PetroLatina provided the following update on its Santa Lucia Sur-1 exploration well.
The Santa Lucia Sur-1 exploration well, a commitment well, was drilled to a total depth of 8,500 feet, at a total cost to PetroLatina of approximately US $1.85 million. The Company has a 50% interest in the well with PetroSantander holding the remaining 50% share. Hydrocarbon shows and a well developed sand channel were encountered while drilling through the La Paz formation, but evaluation of wire-line logs indicated the reservoir to be water bearing. Following this evaluation, the well was plugged and abandoned. The remaining prospectivity in the block is being evaluated for future exploration.
Juan Carlos Rodriguez, Chief Executive Officer of PetroLatina, commented, "While we were encouraged to encounter a thick sand channel necessary for the play, we are disappointed to find the channel water filled. We now look forward to the remaining exploration and development wells to be drilled in 2010."
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