PetroLatina Reports Guatemalan Duster

Petrolatina Energy Plc ("PetroLatina" or the "Company") an independent oil and gas exploration, development and production company, focused on Latin America and with operations in Colombia and Guatemala, announces the following update on its Guatemalan operations.

Well 1XD encountered four potentially hydrocarbon bearing zones, the deepest of which was perforated and tested in October 2006. As previously stated, operations in Guatemala have proven extremely difficult and the 1XD test results reflect this with the well not producing at commercial levels as a result of an apparent lack of energy in the reservoir.

Given this result, the Company is suspending the well, whilst it carries out further detailed geological studies on the Las Casas structure within the 6-93 license.

The Company owned service rig will now move to the A7-2005 license to carry out a work over of Atzam 2, which was originally drilled in 1993. This work over is expected to be completed in November 2006.

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