PetroLatina has announced a further operational update to that released on November 7, 2008.
The Company commenced drilling Colon-1, the first exploratory well to be drilled on the La Paloma block, located in Middle Magdalena Valley, Colombia, on Sunday, November 24, 2008. The Colon-1 well has been drilled vertically to a total depth of approximately 600 feet, to date. Drilling continues to be undertaken vertically to an expected total depth of approximately 9,072 feet in order to test the La Paz, Lisama and Umir formations. Drilling is scheduled to take 25 days in total at a cost of approximately $6 million.
PetroLatina believes that the Colon prospect has possible recoverable reserves of up to 19.8 million barrels of oil. The Company retains an 80% working interest in the Colon-1 well and is the operator.
Colon-1 is the first of 12 wells that the Company plans to drill by the end of December 2009.
Using the recently reprocessed 3D seismic data, the Company has identified locations for four wells on the Los Angeles license area which it plans to construct and subsequently drill or spud during 2009 at a cost of approximately $3.5 million each. Each well would be likely to take 20 to 25 days to drill.
As previously announced, PetroLatina expects to be able to release the results of its seismic processing and interpretation by the end of the year. The Company intends to identify the location for a well to be constructed and subsequently drilled or spudded during 2009 at a cost of approximately $4.6 million with an expected drilling period of 26 to 28 days.
"There has been a concerted effort to contract and mobilize a rig, complete all the preparations and spud the first well in the program within our 100-day target set at the AGM held earlier this year. This achievement is testament to the high quality of our operational team in Colombia."
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