01.07.10
Update re Colon-3 and Querubin-1 wells
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Update re Colon-3 and Querubin-1 wells
Colon-3 well sidetrack confirms presence of deeper channel sand
PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, announces an update on its Colon-3 development well on the La Paloma field and its Querubin-1 exploratory well on the Los Angeles field.
Colon-3 development well
The Colon-3 development well was sidetracked and drilled to a final total measured depth of 10,000 ft (9,608 ft true vertical depth) at a location 400m south of the producing Colon-1 discovery well. The Colon-3 well was then logged, and petrophysical evaluation indicates that the well found 3 oil bearing sands in zones equivalent to oil pay zones seen in the previous Colon wells. These total approximately 31 ft of gross sand thickness with a calculated 27 ft of net oil pay. These pay zones lie between a measured depth of 8,910 ft and 9,466 ft.
In addition, the Colon-3 sidetrack (“Colon-3 ST”) well was drilled deeper than the previous Colon wells in order to determine whether a channel sand, interpreted from 3D seismic data, existed. The sample and hydrocarbon show data collected while drilling, as well as the wireline logs, indicate that such a sand channel does indeed exist between 9,763 ft and 9,846 ft measured depth. That channel contains 83 ft of gross sand and approximately 75 ft of net sand based on log data. Good oil shows encountered while drilling this zone suggest that it is oil bearing and petrophysical analysis also suggests that the hydrocarbon saturations are considerable. This is a new sand zone not previously encountered in this area and, since no wells have been drilled to this stratigraphic level, the formation fluid parameters are not well known. Accordingly, it will be necessary to complete the zone by casing and cementing it and then conduct drill stem testing to confirm whether the fluid content of the zone is oil or water and whether it is producible.
A further update following testing of the Colon-3 ST well will be made in due course.
Querubin-1 exploratory well
The Querubin-1 well is located in the northern, updip portion of the oil producing Los Angeles field. As previously reported, it is situated near the Los Angeles-2 well which was abandoned due to sand plugging problems in the mid 1980’s after producing more than 22,000 barrels of oil. Querubin-1 was drilled to a final total depth of 7,000 ft on 11 June 2010. The well was then logged and cased and is currently awaiting the arrival of a work over rig in order to complete it for production. The log analysis indicates that this well contains approximately 164 ft of net oil pay. That is considerably thicker than other previously drilled nearby Los Angeles field wells. The Querubin-1 well will be equipped with a Progressive Cavity Pump (PCP) in order to avoid the sand plugging problems which lead to the premature abandonment of the nearby Los Angeles-2 well.
Juan Carlos Rodriguez, Chief Executive of PetroLatina, said:
“PetroLatina is delighted that the Colon-3 sidetrack well has intersected the same sands as encountered on previous Colon wells and currently expects production in due course to be inline with those wells.
In addition, the confirmation of the deeper sand channel may, subject to the results of the drill stem testing, ultimately prove to be an even more significant and promising development.
We also look forward to Querubin-1 being hooked up to production in due course following the planned installation of the PCP.”
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 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).
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