PELE Petrolatina

 

TIDMPELE 
 
RNS Number : 5795Q 
Petrolatina Energy PLC 
05 August 2010 
 

5 August 2010 
 
                            PetroLatina Energy Plc 
                        ("PetroLatina" or the "Company") 
 
                         Placing to raise US$5 million 
 
PetroLatina (AIM: PELE), the independent oil and gas exploration, development 
and production company focused on Latin America, announces that it has yesterday 
agreed to place, in aggregate, 8,143,662 new ordinary shares of US$0.10 par 
value each ("Ordinary Shares") in the Company of which 1,302,812 Ordinary Shares 
were placed at a placing price of 37.57 pence per share, and 6,840,850 Ordinary 
Shares were placed at a placing price of 40 pence per share (together, the 
"Placing Shares") to raise approximately US$5 million (at the prevailing USD/GBP 
exchange rate), with Macquarie Bank Limited ("MBL"), an existing shareholder and 
lender to 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 9.16 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. 
 
Application will be made to the London Stock Exchange for the Placing Shares to 
be admitted to trading on AIM ("Admission").  It is expected that Admission will 
become effective and that dealings in the Placing Shares will commence at 8.00 
a.m. on Tuesday 10  August 2010. The Company's issued ordinary share capital 
will consist of 88,934,640 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 88,934,640 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, MBL now holds, in 
aggregate, 9,638,479 Ordinary Shares, representing approximately 10.84 per cent. 
of the Company's enlarged issued share capital and warrants over a further 
8,000,000 Ordinary Shares. In addition, the Company has agreed to amend the 
terms of the warrant instrument dated 4 March 2010 and held by MBL to subscribe 
for 8 million Ordinary Shares by varying the exercise price from 75.7 pence per 
Ordinary Share to 50 pence per Ordinary Share. 
 
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          | 
+-----------------------------------------------+--------------------+ 
|                                               |                    | 
+-----------------------------------------------+--------------------+ 
| 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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