PELE Petrolatina

 

TIDMPELE 
 
RNS Number : 6972O 
Petrolatina Energy PLC 
01 July 2010 
 

FOR IMMEDIATE RELEASE 
1 July 2010 
                             PetroLatina Energy Plc 
                        ("PetroLatina" or the "Company") 
 
                     Update re Colon-3 and Querubin-1 wells 
 
        Colon-3 well sidetrack confirms presence of deeper channel sand 
 
PetroLatina (AIM: PELE), the independent oil and gas exploration, development 
and production company focused on Latin America, announces an update on its 
Colon-3 development well on the La Paloma field and its Querubin-1 exploratory 
well on the Los Angeles field. 
 
Colon-3 development well 
 
The Colon-3 development well was sidetracked and drilled to a final total 
measured depth of 10,000 ft (9,608 ft true vertical depth) at a location 400m 
south of the producing Colon-1 discovery well. The Colon-3 well was then logged, 
and petrophysical evaluation indicates that the well found 3 oil bearing sands 
in zones equivalent to oil pay zones seen in the previous Colon wells. These 
total approximately 31 ft of gross sand thickness with a calculated 27 ft of net 
oil pay. These pay zones lie between a measured depth of 8,910 ft and 9,466 ft. 
 
In addition, the Colon-3 sidetrack ("Colon-3 ST") well was drilled deeper than 
the previous Colon wells in order to determine whether a channel sand, 
interpreted from 3D seismic data, existed. The sample and hydrocarbon show data 
collected while drilling, as well as the wireline logs, indicate that such a 
sand channel does indeed exist between 9,763 ft and 9,846 ft measured depth. 
That channel contains 83 ft of gross sand and approximately 75 ft of net sand 
based on log data. Good oil shows encountered while drilling this zone suggest 
that it is oil bearing and petrophysical analysis also suggests that the 
hydrocarbon saturations are considerable. This is a new sand zone not previously 
encountered in this area and, since no wells have been drilled to this 
stratigraphic level, the formation fluid parameters are not well known. 
Accordingly, it will be necessary to complete the zone by casing and cementing 
it and then conduct drill stem testing to confirm whether the fluid content of 
the zone is oil or water and whether it is producible. 
 
A further update following testing of the Colon-3 ST well will be made in due 
course. 
 
Querubin-1 exploratory well 
 
The Querubin-1 well is located in the northern, updip portion of the oil 
producing Los Angeles field. As previously reported, it is situated near the Los 
Angeles-2 well which was abandoned due to sand plugging problems in the mid 
1980's after producing more than 22,000 barrels of oil. Querubin-1 was drilled 
to a final total depth of 7,000 ft on 11 June 2010. The well was then logged and 
cased and is currently awaiting the arrival of a work over rig in order to 
complete it for production. The log analysis indicates that this well contains 
approximately 164 ft of net oil pay. That is considerably thicker than other 
previously drilled nearby Los Angeles field wells. The Querubin-1 well will be 
equipped with a Progressive Cavity Pump (PCP) in order to avoid the sand 
plugging problems which lead to the premature abandonment of the nearby Los 
Angeles-2 well. 
 
Juan Carlos Rodriguez, Chief Executive of PetroLatina, said: 
 
"PetroLatina is delighted that the Colon-3 sidetrack well has intersected the 
same sands as encountered on previous Colon wells and currently expects 
production in due course to be inline with those wells. 
 
In addition, the confirmation of the deeper sand channel may, subject to the 
results of the drill stem testing, ultimately prove to be an even more 
significant and promising development. 
 
We also look forward to Querubin-1 being hooked up to production in due course 
following the planned installation of the PCP." 
 
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                     | Tel: +57 1627 8435 | 
| Juan Carlos Rodriguez, Chief Executive     |                    | 
| 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 April 2006 the Group acquired an interest in two exploration blocks: 
an 85% interest in Midas and an 80% interest in La Paloma. In November 2007 the 
Company secured the extension of the Tisquirama licence for the economic life of 
the fields. In February 2009, the Group acquired the Putumayo-4 block in which 
it has a retained 50% interest. In June 2010, the Group was awarded two new 
blocks, the VMM28 in the Middle Magdalena basin and LLA57 in the Llanos basin. 
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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