Operations Update
April 01 2010 - 11:15AM
UK Regulatory
TIDMPELE
RNS Number : 6739J
Petrolatina Energy PLC
01 April 2010
FOR IMMEDIATE RELEASE
Thursday 1 April 2010
PetroLatina Energy Plc
("PetroLatina" or the "Company")
Operations Update - Santa Lucia Sur-1 Exploration Well
PetroLatina (AIM: PELE), an independent oil and gas exploration, development and
production company focused on Latin America, provides the following update on
its Santa Lucia Sur-1 exploration well.
The Santa Lucia Sur-1 exploration well, a commitment well, was drilled to a
total depth of 8,500 feet, at a total cost to PetroLatina of approximately
US$1.85 million. The Company has a 50% interest in the well with PetroSantander
Inc. holding the remaining 50% share. Hydrocarbon shows and a well developed
sand channel were encountered while drilling through the La Paz formation, but
evaluation of wire-line logs indicated the reservoir to be water bearing.
Following this evaluation, the well was plugged and abandoned. The remaining
prospectivity in the block is being evaluated for future exploration.
Juan Carlos Rodriguez, Chief Executive Officer of PetroLatina, commented:
"While we were encouraged to encounter a thick sand channel necessary for the
play, we are disappointed to find the channel water filled. We now look forward
to the remaining exploration and development wells to be drilled in 2010."
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 | Tel: +57 1627 8435 |
| Officer | |
+-----------------------------------------------+--------------------+
| Pawan Sharma, Executive Vice President - | Tel: +44 (0)20 |
| Corporate Affairs | 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 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: an 85% interest in Midas and an 80% interest
in La Paloma. 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).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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