Formerly known as Taghmen Energy, the Petrolatina Energy PLC Company was founded in 2004. It is a UK-based energy firm which conducts exploration and drilling operations in Colombia and Guatemala. The firm’s main goal is to build profitable publicly owned oil and gas companies in South America. The firm also strives to be environmentally and socially responsible by using drilling and exploration methods which pose no known threats to the people or animals living in the area.
Basic company information: LSE-AIM Symbol: PELE
CEO: Juan Carlos Rodriguez
Executive Vice President for Corporate Affairs: Pawan Sharma
Holdings and interests: Petrolatina major holdings include Colombia’s RZA pipeline and a 1/5th stake in several wells and licensing areas inside Guatemala. The firm also owns operations rights for several claims located near Colombia’s Middle Magdalena basin.
2010 2nd Quarter revenues :¬£5.97 million
2009 revenues: ¬£8.63 million
2008 revenues: ¬£4.85 million
Recent events: October 2010:
Petrolatina announces plans to finalise contracts to explore and develop the firm’s holdings along block VMM28 near Colombia’s Middle Magdalena basin. These contracts extend Petrolatina’s right to explore and develop its holdings near its La Paloma field holdings.
September 2010: Petrolatina reports that its average gross production rate rose in the 2nd quarter by more than 60% to nearly 1,700 barrels per day. The firm also reported a two-fold increase in gross profits to over ¬£4 million and an 11% increase in pre-tax revenues to over ¬£ 6 million. Furthermore, the firm was able to raise over ¬£15 million in new equity from shareholders, management and other entities.
July 2010: Petrolatina finishes initial testing on their Colon-3 development oil well within its La Paloma field operations. The tests show several potential oil deposits which might be profitable to the firm.