First Quarter Production Update (8832E)
April 14 2011 - 2:00AM
UK Regulatory
TIDMPELE
RNS Number : 8832E
Petrolatina Energy PLC
14 April 2011
14 April 2011
PetroLatina Energy Plc
("PetroLatina" or the "Company")
First Quarter Production Update
PetroLatina (AIM: PELE), the independent oil and gas
exploration, development and production company focused on Latin
America, announces a production update in respect of the first
quarter of 2011.
The Company achieved total gross production from its Tisquirama,
La Paloma and Midas licence blocks located in the Middle Magdelana
Valley, Colombia, in the three months to 31 March 2011 of 193,790
barrels of oil ("bbls") (2010 equivalent period: 155,323 bbls) and
total net production of 90,536 bbls (2010 equivalent period: 72,465
bbls) at an average gross production rate of 2,154 barrels of oil
per day ("bopd") (2010 equivalent period: 1,726 bopd) and an
average net production rate of 1,006 bopd (2010 equivalent period:
805 bopd).
As announced previously, the Serafin-1 gas well located in the
Company's Tisquirama licence block is currently on an extended 6
month production test at a flow rate of 5.5 MMscf/d of gas and a
well pressure of 1,850 pounds per square inch ("psi"). The well
has, during the test period to date, achieved total gross
production of 95.98 MMscf of gas (15,997 barrels of oil equivalent
("boe")) and total net production of 44.15MMscf (7,359 boe). Gas
produced during the 6 month extended test period is being sold to
Ecopetrol S.A. at 90% of the regulated price for Texaco for
Barranca-Ballena's gas (as regulated by CREG, the Regulatory
Commission of Energy and Gas of Colombia). The regulated price is
currently $4.2562/million British thermal unit ("BTU"). The
Serafin-1 well is jointly owned by PetroLatina (50%) and
PetroSantander Corporation (50%).
The Company expects to release the results of an updated
independent reserves report commissioned from Ryder Scott Company,
L.P. and various geological and petrophysical studies during the
current quarter.
Juan Carlos Rodriguez, Chief Executive of PetroLatina,
commented:
"Our first quarter average production rates and the initial
results to date from the Serafin-1 gas well have been very
encouraging and in line with our expectations. We continue to
pursue our strategy of seeking to increase production and reserves
and expect to resume our development drilling in a more effective
and low risk manner later this year."
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 Tel: +57 1627 8435
Juan Carlos Rodriguez, Chief Executive Officer
Pawan Sharma, Executive Vice President - Corporate Tel: +44 (0)20 7766
Affairs 0081
Strand Hanson Limited
Simon Raggett / Matthew Chandler Tel: +44 (0)20 7409
3494
Evolution Securities Limited
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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