PetroLatina has announced its audited final results for the year ended December 31, 2007. As trading in the Company's shares was suspended on June 30, 2008 pending the publication of these accounts, such suspension has now been lifted with immediate effect.
- Average production of 350 bopd.
- Extension of the Tisquirama license for the economic life of the fields.
- Guatemalan assets sold for $4 million cash consideration - 20% interest retained in first three wells and a 20% working interest in future wells.
- Rio Zulia - Ayacucho ("RZA") pipeline average throughput of 2,958 bopd, 31.76% up on 2006.
- New operationally focused management structure in place.
- Revenues of $7.09 million (2006: $4.17 million).
- Gross profit of $0.21 million (2006: $3.03 million).
- Loss on continuing activities before tax $8.38 million (2006: $4.74 million).
- Total Loss from all activities after tax $7.96 million (2006: $38.96 million).
- Total Loss per share of $0.069 (2006: $0.45).
- Continuing Loss per share of $0.069 (2006: $0.054).
- Cash at year end of $3.54 million (2006: $5.65 million).
Post Balance Sheet Events
- Ryder Scott reports $164.9 million NPV10 on 3P reserves of 7.34 million boe as at December 31, 2007.
- $25 million equity investment secured from Tribeca Oil and Gas, Inc. ("TOGI") at 83 pence per share on an issued share capital basis.
- Commercial gas sales from Serafin gas field expected to commence in Q4 2008.
- Expected increase in the RZA pipeline throughput due to ongoing field developments by Ecopetrol S.A. and Petrobras.
- Drilling of a minimum of four wells expected to have commenced by the year end.
Greg Smith, Executive Chairman of PetroLatina, commented, "The past eighteen months may ultimately prove to have been one of the Company's most significant periods of development. With the future of the Company secured and a strong management team in place, the outlook for the remainder of 2008 is good as we pursue our strategy of growing PetroLatina into one of the major oil and gas players in Colombia.
We now have the funding in place to commence the drilling of four wells before the year end. Our plan is to convert our Probable and Possible Reserves into Proved Producing Reserves and considerably increase production and cash flow through the drill program."