01.12.08
Operations Update
PetroLatina (AIM: PELE), an independent oil and gas exploration, development and production company focused on Latin America, announces a further operational update to that released on 7 November 2008.
La Paloma
The Company commenced drilling Colon-1, the first exploratory well to be drilled on the La Paloma block, located in Middle Magdalena Valley, Colombia, on Sunday 24 November 2008. The Colon-1 well has been drilled vertically to a total depth of approximately 600 feet, to date. Drilling continues to be undertaken vertically to an expected total depth of approximately 9,072 feet in order to test the La Paz, Lisama and Umir formations. Drilling is scheduled to take 25 days in total at a cost of approximately $6 million.
PetroLatina believes that the Colón prospect has possible recoverable reserves of up to 19.8 million barrels of oil. The Company retains an 80 per cent. working interest in the Colón-1 well and is the operator.
Colon-1 is the first of 12 wells that the Company plans to drill by the end of December 2009.
Los Ángeles
Using the recently reprocessed 3D seismic data, the Company has identified locations for four wells on the Los Angeles licence area which it plans to construct and subsequently drill or spud during 2009 at a cost of approximately $3.5 million each. Each well would be likely to take 20 to 25 days to drill.
Midas
As previously announced, PetroLatina expects to be able to release the results of its seismic processing and interpretation by the end of the year. The Company intends to identify the location for a well to be constructed and subsequently drilled or spudded during 2009 at a cost of approximately $4.6 million with an expected drilling period of 26 to 28 days.
Juan Carlos Rodriguez, CEO of PetroLatina, commented:
“PetroLatina has commenced the first exploration well in its new 12-well programme. We hope to be able to significantly increase production and booked reserves in the near term.
“There has been a concerted effort to contract and mobilise a rig, complete all the preparations and spud the first well in the programme within our 100-day target set at the AGM held earlier this year. This achievement is testament to the high quality of our operational team in Colombia.”
Enquiries:
PetroLatina Energy Plc
Juan Carlos Rodriguez, Chief Executive Officer / Sebastien Garnier, Chief Financial Officer Tel: +57 1627 8435 / + 44 7525 009616
Pawan Sharma, Executive Vice President - Corporate Affairs Tel: +44 (0)207 956 2821
Strand Partners Limited
Simon Raggett / Matthew Chandler Tel: +44 (0)20 7409 3494
Financial Dynamics
Ben Brewerton / Susan Quigley Tel: +44 (0)20 7831 3113
Additional Information on PetroLatina Energy Plc:
PetroLatina Energy Plc (AIM: PELE), formerly known as Taghmen Energy Plc, was founded in 2004. The Company is presently focused on Colombia after the sale of its assets in Guatemala in which it retains a 20% interest in the first three wells and a 20% working interest in future wells. In Colombia, the Company holds 40% and 20% interests in the Los Angeles and Santa Lucía fields on the Tisquirama licence, respectively, 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 with 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 the crude oil resulting in an increased cash flow. Further information is available on the Company’s website (www.petrolatinaenergy.com).
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01.12.08 Operations Update
PetroLatina (AIM: PELE), an independent oil and gas exploration, development and production company focused on Latin America, announces a further operational update to that released on 7 November 2008.
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