Drill Programme and Operational Update
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Drill Programme and Operational Update
100% success rate continues with two more successful wells completed resulting in a total of six wells drilled in the programme to date
PetroLatina (AIM: PELE), an independent oil and gas exploration, development and production company focused on Latin America, announces successful results for both the Chuira-1 and Colon-2 wells together with an operational update.
• Two more wells; Chuira-1 and Colon-2 have proven to be successful making a total of six successful wells drilled in the programme to date. These wells are Colon-1 and 2, Chuira-1 and Los Angeles-11, 12 and 14.
• The Chuira-1 exploration well on the Midas block encountered, logged and tested two oil pay zones in the La Luna formation.
• The Colon-2 appraisal well was drilled through the Umir sand oil pay which tested up to 1,200 barrels of oil per day (“bopd”) in the Colon-1 discovery. Log analysis of Colon-2 indicates that it contains the same pay zone as Colon-1 and has additional oil bearing sands beyond those tested in the Colon-1 discovery.
• The Los Angeles-12 well, a previously reported oil discovery in the Umir sand formation which lies below the producing Lower Lisama sands, has now been successfully fractured to increase the production rate. It is expected that this well will be put on production this week at a rate of approximately 300 bopd with API crude of 26 degrees.
• A new workover rig, recently purchased by our key local drilling contractor, Latco, is now in service and has completed its first successful field operation in the Los Angeles-12 well.
• A cost optimisation review has been completed to take advantage of recently reduced equipment and drilling services costs in Colombia. Cost reductions of up to approximately 15% are anticipated on the average total costs per typical well experienced by the Company to date. For example, the average cost of approximately US$1.83 million per completed well at the Los Angeles field is expected to be reduced to approximately US$1.60 million on future wells once the identified cost reductions have been fully implemented.
• An updated independent reserves report is being commissioned which will integrate the results of the six wells drilled in 2009 to date, with the report expected to be available towards the end of this year. Given the success of all six wells, a significant uplift in the Company’s proven and probable reserves is anticipated.
• The Company ultimately elected not to participate in 20% of the Atzam-3 well recently drilled in Guatemala by Quetzel Energy Limited (TSX-V: QEI.V), to whom PetroLatina sold its Guatemalan interests in July 2007, and the Company instead continues to focus its resources on the development of its Colombian assets.
Juan Carlos Rodriguez, Chief Executive of PetroLatina, commented:
“PetroLatina is targeting the drilling of at least a further two wells across its three Colombian licence areas during the remainder of 2009 to supplement the six successful wells already drilled to date. The first six wells in the ongoing drill programme have each proven successful and we remain on course to meet our key objectives of delivering considerably increased production, cash flow and independently audited reserves in 2009.”
Download Full Press Release
08.10.07 Directorate Change
PetroLatina Energy Plc ("PetroLatina" or " the Company")
PetroLatina Energy Plc (AIM: PELE), an independent oil and gas exploration,
development and production company focused on Latin America, announces...
26.09.07 Interim Results
Unaudited Interim Results For The Six Months Ended 30 June 2007
PetroLatina Plc , the Latin America focused petroleum exploration and production
Company (LSE-AIM: "PELE"), announces unaudited interim results for the...
28.08.07 AIM Rule 26
PetroLatina Energy plc (AIM:PELE.L) is pleased to announce that the information
required by AIM Rule 26 is available on the PetroLatina Energy website at
Petrolatina is pleased to announce that the option announced on 21 May 2007 has
been exercised and that accordingly it has today completed the sale of its
Guatemala assets. The consideration is $4 million in cash.
04.07.07 Notice of AGM
PetroLatina wishes to announce that the AGM of the Company will take place at 10
am on 17 July 2007 at Room Green 1, The Guoman Cumberland Hotel, Great
Cumberland Place, London, W1A 4RF,
29.06.07 Annual Report and Accounts
The Company wishes to announce that the Company's Annual Report and Accounts for
the year ended 31 December 2006 have been sent to the shareholders of the
21.06.07 Board Change
PetroLatina Energy Plc (AIM: PELE), an independent oil and gas exploration, development and production company focused on Latin America, announces that Richard Lavers has stepped down as a Non Executive Director of the Company...
13.06.07 Issue of Equity
The Company announces that under the terms of an employment contract 1,500,000 new ordinary shares of the Company are to be issued and allotted to Rudolph Berends, Chief Executive Officer of PetroLatina.
Application has been...
12.06.07 Final results for the year ended 31 December 2006
Chief Executive’s Statement
The past year has seen some large steps forward in the development of PetroLatina but we have also experienced disappointments.
In April 2006 the Group acquired interests in...
07.06.07 Holding(s) in Company
The Company was informed on 7 June 2007 that Macquarie Bank Limited is interested in 3,474,086 ordinary shares in the capital of the Company, representing 3.02 per cent of the entire issued voting share capital of the Company. ...
Please provide your email address below to be removed from the PetroLatina Energy mailing list: