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22.04.10

Update re Putumayo-4 Block


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

Update re Putumayo-4 Block

PetroLatina (AIM: PELE), the independent oil and gas exploration, development and production company focused on Latin America, announces an update on activities at its Putumayo-4 block, in which PetroLatina has a 50% interest and is the operator.

Reprocessing of 1,300km of historic 2D seismic data has now been completed and has confirmed the existence of at least 7 leads in the block. PetroLatina and its partner La Cortez Energy, Inc. (“La Cortez”), together with representatives from the Ministry of the Interior, are currently collating information which will be used to define the layout of 103km of new 2D seismic, expected to be acquired during the second half of this year, as well as assisting with the application for the necessary environmental permit required for drilling the first exploratory well which is expected to be spudded towards the end of the year.

PetroLatina was the successful bidder for the Putumayo-4 block in the Colombian licence bidding round ‘Mini-Ronda 2008’. In early 2009, PetroLatina finalised farm-out terms with La Cortez in the form of a joint operating agreement under which the Company holds a 50% interest in the block, but is only responsible for 40% of seismic related costs and 50% of future capital expenditure.

The Putumayo-4 block covers an area of 51,333 hectares in the Putumayo Basin of southern Colombia and has over 400km of pre-existing 2D seismic data from which PetroLatina identified promising leads. The Putumayo Basin is considered by Colombia’s upstream regulator, Agencia Nacional de Hidrocarburos (“ANH”), to be one of the most promising exploration areas in Colombia and is rapidly becoming a prolific hydrocarbon producer with companies such as Gran Tierra Energy Inc., Petrominerales Ltd. and Ecopetrol S.A., amongst others, operating in the region. This area is characterised by prospects with relatively large reserves potential and wells which produce at high rates in the range of 1,000 to 5,000 barrels of oil per day.

Juan Carlos Rodriguez, Chief Executive Officer of PetroLatina, commented:
“The Putumayo-4 block is an exciting exploration asset in an area of Colombia which is rapidly becoming a prolific hydrocarbon producer. We look forward to providing a further update once the new 2D seismic has been acquired and interpreted in due course.”

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. 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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