Well Test Results

RNS Number:2942R
Petrolatina Energy PLC
15 February 2007

PetroLatina Energy Plc
("PetroLatina" or the "Company")

RESULTS OF INITIAL FLOW TEST OF SERAFIN GAS WELL

PetroLatina Energy Plc ("PetroLatina" or the "Company") an independent oil and
gas exploration, development and production company, focused on Latin America,
is pleased to announce that initial production testing at its Serafin Well #1
has produced results at the higher end of expectations.

The Serafin well #1 is part of the Serafin Gas Development in which PetroLatina
has a 50% interest. The project offers early cash flow and is expected to
materially increase the Company's revenues from its Colombian operations.

Results of Initial Flow Test

On February 13, 2007 the fourth point of the test (on a 48 hour extended flow
rate) was completed through a 40/64" choke with a stable flow rate of 14 million
cubic feet per day of gas, a flowing tubing head pressure of 1530 psi and a shut
in casing pressure of 1716 psi.

More detailed information on the work over and test data can be found in the
Background Information section of this release.

Pressure recorders will remain in place for a minimum of 7 days after the well
is shut in and detailed reservoir data will be available between one and two
weeks following their recovery.

Based on information available in Colombia, the current regulatory commission
for energy and gas ("CREG") gas price for the area in which the development is
located is approximately US $3 per thousand cubic feet. The gas is planned to be
sold to local industrial users.

Pipeline Tie in

The Company will now commence the design and construction of surface facilities
and a 3.5 kilometre trunk pipeline to tie in to the main Colombian gas pipeline
infrastructure. Completion of this final part of the project is expected early
in the second quarter of 2007 with first commercial gas deliveries planned for
late second quarter 2007.

The estimated cost of the development, including the gas pipeline and tie in, is
US $1.36 million (US $680,000 net to PetroLatina). The cost of the development
will be met from available cash resources.

Greg Smith, Chairman and CEO commented:

"These test results have met our highest expectations and we are now
accelerating the required surface development and will commence commercial gas
sales as quickly as is possible. The completion of this extremely positive test
and the resultant early cash flows that it will generate, coupled with the
initiation of the seismic shoot on the Midas and La Paloma exploration blocks,
put our company in a strong position to continue our growth in Colombia. We will
report in two to three weeks with the detailed test results and reservoir
analysis."

Review of Release

This release has been reviewed by the Company's Chief Operating Officer Mr. J.
Scott, and the Chief Geologist Mr. K. Dean who is a Fellow of the Geological
Society, London.

Messrs Scott's and Dean's biographies are on the Company's website, which can be
found at www.petrolatinaenergy.com .

15th February 2007

For further information, please contact:

PetroLatina Energy Greg Smith, Chairman gcs@petrolatinaenergy.com +44(0)2072974360
and CEO
www.petrolatinaenergy.com

Pelham Public Relations Charles Vivian Charles.vivian@pelhampr.com +44(0)2077436672

Philip Dennis philip.dennis@pelhampr.com +44(0)2077436363

BACKGROUND INFORMATION

Serafin well #1 in the Tisquerama license block in the Middle Magdalena Valley
of Colombia is operated by Petroleos del Norte (PetroLatina Energy Plc's
Colombian subsidiary).

Work over and Testing

On January 21, 2007 PetroLatina initiated re-entry operations on Serafin Well #1
in the Tisquirama B area of the Tisquirama licence located to the north of the
PetroLatina operated Los Angeles Field in Colombia.

On February 6th, 2007 the service rig was released and the well prepared for
testing operations. Electronic bottom hole recorders were put in place and on
February 10th a four point flow test was commenced.

Detailed Flow Test Data

On February 13, 2007 the fourth point of this test (on a 48 hour extended flow
rate) was completed through a 40/64" choke with a stable rate of 14 million
cubic feet per day of gas, 9.05 barrels per day of water (field tests indicate
that this is the remaining portion of the 76.6 bbls of load water to recover
following the work over), a flowing tubing head pressure of 1530 psi and a shut
in casing pressure of 1716 psi giving an estimated draw down of 5%. (Note this
draw down is based on a highest recorded surface shut in pressure of 1806 psi
prior to the initial flow of the well. Using shut in tubing pressures for
initial calculations, it shows a draw down of 15.3%, 10.3% of which being a
friction drop as the gas flows up the tubing).

History

The discovery was drilled by Texas Petroleum in 1991. The target Palaeocene
Lisama sands were absent but the well encountered an 18 feet thick gas bearing
sand in the Miocene Real Group. Log analysis indicates 18 feet of pay with a
porosity of 28% and a water saturation of 27%. The sand was tested from 4,582 to
4,598 feet and flowed up to 16.0 million cubic feet of gas a day on extended
tests. Reservoir pressure is 1,978 psi and the gas is over 97% methane. The gas
was considered to be most likely of biogenic origin and has accumulated in a
stratigraphic trap. The well was abandoned after significant gas flow was
recorded but a lack of a gas infrastructure and low local gas prices at that
time made the well uneconomic.

Gross reserves estimated from material balance calculations and volumetrics vary
from approximately 4 to 8 billion cubic feet of gas recoverable (2 to 4 billion
cubic feet net to PetroLatina).

This information is provided by RNS
The company news service from the London Stock Exchange
END

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