Update re Geological Studies

 

TIDMPELE 
 
RNS Number : 7950X 
Petrolatina Energy PLC 
13 December 2010 
 

13 December 2010 
 
                            PetroLatina Energy Plc 
                        ("PetroLatina" or the "Company") 
 
                          Update re Geological Studies 
 
PetroLatina (AIM: PELE), the independent oil and gas exploration, development 
and production company focused on Latin America, announces an operational update 
on its activities in Colombia. 
 
PetroLatina has engaged Ryder Scott Company, L.P. ("Ryder Scott"), the 
independent petroleum consultants, located in Houston, USA to conduct a 
petrophysical and field performance study.  It will then use the resulting data 
derived from that study to complete a reservoir simulation exercise on the 
Company's core fields. That exercise will include the Los Angeles field which 
holds approximately 89.7 million barrels of oil in place and has produced only 
4.8% of that oil in place according to the last reserve report produced by Ryder 
Scott as at 30 November 2009. A similar reservoir simulation exercise has been 
commissioned for the Santa Lucia field. Data from these studies will be utilised 
by Ryder Scott to produce an updated assessment of the Company's reserves and 
resources as at 31 December 2010, with its report expected to be available 
during Q1 2011. 
 
This study will enable PetroLatina to effectively plan infill drilling and a 
possible secondary recovery programme in the Los Angeles and Santa Lucia fields. 
This is in addition to the high resolution seismic reinterpretation being 
conducted by Arcis Seismic Solutions on the Colon field, and the seismic 
reprocessing, fault orientation and density analysis and formation fluid study 
being conducted by Landocean Energy Services Inc. on the Chuira discovery. 
 
Juan Carlos Rodriguez, Chief Executive of PetroLatina, commented: 
"With the support of external specialist consultants, the results of the studies 
currently being undertaken are being integrated into our engineering and 
production models. We believe that the information obtained from these studies 
will allow the Company to resume development drilling in 2011 in a more 
effective and lower risk manner, thereby,  maximising shareholder value." 
 
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 30 years and a Member of the Geological 
Society for more than 7 years. 
 
Enquiries: 
 
+--------------------------------------------+--------------------+ 
| PetroLatina Energy Plc                     |                    | 
| Juan Carlos Rodriguez, Chief Executive     | Tel: [phone] | 
| 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 | 
+--------------------------------------------+--------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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