PELE Petrolatina

 

TIDMPELE 
 
RNS Number : 5134N 
Petrolatina Energy PLC 
18 February 2009 
 

18 February 2009 
 
 
PetroLatina Energy Plc 
("PetroLatina" or the "Company") 
 
 
Colon-1 Exploration Well Delivers Successful Preliminary Test Results 
 
 
PetroLatina (AIM: PELE), an independent oil and gas exploration, development and 
production company focused on Latin America, is pleased to announce successful 
preliminary test results for its Colon-1 exploratory well on the La Paloma block 
in the Middle Magdalena valley, Colombia. The Company retains an 80 per cent. 
working interest in the Colon-1 well and is the operator. 
 
 
The Colon-1 well was drilled to a final total measured depth of 9,125ft. Logging 
results and oil shows encountered whilst drilling indicated that the Upper 
Cretaceous Umir Formation contained a potentially oil bearing sand from 8,755ft 
to 8,795ft. This sand has been designated the "F Sand" and initial flow testing 
of this zone has now been undertaken. 
 
 
The Umir F Sand section from 8,764ft to 8,795ft was perforated and the well 
produced oil at significant rates on natural flow. Flows were recorded through 
various choke sizes and average flow rates and tubing head pressures achieved 
over time can be summarised as follows: 
 
 
+-----------------+-----------------+-----------------+-----------------+-----------------+ 
|   CHOKE SIZE    |  FLOW PERIOD    |BARRELS PER DAY  |  TUBING HEAD    |  GAS/OIL RATIO  | 
|  (64th. Inch)   |      HOURS      |                 | PRESSURE (PSI)  |    SCF/STB      | 
+-----------------+-----------------+-----------------+-----------------+-----------------+ 
|        6        |        8        |      806        |      438        |      19.7       | 
+-----------------+-----------------+-----------------+-----------------+-----------------+ 
|        8        |        6        |      810        |      240        |      19.1       | 
+-----------------+-----------------+-----------------+-----------------+-----------------+ 
|       10        |      6.5        |      857        |      198        |      15.2       | 
+-----------------+-----------------+-----------------+-----------------+-----------------+ 
|       12        |        5        |      783        |      205        |      16.7       | 
+-----------------+-----------------+-----------------+-----------------+-----------------+ 
|       14        |      6.5        |      1,127      |      162        |      14.1       | 
+-----------------+-----------------+-----------------+-----------------+-----------------+ 
|      10-36      |       99        |      1,197      |      114        |      13.1       | 
+-----------------+-----------------+-----------------+-----------------+-----------------+ 
 
 
+------------------------------------------------------------------------------------+ 
| TOTAL CRUDE OIL PRODUCED ON TEST: 5,899 Barrels                                    | 
+------------------------------------------------------------------------------------+ 
 
 
Laboratory analysis has determined that the oil is 22 degrees API at 60 degrees 
Fahrenheit. 
 
 
Testing operations are continuing and upon completion of the current flow period 
the well will be put on an extended shut in period to allow accurate downhole 
reservoir pressure measurements to be completed. Oil produced at Colon-1 will 
initially be handled at the PetroLatina operated Santa Lucia field located 12km 
to the northeast of the discovery which currently has adequate unused production 
capacity. 
 
 
 
 
The rig has now been moved to the next PetroLatina drilling location, a 
development well in the Company-operated Los Angeles field which is expected to 
spud within the next few days. 
 
Juan Carlos Rodriguez, CEO of PetroLatina, commented: 
 
 
"We are delighted with the success of the Colon-1 well, especially as it was the 
first exploratory well to be drilled on the La Paloma field. The Umir F Sand is 
of better than expected reservoir quality and the oil quality is also higher 
than anticipated. The drilling success will in due course significantly increase 
the Company's existing production volumes, which averaged approximately 261 bopd 
in 2008, and allows for further development of the La Paloma field where we have 
identified several additional drilling locations. 
 
 
"In due course, we expect to be in a position to provide details of the final 
test results and a preliminary indication of the potential significance of this 
discovery." 
 
 
 
 
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 competent 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                           | Tel: +57 1627 8435        | 
| Juan Carlos Rodriguez, Chief Executive Officer   |                           | 
+--------------------------------------------------+---------------------------+ 
| Pawan Sharma, Executive Vice President -         | Tel: +44 (0)207 956 2821  | 
| Corporate Affairs                                |                           | 
+--------------------------------------------------+---------------------------+ 
|                                                  |                           | 
+--------------------------------------------------+---------------------------+ 
| 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 
currently holds 40% and 20% interests in the Los Angeles and Santa Luc�a fields 
on the Tisquirama licence respectively, and a 100% interest in the Do�a Mar�a 
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�o 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. 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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