PetroLatina has provided an operational update in respect of its Chuira-1 exploration well.
Chuira-1 Exploration Well
Further to the announcement of 17 June 2009, drilling of PetroLatina's Chuira-1 exploration well on the Midas block has now been completed to a total depth of 8,315 feet. As anticipated, the primary target, the La Luna limestone was encountered at approximately 7,778 feet with casing being set above it at approximately 7,500 feet and a 7 inch liner set through the La Luna limestone to a depth of 8,251 feet. Logging of the well was completed and based on the log and sample evidence oil pay exists in the La Luna section. The well has been completed and preliminary testing of the well has now commenced. Preliminary test results are expected to be available for release in mid to late August 2009.
The Company's sixth well in its ongoing drill program, Colon-2, an appraisal well located 450 metres north of the Colon 1 discovery well on the adjacent La Paloma block, has recently been spudded and is currently at a depth of approximately 3,000 feet, drilling towards its targeted total depth of 9,200 feet
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