Update re Geological Studies
December 13 2010 - 2:00AM
UK Regulatory
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: +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 |
+--------------------------------------------+--------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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