25.06.08
Resource Update
Resource Update
Proved, Probable and Possible Reserves Valued at US$165 million
PetroLatina, the oil and gas exploration and production company focused on Colombia, with interests in Guatemala, announces that Ryder Scott Company, L.P. (“Ryder Scott”), the independent petroleum consultants, has recently completed an updated assessment of the reserves, future production and income attributable to the Company’s four concessions in Colombia as at 31 December 2007.
Ryder Scott reported that as at 31 December 2007, Proved Reserves net to the Company in respect of its interests in Colombia totalled approximately 2.75 million barrels of oil equivalent (“boe”) (corresponding figure as at 31 December 2006: approximately 0.45 million boe), Proved plus Probable (“2P”) reserves net to the Company totalled approximately 5.06 million boe (as at 31 December 2006: 0.66 million boe) and Proved plus Probable plus Possible (“3P”) reserves net to the Company totalled approximately 7.34 million boe (as at 31 December 2006: approximately 2.5 million boe).
Based upon NYMEX crude oil futures prices as of 10 April 2008, the Net Present Value at a 10 per cent. discount (“NPV10”) of the Proved Reserves was $47.7 million. The NPV10 of the 2P reserves totalled $108.8 million and the NPV10 of the 3P reserves totalled $164.9 million.
The above mentioned NPV10 valuations do not take account of the exploration potential in respect of the Company’s interests in Colombia and Guatemala which the Directors of PetroLatina believe could be substantial. The Company’s residual 20 per cent. well interests in Guatemala, following the disposal of its Guatemala assets on 31 July 2007, may be evaluated separately once more drilling and production data becomes available from the operator. In addition, Ryder Scott’s assessment does not include the Company’s pipeline asset, which was valued at up to $30 million on a PV12 basis by Gaffney Cline & Associates in 2006.
A copy of the executive summary of Ryder Scott’s report can be viewed on PetroLatina’s website at www.petrolatinaenergy.com. As in all aspects of oil and gas evaluation, there are uncertainties inherent in the interpretation of engineering data and all conclusions represent only informed professional judgments.
Download Full Press Release
Executive Summary of Ryder Scott Report
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