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PetroLatina signed a contract with the Colombian Hydrocarbons Agency (ANH) on 5th April 2006 for the rights to explore the 'Midas' licence in the MMVB. At the same time PetroLatina entered into an agreement to acquire an indirect 65% interest in a second licence 'La Paloma'.

In addition the Company has concluded an agreement to acquire Petroleus del Norte S.A. ('PDN'). The two exploration licences and the producing assets of PDN are all in very close proximity. PDN also own the Rio Zulia - Ayacucho Pipeline and have recently been awarded three technical evaluation licences (TEA's).

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Tax Regime In Colombia

Corporation tax is charged at the rate of 34%, and will drop to 33% from 1st January 2008.

Investment in oil and gas exploration and exploitation is also subject to additional taxes which are defined under the terms of the relevant licence agreement entered into with the Colombian authorities. The main one of these is royalty. On the older hydrocarbon licences, such as those held by PDN, this is set at 20%. On the new exploration licences awarded by ANH, royalty is on a sliding scale of 5 to 25%.