One oil share for the brave

Colombia may be better known for coffee and cocaine than oil production, but it has a well-established energy industry. Here, Tom Bulford picks one asset-rich oil company that may be worth a buy.

Continuing the search for promising penny share candidates in the reviving oil sector, the Penny Sleuth has been exploring Colombia. To put it a little more accurately, I recently met with oil industry veteran Menno Wiebe. After retiring to his native Canada, he decided that one cold winter was as much as he could stand. And he is now a non-executive director of AIM-quoted PetroLatina (LON: PELE).

Previously known as Taghmen Energy, this company floated on AIM in 2005 with the general intention of building an oil business in Latin America. But since then, the going has been downhill all the way. Taghmen never came close to making a profit and the share price descended faster than an Olympic skier!

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