PetroLatina reports sharp rise in oil production

Published on Wednesday 17 June 2009 21:24

SMALL BUT BEAUTIFUL

PETROLATINA, the Aim-listed oil and gas explorer focused on Colombia, yesterday reported a "significant increase" in production after successful test drilling.

Net oil production is now running at about 1,025 barrels of oil per day (BOPD) compared with an average level of 244 BOPD in 2008.

The Los Angeles-12 development well, in Colombia's Middle Magdalena valley, was placed on production from the newly discovered Umir section at a rate of 80 BOPD.

The Los Angeles-14 well hit the Lower Lisama reservoir as expected and is currently producing at 200 BOPD.

PetroLatina's other two wells – Colon-1 and Los Angeles-11 – have already entered production.

Chief executive Juan Carlos Rodriguez said: "PetroLatina is aiming to drill a minimum of four wells across its three Colombian licence areas during the remainder of 2009 in addition to the four already drilled this year.

"We are on track to meet our objectives of delivering considerably increased production, cash flow and reserves in 2009."

PetroLatina, which was formerly known as Taghmen Energy, has a market cap of about 20 million and listed on Aim in 2005.