PELE Petrolatina

 

TIDMPELE 
 
RNS Number : 8715P 
Petrolatina Energy PLC 
23 July 2010 
 

FOR IMMEDIATE RELEASE 
 
23 July 2010 
 
 
                            PetroLatina Energy Plc 
                        ("PetroLatina" or the "Company") 
 
          Placing to raise US$8.5 million and Issue of Interest Shares 
 
PetroLatina (AIM: PELE), the independent oil and gas exploration, development 
and production company focused on Latin America, announces that it has today 
agreed to place, in aggregate, 14,871,972 new ordinary shares of US$0.10 par 
value each ("Ordinary Shares") in the Company (the "Placing Shares") at a 
placing price of 37.57 pence per share (the "Placing Price") to raise 
approximately US$8.5 million (at the prevailing USD/GBP exchange rate), of which 
US$5.0 million gross has been subscribed by Tribeca Oil & Gas Inc. ("TOGI"), an 
existing substantial shareholder in the Company, and US$3.5 million gross by a 
company associated with Juan Carlos Rodriguez, a director of the Company (the 
"Placing").  The Placing is conditional on admission of the Placing Shares to 
trading on AIM. The Placing Shares will rank pari passu in all respects with the 
Company's existing Ordinary Shares and will represent approximately 23.88 per 
cent. of the enlarged issued share capital of the Company. 
 
The net proceeds from the Placing will be used to finance the group's ongoing 
work programme and exploration expenditure in Colombia and for general working 
capital purposes. The Company expects to raise additional equity finance in due 
course to ensure that the group maintains an appropriate capital structure and 
is able to fully fund its committed development programme. 
 
Issue of Interest Shares 
 
In addition to the abovementioned Placing Shares, the Company has yesterday 
issued and allotted (credited as fully paid): (i) 735,277 Ordinary Shares to 
Tribeca Oil and Gas Financing Inc. ("TOGF"), a subsidiary of existing 
substantial shareholder TOGI (a portfolio investment company of Tribecapital 
Partners S.A.), in satisfaction of the second six monthly interest instalment to 
17 June 2010 due in respect of the second tranche of US$6.29 million convertible 
loan notes subscribed by TOGF on 17 June 2009, and (ii) 514,426 Ordinary Shares 
to TOGF in satisfaction of the third six monthly interest instalment to 21 July 
2010 due in respect of the first tranche of US$4.875 million convertible loan 
notes subscribed by TOGF on 21 January 2009 (together the "Interest Shares"). 
 
The Interest Shares will rank pari passu in all respects with the Company's 
existing Ordinary Shares. 
 
Application will be made to the London Stock Exchange for the Placing Shares and 
Interest Shares to be admitted to trading on AIM ("Admission").  It is expected 
that Admission will become effective and that dealings in the Placing Shares and 
Interest Shares will commence at 8.00 a.m. on Thursday 29 July 2010. The 
Company's issued ordinary share capital will consist of 62,287,478 Ordinary 
Shares 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 62,287,478 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 Placing Shares and Interest Shares, 
and TOGI's subscription for 8,748,219 Placing Shares, TOGI and its related 
companies now hold, in aggregate, 27,636,155 Ordinary Shares, representing 
approximately 44.37 per cent. of the Company's enlarged issued share capital and 
warrants over a further 690,644 Ordinary Shares which are automatically 
exercisable if, and to the extent that, any exercise of the Company's other 
existing outstanding 1,973,269 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. 
 
Changes in the disclosable interests of Mr Juan Carlos Rodriguez are as set out 
below: 
+----------------------+-----------------------+-----------------------+ 
| Director             | Interest immediately  | Percentage of         | 
|                      | following Admission   | enlarged issued share | 
|                      |                       | capital               | 
+----------------------+-----------------------+-----------------------+ 
| Juan Carlos          | 9,908,625             | 15.91                 | 
| Rodriguez*           |                       |                       | 
+----------------------+-----------------------+-----------------------+ 
Notes: 
* - includes 2,535,872 Ordinary Shares held by Lyan Financial Corporation and, 
following the subscription for 6,123,753 Placing Shares, 7,372,753 Ordinary 
Shares held by Rorick Ventures Group Ltd ("Rorick"), companies in which members 
of Juan Carlos Rodriguez's family have beneficial interests. Mr Rodriguez also 
holds options over a further 1,000,000 Ordinary Shares and has a beneficial 
interest in Athos Enterprises Limited which holds warrants over a further 
160,000 Ordinary Shares. 
Luc Gerard and Ciro Mendez, directors of PetroLatina, are President and 
Investment Manager respectively of Tribeca. The participation of both TOGI and 
Rorick, a company associated with Juan Carlos Rodriguez, in the Placing is 
considered to be a related party transaction under the AIM Rules for Companies. 
Accordingly, the independent directors, being John May and Menno Wiebe, 
consider, having consulted with Strand Hanson Limited, that the terms of the 
Placing are fair and reasonable insofar as the Company's shareholders are 
concerned. 
 
Enquiries: 
+-----------------------------------------------+--------------------+ 
|                                               |                    | 
| PetroLatina Energy Plc                        |                    | 
| Juan Carlos Rodriguez, Chief Executive        | Tel: +57 1627 8435 | 
| Officer                                       |                    | 
+-----------------------------------------------+--------------------+ 
| Pawan Sharma, Executive Vice President -      | Tel: +44 (0)20     | 
| Corporate Affairs                             | 7766 0081          | 
+-----------------------------------------------+--------------------+ 
|                                               |                    | 
| Strand Hanson Limited                         |                    | 
+-----------------------------------------------+--------------------+ 
| Simon Raggett/Matthew Chandler                | Tel: +44 (0)20     | 
|                                               | 7409 3494          | 
+-----------------------------------------------+--------------------+ 
|                                               |                    | 
| Evolution Securities Limited                  |                    | 
+-----------------------------------------------+--------------------+ 
| Rob Collins/Chris Sim                         | Tel: +44 (0)20     | 
|                                               | 7071 4304          | 
+-----------------------------------------------+--------------------+ 
|                                               |                    | 
| Financial Dynamics                            |                    | 
+-----------------------------------------------+--------------------+ 
| Ben Brewerton/Susan Quigley                   | Tel: +44 (0)20     | 
|                                               | 7831 3113          | 
+-----------------------------------------------+--------------------+ 
 
Additional Information on PetroLatina Energy Plc: 
PetroLatina Energy Plc (AIM: PELE) is presently focused on Colombia where it 
currently holds 45% and 20% interests respectively in the Los Angeles and Santa 
Lucía fields on the Tisquirama licence, and a 100% interest in the Doña María 
field. In April 2006 the Group acquired an interest in two exploration blocks: 
an 85% interest in Midas and an 80% interest in La Paloma. In November 2007 the 
Company secured the extension of the Tisquirama licence for the economic life of 
the fields. In February 2009, the Group acquired the Putumayo-4 block in which 
it has a retained 50% interest. In June 2010, the Group was awarded two new 
blocks, the VMM28 in the Middle Magdalena basin and LLA57 in the Llanos basin. 
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. Having sold its assets in Guatemala, PetroLatina retains a 
20% interest in the first three wells and a 20% working interest in future 
wells. 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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