 2011 and 2012 includes:

•At Midas
o Exploration activities involving the acquisition of 78km2 of 3D seismic data and the drilling of one exploratory well.
o Development activities involving the reprocessing of 3D seismic data and the seismic attributes relating to Midas Norte, drilling of the Chuira-2 development well, reprocessing of 3D seismic data and the seismic attributes relating to Midas Sur, and the drilling of the Zoe-2 development well.
•At La Paloma
o Exploration activities comprising the drilling of one exploratory well.
o Development activitiescomprising drilling of the Colon-4 and Colon-5 development wells.
•At Putumayo
o Exploration activities involving completing the acquisition of an initial 103km of 2D seismic data followed by an additional 48km of 2D seismic data and the drilling of one exploratory well.
•At VMM-28
o Acquiring 2D seismic data.
o The drilling of one exploratory well.
•At Tisquirama Association Contract - Tisquirama B
o Conducting simulation studies on the Los Angeles field and the drilling of one exploratory well (Tronos-1).
•At Tisquirama Association Contract - Tisquirama A
o Conducting simulation studies on the Santa Lucia field.

We look forward to delivering further progress and significantly improved results to shareholders in 2011 and beyond.

[topinfo] 08/6/2011 16:32

Nice results out just before close, should bounce now from this oversold level!!

Final Results

TIDMPELE

RNS Number : 1076I

Petrolatina Energy PLC

08 June 2011

8 June 2011

PetroLatina Energy Plc

("PetroLatina", "PELE" or the "Company")

Final Results for the year ended 31 December 2010

PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, announces its audited final results for the year ended 31 December 2010.

Operational Highlights:

-- Continuation of ongoing drilling campaign: 3 new wells drilled (Querubin-1, Chuira-1, Colon-3ST)

-- Completed the Zoe-1 exploration well which is currently producing at a stable rate of 42 bopd of 23 degree API oil

-- Gross production for the year increased by 35 per cent. to 660,137 (2009: 489,159) bbls, at an average daily gross production rate of 1,809 (2009: 1,340) bopd

-- Net production for the year increased by 25.5 per cent. to 292,694 (2009: 233,285) bbls, at an average daily net production rate of 802 (2009: 639) bopd

-- Petrophysical and field performance studies and resulting reservoir simulation exercises commissioned on the Los Angeles and Santa Lucia fields

-- High resolution seismic reinterpretation commissioned from Arcis Seismic Solutions on the Colon field

-- Seismic reprocessing, fault orientation and density analysis and formation fluid study commissioned from Landocean Energy Services Inc. on the Chuira discovery

Financial Highlights:

-- Revenues increased by 46 per cent. to US$20.1m (2009: US$13.8m)

-- Gross underlying profits (before depreciation and impairment charges) increased to US$10.8m (2009: US$10.1m)

-- Underlying EBITDA generation of US$3.1m (2009: US$5.25m)

-- Loss after tax of US$27.6m (2009: US$12.5m)

-- Loss per share of US$0.43 (2009: US$0.28)

-- Cash and cash equivalents (including term deposits) of US$10m (2009: US$4.9m)

-- Successfully raised, in aggregate, US$25m in new equity from management, existing shareholders and senior lenders to the Company in July/August 2010

-- Entered into a Senior Secured Debt Facility of up to US$75m with Macquarie Bank Limited ("Macquarie"), of which an initial tranche of US$25m was made available and drawndown at completion in March 2010

Post Balance Sheet Events:

-- Announced initial production flow rates of 5.5MMscf/d in respect of a 6 month extended test of the Serafin-1 gas well (50 per cent. working interest and operator, which reduces to 25 per cent. if Ecopetrol S.A. back-in, and after PELE has recovered 200 per cent. of its capex incurred to date from revenues.)

-- Announced an updated independent assessment of the Company's reserves, future production and income attributable to its concessions in Colombia as at 31 December 2010

o Based upon the average oil price received in 2010 and as adjusted to actual prices received for each property, Ryder Scott Company, L.P. provided an NPV10 figure for the Company's 3P reserves of US$280.6m (30 November 2009: US$247m)

-- US$4.875m first tranche of the loan notes held by Tribeca Oil and Gas Financing, Inc. ("TOGF"), a subsidiary of existing substantial shareholder Tribeca Oil & Gas Inc. (a portfolio investment company of Tribeca Asset Management Inc ("Tribeca")), a Colombian private equity firm, converted in full into equity

Outlook:

-- Well positioned to resume development drilling in a more effective and lower risk manner

-- Prospect of strong short term cash flow generation and economic returns from the potential further development of the Serafin field:

o High probability of further gas deposits on the licence area

o Studies underway utilising existing 3D seismic coverage to identify further drillable prospects

Luc Gerard, Executive Chairman of PetroLatina, commented:

"I am pleased to report on another year of progress for PetroLatina. During the year we have consolidated our position as a leading operator in Colombia, with one of the largest acreages in the Middle Magdalena Valley, increasing both production and revenue.

Our decision to continue to focus our efforts on the development of our Colombian assets has proved successful - the country is now generally considered to be amongst the fastest growing and most stable in the region."

Enquiries:

[topinfo] 08/6/2011 16:31

Nice results out just before close, should bounce now from this oversold level!!

Final Results

TIDMPELE

RNS Number : 1076I

Petrolatina Energy PLC

08 June 2011

8 June 2011

PetroLatina Energy Plc

("PetroLatina", "PELE" or the "Company")

Final Results for the year ended 31 December 2010

PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, announces its audited final results for the year ended 31 December 2010.

Operational Highlights:

-- Continuation of ongoing drilling campaign: 3 new wells drilled (Querubin-1, Chuira-1, Colon-3ST)

-- Completed the Zoe-1 exploration well which is currently producing at a stable rate of 42 bopd of 23 degree API oil

-- Gross production for the year increased by 35 per cent. to 660,137 (2009: 489,159) bbls, at an average daily gross production rate of 1,809 (2009: 1,340) bopd

-- Net production for the year increased by 25.5 per cent. to 292,694 (2009: 233,285) bbls, at an average daily net production rate of 802 (2009: 639) bopd

-- Petrophysical and field performance studies and resulting reservoir simulation exercises commissioned on the Los Angeles and Santa Lucia fields

-- High resolution seismic reinterpretation commissioned from Arcis Seismic Solutions on the Colon field

-- Seismic reprocessing, fault orientation and density analysis and formation fluid study commissioned from Landocean Energy Services Inc. on the Chuira discovery

Financial Highlights:

-- Revenues increased by 46 per cent. to US$20.1m (2009: US$13.8m)

-- Gross underlying profits (before depreciation and impairment charges) increased to US$10.8m (2009: US$10.1m)

-- Underlying EBITDA generation of US$3.1m (2009: US$5.25m)

-- Loss after tax of US$27.6m (2009: US$12.5m)

-- Loss per share of US$0.43 (2009: US$0.28)

-- Cash and cash equivalents (including term deposits) of US$10m (2009: US$4.9m)

-- Successfully raised, in aggregate, US$25m in new equity from management, existing shareholders and senior lenders to the Company in July/August 2010

-- Entered into a Senior Secured Debt Facility of up to US$75m with Macquarie Bank Limited ("Macquarie"), of which an initial tranche of US$25m was made available and drawndown at completion in March 2010

Post Balance Sheet Events:

-- Announced initial production flow rates of 5.5MMscf/d in respect of a 6 month extended test of the Serafin-1 gas well (50 per cent. working interest and operator, which reduces to 25 per cent. if Ecopetrol S.A. back-in, and after PELE has recovered 200 per cent. of its capex incurred to date from revenues.)

-- Announced an updated independent assessment of the Company's reserves, future production and income attributable to its concessions in Colombia as at 31 December 2010

o Based upon the average oil price received in 2010 and as adjusted to actual prices received for each property, Ryder Scott Company, L.P. provided an NPV10 figure for the Company's 3P reserves of US$280.6m (30 November 2009: US$247m)

-- US$4.875m first tranche of the loan notes held by Tribeca Oil and Gas Financing, Inc. ("TOGF"), a subsidiary of existing substantial shareholder Tribeca Oil & Gas Inc. (a portfolio investment company of Tribeca Asset Management Inc ("Tribeca")), a Colombian private equity firm, converted in full into equity

Outlook:

-- Well positioned to resume development drilling in a more effective and lower risk manner

-- Prospect of strong short term cash flow generation and economic returns from the potential further development of the Serafin field:

o High probability of further gas deposits on the licence area

o Studies underway utilising existing 3D seismic coverage to identify further drillable prospects

Luc Gerard, Executive Chairman of PetroLatina, commented:

"I am pleased to report on another year of progress for PetroLatina. During the year we have consolidated our position as a leading operator in Colombia, with one of the largest acreages in the Middle Magdalena Valley, increasing both production and revenue.

Our decision to continue to focus our efforts on the development of our Colombian assets has proved successful - the country is now generally considered to be amongst the fastest growing and most stable in the region."

Enquiries:

[christh] 07/6/2011 14:26

Don777,
Nice meeting you at the oilbarrel.com
I spoke to Max ceo thoroughly and they are good, down to earth people.

The one thing that I liked is that they are increasing the output next quarter to 3,800 barrels a day.
That will increase the revenue of the company,significantly.
At the current level of $103 per barrel then the share price should move
considerably


IDo your research before you invest.You must be prepared to the ups and downs of the market.This is a long term investment.

regards

this is my thread

[don777] 31/5/2011 18:10

they will announce the AR after the second tranch loan convert into shares in June, so the balance sheet will be looked better, IMHO.

this converting RNS is also a good chance to top up, as market treats it as a negetive news.

[luminoso] 31/5/2011 12:00

Any set of results would be nice. Bit late aren't they ?

[robsbell] 26/5/2011 12:53

A great set of results would be nice!

[luminoso] 26/5/2011 12:10

Normally does leak. But normally spikes more dramatically than this when news is leaking.

[don777] 26/5/2011 11:45

it's very unusual for PELE to have this kind of trade volume without any news.

some thing leeking?

[don777] 19/5/2011 11:45

have a new COO to start the new drilling camp now.

[the_boy_plunger] 19/5/2011 10:15

damn Topinfo.........we will have to stop bumping into each other like this.......

[topinfo] 19/5/2011 09:55

Is this going to be the start of the bounce at PELE. I dont suppose the appointment could be any better and he must see real value in PELE, coming from BP.

[rizzzla] 19/5/2011 09:54

probably a good time to buy in

and have rightly done so

[topinfo] 19/5/2011 09:52

Nice appointment, from BP!!!

[topinfo] 19/5/2011 09:46

DJ Petrolatina Energy PLC Appointment of Chief Operating Officer

TIDMPELE

RNS Number : 9102G

Petrolatina Energy PLC

19 May 2011

Thursday 19 May 2011

PetroLatina Energy Plc

("PetroLatina" or the "Company")

Appointment of Chief Operating Officer

Over 20 years industry experience including 14 at BP and experience in Colombia

PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, is pleased to announce the appointment of Mr. Luis Guillermo Acosta as Chief Operating Officer of the Company.

Luis Guillermo, aged 44,is a petroleum engineer with over 22 years experience in the oil and gas industry in Colombia and overseas, including 14 years with BP plc in the UK, Colombia and most recently, Houston. Luis Guillermo's expertise will be invaluable in the ongoing development of the Company'soil and gas assets in Colombia. Based in Bogota, Luis Guillermo will be responsible for the day-to-day management the Company'sassets and will report directly to Juan Carlos Rodriguez, CEO, and the Board of Directors.

Luis Guillermo's oil & gas industry career began when he joined Occidental Petroleum in Bogota as a Petroleum Engineering Apprentice in 1989. He then worked for Schlumberger Canada for over 2 years before joining BP plc as a Completions Engineer in Bogota in 1996. Over subsequent years, he assumed increasingly senior production engineering and completion engineering roles within various BP operating divisions in the UK, Colombia and most recently Houston, where he was responsible for leading a high impact subsea project that involved operational expenditure of US$1 billion and capital expenditure of some US$300 million.

A Colombian citizen, Luis Guillermo holds a Bachelor of Science degree in Petroleum Engineering from the Universidad de America in Bogota, and a Master of Science degree in Petroleum Engineering,from the University of Alberta, Canada. He is a Professional Member (P.Eng.), of APEGGA, Alberta, Canada,and a Professional Engineer, ACIPET, Asociacion Colombiana de Ingenieros de Petroleos, Bogota, Colombia.

Commenting on the appointment, Luc Gerard, Executive Chairmanof PetroLatina, said:

"Weare delighted to welcome Luis Guillermo to the team. He brings proven technical expertise and international project development experience, particularly in bringing complex projects into production. His experience and operational expertise will be invaluable at a time when we wish to accelerate our ongoing exploration and development programme and fully develop our existing assets. Luis Guillermo will greatly complement the existing skills of PetroLatina's operational team and ensure that the Company has the required capabilities to support the longer term objective of value added production."

Enquiries:

PetroLatina Energy Plc Tel: [phone]
Juan Carlos Rodriguez, Chief Executive Officer
Pawan Sharma, Executive Vice President - Corporate Tel: [phone]
Affairs 0081

Strand Hanson Limited
Simon Raggett/Matthew Chandler Tel: [phone]
3494

Evolution Securities Limited
Chris Sim/Adam James Tel: [phone]
4304

Financial Dynamics
Ben Brewerton/Susan Quigley Tel: [phone]
3113

This information is provided by RNS

The company news service from the London Stock Exchange

[duncandisorderly] 13/5/2011 15:51

I've been very disappointed with this stock and will hold.
I've put money to one side for a top up if the drift continues as the fundamentals are good but management are a little slack on news flow.

[luminoso] 13/5/2011 12:13

Both fairly cheap, optriyio, IMO. I am waiting longer on LOGP as drift down may continue, whereas hopefully bounce has started here. All IMO and DYOR, of course.
Neither are the next SER, though IMO ! I wish.