Petrolatina Energy Share Discussion Threads

[monis] 27/10/2011 08:53

recent director buys were above 40p imo dyor.

[ngms27] 27/10/2011 08:51

Historically this has been a leaky ship. Almost certain news is on the way.

I'm going for a takeout with Tribeca sub 20p

[topinfo] 27/10/2011 08:49

Nice!!!!!!!!!!!!
15.66 paid

[rizzzla] 27/10/2011 08:49

maybe maybe not but im looking for a lot more than 20p once the shell approval goes through

[monis] 27/10/2011 08:48

could be...

[christianf12] 27/10/2011 08:46

Moves quick, over 20p tomorrow?

[monis] 27/10/2011 08:46

decent buying.

[monis] 27/10/2011 08:19

rising nicely again.

[monis] 27/10/2011 08:13

buying started again..

[rizzzla] 26/10/2011 17:47

well you have to start somewhere

not sure about the few traders that took a quick penny was worth it though

[monis] 26/10/2011 15:25

looks like the buying has started up again.

[monis] 26/10/2011 14:56

You would think there has to be something soon.

[cyfalafwr] 26/10/2011 14:54

This share seems finally to be waking up .RNS due perhaps on farmin?

[monis] 26/10/2011 14:50

We don't know, the farm out may still happen.

[cufes2] 26/10/2011 14:48

Quite possibly they have dropped too far . . . be interesting to see if this is the level of any fundraising as alluded to in the accounts . . .

[monis] 26/10/2011 14:44

cufe- Thanks for more details. I think they have still dropped too far of late imo.

[cufes2] 26/10/2011 14:39

They don't appear to have enough cash according to the last set of accounts . . .



Outlook

During the remainder of 2011 and 2012, we will continue to implement our strategy and its associated intensive capital investment programme, and expect to drill 2 exploratory wells and a further 3 development wells on the La Paloma field.

With the expected proceeds from the farm-out of our VMM-28 block and future anticipated revenues from the ongoing work programme, which should transform more of our oil reserves into producing assets, the Group is well placed to be able to fund part of its planned ongoing work programme. The Group does have certain development commitments and repayment obligations in respect of its credit facility with MBL which are due to commence in the fourth quarter of 2011. The repayment obligations will be satisfied from future cashflows, however the development commitments will require additional funds to be raised prior to the first quarter of 2012, or earlier if these works are accelerated and commenced prior to the fourth quarter of 2011 and funds from the recent farm-out of our VMM-28 block are delayed beyond the fourth quarter. The Directors remain confident that the Group's current and future exploration and near term production potential, which includes future anticipated revenues from the Colon, Querubin-1 and Serafin wells, together with the historic proven ability to raise additional funds when required, will enable the Group to fully finance its future working capital requirements beyond the period of 12 months of the date of this report.

Emphasis of matter - Going concern

In forming our conclusion, which is not modified, we have considered the adequacy of the disclosures made in note 1 of the interim financial statements for the six months ended 30 June 2011 concerning the Group's ability to continue as a going concern. Further funds will be required to finance the Group's entire planned work programme and development commitments.

The Group has development commitments and repayment obligations in respect of the credit facility with Macquarie Bank Limited which are due to commence in the fourth quarter of 2011. The Group expects the repayment obligations will be satisfied from future cash flows, however the development commitments will require additional funds to be raised prior to the first quarter of 2012, or earlier if these works are accelerated and commenced earlier. The Directors remain confident that the Group will be able to raise additional funds to enable it to fully finance its future working capital requirements beyond the period of 12 months of the date of this report. However, there can be no guarantee that the required funds will be raised within the necessary timeframe.

These conditions indicate the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern. The interim financial information does not include the adjustments that would result if the Group was unable to continue as a going concern.

[monis] 26/10/2011 14:36

another move up.

[monis] 26/10/2011 14:19

now 14.7p for 50,000

[monis] 26/10/2011 14:13

They also seem to have cash looking at last set of accounts imo.

[rizzzla] 26/10/2011 14:11

as i said monis its book price is around 25p

add on $15 million for the farm in

oppertunity knocks as hughie once said

[monis] 26/10/2011 14:10

The last director buy was over 40p and not that long ago.

[monis] 26/10/2011 14:03

they now want 14.2p for 10,000, still far too cheap imo.

[monis] 26/10/2011 14:00

Now it's moving, just dropped too far imo.