RNS!!2 Jul 2010 09:20
Thursday 01 July, 2010Petrolatina Energy
Update re Colon-3 and Querubi
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.
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