PetroLatina provided an update in respect of its activities on the Putumayo-4 exploration block.
As the operator, we have now completed the local community consultation process which was required to be undertaken in order to commence a seismic acquisition program in the north part of the block. Tenders have been invited from more than 10 seismic service companies for the acquisition of an initial 104.8km of 2D seismic, together with an additional 45-50km of 2D seismic further to our bid commitments to the Agencia Nacional de Hidrocarburos, and we aim to initiate this seismic acquisition program during December 2011. We expect the program to take approximately three months to complete.
We are continuing to work and consult with the local communities to enable us to spud the first exploration well in 2012. An Environmental Impact Study (Estudio de Impacto Ambiental - EIA) is being prepared, and when completed will be presented to the relevant authorities in order to obtain the necessary exploration well drilling license. We currently intend to present this application in December 2011 and expect that the Ministry of Environment will take between approximately 6 to 8 months to process the permit before drilling operations can commence.
The initial Putumayo-4 exploration well will target the Villeta formation N, U and T sands as well as the Caballos formation, from which rival companies within close proximity to our Putumayo-4 block are currently producing.
In addition, the Company announces that Strand Hanson Limited is the Company's sole broker and nominated adviser with immediate effect.
Juan Carlos Rodriguez, Chief Executive Officer of PetroLatina, commented, "Having now secured the requisite consents from the local communities on the Putumayo-4 block, we can now commence our planned seismic acquisition program. The data from this seismic shoot will allow us to finalize the drilling location for our first exploration well on the block, which is currently expected to be spudded during the third quarter of 2012."
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