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26.03.10

Operations Update - Zoe-1 Exploration Well


PetroLatina Energy Plc
(“PetroLatina” or the “Company”)

Operations Update - Zoe-1 Exploration Well

PetroLatina (AIM: PELE), an independent oil and gas exploration, development and production company focused on Latin America, provides the following update on its Zoe-1 exploration well.

As previously announced on 8 February 2010, the Zoe-1 exploration well was drilled on the Midas Block to a depth of 10,924 feet. Wireline logging indicated two potentially oil bearing sections in the Umir formation and the Lisama formation. Initial testing of both formations has now been completed.

The Umir section was found to be over pressured and a stable flow of approximately 42 barrels per day (“bopd”) of 23 degree API oil was recorded. The well currently continues on test and the water cut has reduced to approximately 5 per cent. and is declining further. Based on the test results and using petrophysical parameters derived from the well, seismic data and mapping of the subthrust structure, an oil bearing zone is present with, in the most likely case, original oil in place (“OOIP”) of approximately 1.3 MMBO.

Testing of the Lisama zone was initiated in 14 March 2010 and whilst this was found to be pressured at more normal levels, it flowed approximately 15 barrels of very heavy oil (tar) and water. A second test flowed water only.

As a result, the Lisama section will be abandoned and the Zoe-1 well will only be used for production from the Umir sand. This sand continues to produce at approximately 42 bopd. Post-drilling remapping of the Zoe-1 structure and log analysis indicates that production from Zoe-1 remains economically viable, allowing PetroLatina to retain this block as a production area for the economic life of the field.

Zoe-1 was not included in the Company’s recently updated reserves assessment completed by Ryder Scott Company L.P. (“Ryder Scott”) and announced last month.

The Latco-1 rig, which drilled the Zoe-1 well, has now been mobilised to the Santa Lucia field where it is currently drilling the Santa Lucia-4 development well.

Juan Carlos Rodriguez, Chief Executive Officer of PetroLatina, commented:
“The Midas prospect was always recognised as being a higher risk stratigraphic exploration play but still attractive for drilling for its high potential reward. Although these test results were not as encouraging as we hoped, we will focus on moving the OOIP in the Umir section into Proved Reserves and produce from this formation. We now look forward to the remaining exploration and development wells to be drilled in 2010.”

Mr Menno Wiebe, a Non-executive director of the Company, has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. Mr Wiebe is a Petroleum Geologist and has been a Member of the American Association of Petroleum Geologists for more than 25 years and a Member of the Geological Society for more than 5 years.

Enquiries:
PetroLatina Energy Plc Juan Carlos Rodriguez, Chief Executive Officer
Tel: +57 1627 8435
Pawan Sharma, Executive Vice President - Corporate Affairs Tel: +44 (0)20 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 November 2007 the Company secured the extension of the Tisquirama licence for the economic life of the fields. In April 2006 the Group acquired an interest in two exploration blocks: an 85% interest in Midas and an 80% interest in La Paloma. 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).

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