Operations Update

RNS Number : 2545J
Petrolatina Energy PLC
01 December 2008

1 December 2008

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

Operations Update

Colon-1 Exploration Well Spudded

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 Col?rospect has possible recoverable reserves of up to 19.8 million barrels of oil. The Company retains an
80 per cent. working interest in the Coln-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 �ngeles

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 Tel: +57 1627 8435 / +
Officer / Sebastien Garnier, Chief 44 7525 009616
Financial Officer
Pawan Sharma, Executive Vice President Tel: +44 (0)207 956
- Corporate Affairs 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 Luc?fields on the Tisquirama licence,
respectively, and a 100% interest in the Do?ar?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 R?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).

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

END

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