Update re: Putumayo-4 Exploration Block (6289R)
November 07 2011 - 9:37AM
UK Regulatory
TIDMPELE
RNS Number : 6289R
Petrolatina Energy PLC
07 November 2011
FOR IMMEDIATE RELEASE
7 November 2011
PetroLatina Energy Plc
("PetroLatina" or the "Company")
Update re: Putumayo-4 Exploration Block
PetroLatina (AIM: PELE), the independent oil and gas
exploration, development and production company focused on Latin
America, is pleased to provide an update in respect of its
activities on the Putumayo-4 exploration block.
As the operator, we have now completed the local community
consultation process which was required to be undertaken in order
to commence a seismic acquisition programme in the north part of
the block. Tenders have been invited from more than 10 seismic
service companies for the acquisition of an initial 104.8km of 2D
seismic, together with an additional 45-50km of 2D seismic further
to our bid commitments to the Agencia Nacional de Hidrocarburos,
and we aim to initiate this seismic acquisition programme during
December 2011. We expect the programme to take approximately three
months to complete.
We are continuing to work and consult with the local communities
to enable us to spud the first exploration well in 2012. An
Environmental Impact Study (Estudio de Impacto Ambiental - EIA) is
being prepared, and when completed will be presented to the
relevant authorities in order to obtain the necessary exploration
well drilling licence. We currently intend to present this
application in December 2011 and expect that the Ministry of
Environment will take between approximately 6 to 8 months to
process the permit before drilling operations can commence.
The initial Putumayo-4 exploration well will target the Villeta
formation N, U and T sands as well as the Caballos formation, from
which rival companies within close proximity to our Putumayo-4
block are currently producing.
In addition, the Company announces that Strand Hanson Limited is
the Company's sole broker and nominated adviser with immediate
effect.
Juan Carlos Rodriguez, Chief Executive Officer of PetroLatina,
commented:
"Having now secured the requisite consents from the local
communities on the Putumayo-4 block, we can now commence our
planned seismic acquisition programme. The data from this seismic
shoot will allow us to finalise the drilling location for our first
exploration well on the block, which is currently expected to be
spudded during the third quarter of 2012."
Enquiries:
PetroLatina Energy Plc
Juan Carlos Rodriguez, Chief Executive Officer Tel: +57 1627 8435
Pawan Sharma, Executive Vice President - Corporate Tel: +44 (0)20 7766
Affairs & CFO 0081
Strand Hanson Limited
Simon Raggett / Matthew Chandler Tel: +44 (0)20 7409
3494
FTI Consulting
Ben Brewerton / Chris Welsh Tel: +44 (0)20 7831
3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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