Web Site : http://www.petrolatinaenergy.com


SUMMARY of PELE as of 24th Jan 2008, please see post 190 on page 10


Link to Page 10 of posts

Out of interest :

L2 is now 3 v 1 @ 11.5/13.5

On Line Limits are :

BUY 50K @ 13.25p

SELL 100K @ 12.26p


Would suggest there is demand and a buyer.

Thanks for that PP.
2517

2 MM's up before open (KBC and CANA moving up before open).

Opened up at 3 v 2 on L2 @ 12/14 (with KBC and SEYP being on the offer at 14p)

Boringly stable.......nice that :)

Rumours that EEN might be looking at buying PELE. Would make sense as it would avoid PELE having to enter into their financing deal, and EEN get some good assets in Colombia.

We will have to see if there is anything in this.

Comment on III that the financing deal is now nearly complete, perhaps this week.

The sooner its done then the sooner La Paloma can be spudded, which will add some exploration spice to the presently cash flow positive company.

I put this post on TMF, which I think gives a good summary of where we stand with PELE going forward :


Petrolatina (PELE) (Colombian focussed O&G junior) could never be said to be ahead of schedule, delays seem to be the norm, however there are rumours around that their finance package (a loan deal) is nearing completion. Whilst details are unknown, lets put on those "rose tinted specs" and take a look at what this news, if it comes, could mean to Petrolatina. As we started, timescales, well ingore any in prior RNS's, the company has been at a standstill on the exploration and development front whilst its been trying to sort out the finance package.


Well ;

1/ PELE is presently cash flow positive :

http://www.investegate.co.uk/Article.aspx?id=200711290702007412I

"Greg Smith, Chairman and Founder of PetroLatina, said:

'These agreements secure the inherent value of PetroLatina and allow us to start
planning for the future. I believe the Company has tremendous potential and
value. We have positive cash flow, substantial proved, probable and possible
reserves, plans to increase volume through our pipeline and to develop and
commercialise the reserves.'"


2/ They have ambitious plans for not only increasing production levels from their presently producing fields -

http://www.investegate.co.uk/Article.aspx?id=200711290702007412I

"As part of the agreement to secure the licence extension, Ecopetrol S.A., the
Colombian state oil company, will increase its participation in the Los Angeles
and Santa Lucia fields from 50% to 60%. The agreed work programme for these two
fields now includes six development wells and four exploration wells over the
next two years."


BUT also to start drilling other exploration wells, first and foremost the exciting potential on the La Paloma license.

http://www.investegate.co.uk/Article.aspx?id=200709260701424915E

"In April 2006 the Group acquired an interest in two exploration blocks with an
85% interest in Midas and an indirect 80% interest in La Paloma, New seismic was
acquired in March/April this year over the La Paloma block and the results show
a very promising large 4 way dip closure. It is planned to drill an exploration
well within 3 to 4 months. Planned total depth is approximately 10,000 ft."


3/ They have the Serafin gas pipe line which will offer strong cash flow, albeit for only perhaps 2 years, once its allowed to come on line.

http://www.investegate.co.uk/Article.aspx?id=200709260701424915E

"The Seraffin gas project is ready to commence production, However the gas
pipeline owner is currently demanding a letter from Ecopetrol underwriting the
quality of the gas. PetroLatina is holding discussions with all parties involved
to find a quick solution."

http://www.investegate.co.uk/Article.aspx?id=200703060701153757S

"On February 13, 2007 the fourth point of the test (on a 48 hour extended flow
rate) was completed through a 40/64' choke with a stable flow rate of 14 million
cubic feet per day of gas, a flowing tubing head pressure of 1530 psi and a shut
in casing pressure of 1716 psi."



4/ They still have a 20% free carry in some Guatemalan plays as per the disposal notice :

http://www.investegate.co.uk/Article.aspx?id=200707311553092384B

"Petrolatina is pleased to announce that the option announced on 21 May 2007 has
been exercised and that accordingly it has today completed the sale of its
Guatemala assets. The consideration is $4 million in cash.

The Company retains a 20% interest in the first three wells to be drilled in the
near future."


5/ They also have the Midas license in Colombia.

http://www.investegate.co.uk/Article.aspx?id=200709260701424915E

"Presently, new seismic is being acquired over the Midas block and first results
are encouraging. It is planned to drill an exploration well to approximately
8,000 ft following the La Paloma well."


6/ They also own a pipeline which generates revenues, and also generates cost of maintenance it should be noted.

http://www.investegate.co.uk/Article.aspx?id=200612110701145869N

"Rio Zulia - Ayaccucho Pipeline

The Pipeline was acquired as part of the acquisition of Petroleos del Norte
S.A.('PDN') in June 2006.

The Pipeline has a design capacity of 25,000 bopd. Success during the initial
development phase of the Tibu field will bring the pipeline close to full
utilization.

Based on an external evaluation carried out at the time of the acquisition of
PDN, US$10 million was attributed to the value of the Pipeline given its
prevailing throughput. The underlying value of the Pipeline will therefore
increase with the additional throughput usage."



*********************************



So taking all the good bits, why is a loan needed ?

PDN second payment needs $7m
Bridging Loan Repayment circa $5m left to pay
La Paloma Well $4.5m
Other developments.

Therefore the loan should be, according to estimates and rumour, around about 24m US$. Now we do not know the terms of the loan deal, if shares are going to be given as part of the deal, however, should the money issue be resolved, and should the terms be decent, then the upside potential for PELE would appear significant. The license extension is now done already, the final piece of the jigsaw, the one that can remove all the concerns over the company, is the finance package, and so, we await for news on it (and also of course news that Serafin is on line and producing or when it will come on line).


This Growth Company article jumped the gun, and was incorrect as the deal was not done on the finance late last November (although the license extension was done http://www.investegate.co.uk/Article.aspx?id=200711290702007412I ), and the drilling therefore has yet to start at La Paloma, but its a nice write up, and one which could be applied to PELE the moment the finance package is officially announced.


http://www.growthbusiness.co.uk/news/city-news/263549/petrolatina-wins-time-and-money.thtml

Wednesday 28th November 2007

PetroLatina wins time and money

Hard-pressed Colombian oil explorer PetroLatina has clinched.................


++++++++++++++++++++++++++++++++++++++++

TAG/PELE has been a rough ride for me, I will happily admit that, and it lost me 50% of my investment as was. I did bail out finally, but have since returned at circa 12p entry price. All being well I intend to recoup that 50% loss and gain a handsome profit, well, thats the plan anyway :)

I was having a sniff around with reference to the "disposed" Guatemalan assets ref the Disposal RNS :

http://www.investegate.co.uk/Article.aspx?id=200707311553092384B

Petrolatina Energy PLC
31 July 2007
Petrolatina Energy plc
('PetroLatina') or (the 'Company')
Disposal

Petrolatina is pleased to announce that the option announced on 21 May 2007 has
been exercised and that accordingly it has today completed the sale of its
Guatemala assets. The consideration is $4 million in cash.

The Company retains a 20% interest in the first three wells to be drilled in the
near future..............


+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Well, it seems the company that purchased the Guatemalan assets is "Quetzal Energy" and their web site is http://quetzalenergy.com/

Now we know from the RNS that PELE has a 20% free carry in their first three wells, so it was interesting to find this news on their web site :

http://quetzalenergy.com/index.php?id=165

Recent News
Quetzal's Testings at Atzam, Guatemala

October 22, 2007

Steven J. Reynolds, CEO of Quetzal Energy Inc., an Ontario Corporation headquartered in Toronto with operations in Guatemala, Central America, is pleased to announce that the Ministry of Energy and Mines has approved Quetzal Energy Incs request for a commercial field discovery based upon test results of the companys Atzam 2 well located in the department of Alta Vera Paz, Guatemala.

The newly declared commercial field will be named "Campo Maghelal or Bounty from the Earth Field as translated from the local Qeqchi Mayan language spoken in the region" added Reynolds.

Michael Realini, President and COO of Quetzal Energy Inc. noted that the Maghelal field is the first commercial field discovery declared in Guatemala since the discovery of the Tierra Blanca Field in 1992, preceded by the Yalpemech Field in 1989.*

Reynolds announced that Quetzals first well, "Atzam #2, has been tested on natural flow at 150 bopd of 35˚ API crude with no water. The well was also tested using a KUDU progressive cavity pump at a rate of 450 bopd, also with no water cut. In an effort to maximize reservoir life and ultimate well recovery, we intend to produce the Atzam #2 well in the 200 to 250 bopd range. The Atzam #2 well is currently completed open hole at a depth of 4,020 feet in Cretaceous carbonates of the Coban C-18."

Approximately 23 feet of pay have been identified within the C-18 zone of the Atzam #2 well and additional prospective zones uphole, remain untested.

"We are pleased with the results of our initial testing at Atzam and we are working with our (Quetzals) engineering staff and the Ministry of Energy and Mines to design an aggressive development program that will optimize oil recovery in the field," added Realini.

Quetzal has also begun design on a 437 km 2D seismic program on the 77,000 acre block that it hopes will identify additional drilling targets.

"The possibility of Quetzal discovering additional drilling prospects within the 1-2005 block after seismic acquisition is highly probable," said Reynolds. "The contract and surrounding area has known salt domes within it, some of which are prominent surface features. These features would provide Quetzal with classic oil rich targets."

"We are excited with this initial success and will continue to communicate updates to our investors as work progresses" closed Reynolds.

______

* Yalpemech field was declared commercial in 2003 but only produced 800 barrels of oil prior to abandonment



++++++++++++++++++++++++++++++++++++++++++

I can only deduce that PELE has 20% of this "commercial find" at Atzam 2, although it will not generate any revenues until its put into production.

As the RNS states, PELE has 20% of the first three drills, so lets see what they find with the next two..........

HOWEVER........although the link above goes direct to the Atzam-2 test results........you will not find this on their website, it has been pulled - and thats interesting as to why its no longer on their web site ??????????????? :)

Rumour has it then :


10p a share issue to gain 30m US$ (150m new shares in issue).

Rough potential asset value around 24p IMO per share after this IMV

1 for 5 share consolidation would put the SP back to around 35p at todays prices (with around 50m shares in issue)

Rough potential asset value of 120p a share after consolidation compared to share price of 35p after these events.

Fully funded, cash flow positive (is already)......if these events do happen, you'd be left with a very tasty investment case.......

HOWEVER, lets see if these events happen first, as ever DYOR !!!! And given the history of false starts and failed financing, certainly is DYOR !!!

Well, here is phase 1 :

http://www.investegate.co.uk/Article.aspx?id=200803270700598538Q

Petrolatina Energy PLC
27 March 2008

PetroLatina Energy Plc
('PetroLatina' or the 'Company')

Proposed 1 for 5 Share Consolidation, Increase in Authorised Ordinary Share
Capital and Directors' Share Capital Authorities

PetroLatina is pleased to announce that it intends to consolidate its ordinary
share capital, and to increase both its authorised share capital and the
Directors' authority to issue shares. The Company will shortly be writing to its shareholders to explain, inter alia, why the Directors consider these proposals to be in the best interests of the Company and its Shareholders as a whole and to recommend that Shareholders vote in favour of the requisite resolutions at an extraordinary general meeting ('EGM') which will be convened to take place in late April, 2008.

The Board is proposing a capital reorganisation which, if approved, will involve the consolidation of the existing ordinary share capital of the Company on the basis of:

1 new ordinary share of US$0.50 each for every existing 5 ordinary shares of
US$0.10 each (the 'Consolidation').

The primary aims of the proposed Consolidation are as follows:

To enable the Company's shares to trade at a market price that is at a
level more in line with that of other comparable listed oil and gas
companies;
To reduce the number of shares in issue to a more manageable level;
To potentially reduce the spread between the bid and offer price for the
Company's shares as a proportion of the share price;
To improve the attractiveness, liquidity and marketability of the
ordinary shares; and
To stem the decline in the Company's market share price by removing the
perception of some investors that the Company is a 'Penny Stock'.

Following implementation of the Consolidation, the new ordinary shares will have identical rights to those currently held by the existing ordinary shares
including their ranking for dividends. The terms of the existing warrants
outstanding will be adjusted accordingly.

In addition, it is proposed that the Company's authorised ordinary share capital be increased from the currently prevailing nominal amount of US$20,000,000 to US$30,000,000 by the creation of 100,000,000 ordinary shares of US$0.10 each, and that the Directors be granted the authority to allot equity securities, without offering those equity securities pro rata to existing shareholders, up to an aggregate nominal amount of the increased authorised share capital. The Board considers that it is in the best interests of the Company and its shareholders generally, that the Directors should have the flexibility conferred by such authorities.

The aforementioned proposals will require the approval of Shareholders at the
EGM, formal notice of which will be posted to Shareholders and made available on the Company's website shortly.

Application will be made for the new consolidated ordinary shares to be admitted to trading on AIM. It is intended that such admission will become effective and that dealings in the new consolidated ordinary shares will commence following the EGM, the date of which will be announced in due course.

Greg Smith, Chairman, today commented:

'These represent exciting times for PetroLatina, and the proposed Consolidation
will assist in making the Company an attractive investment to investors seeking
exposure to a balanced portfolio of exploration, development and productive
assets in one of the most exciting geographical areas in the world. We envisage
substantial opportunities ahead for PetroLatina, and will seek to develop the
Company into a leading oil and gas company in Latin America. The proposed
Consolidation is the first step towards driving PetroLatina to the next level,
and we look forward to informing Shareholders of further progress shortly.'

For further information please contact:

Greg Smith, Chairman / Pawan Sharma,
PetroLatina Energy Plc Tel: 020 7808 4851
Executive Vice President - Corporate Affairs

Simon Raggett / Warren Pearce
Strand Partners Limited Tel: 020 7409 3494

Ben Brewerton
Financial Dynamics Tel: 020 7831 3113

The "Rumours" Post for PELE :

To summarise the latest rumours (and ONLY TAKE THEM AS RUMOURS), which must be taken with a very large pinch of salt until some further official news is released. They could be completely and utterly wrong. Some parts of the rumours has come true so far.

-Extend authorised shares in issue to 300m.
-Presently fully diluted is 150m shares.
-Issue further 150m shares (nominal value 0.1US) at 10 pence to buyers to raise 30m US$.
-Take total shares in issue (fully diluted) of 300m and do a 1 fo 5 share consolidation so fully diluted shares would then be 60m (50m issued and 60m fully diluted).
-The raised funds eliminate the bridging loan.
-The raised funds are used for the PDN field development to ramp up production and comply with the licence extension.
-The raised funds also fund a drill at the new licence (La Paloma)

Company is presently cash flow positive however not enough so to be able to fund the required PDN development, and so with this injection of cash can do the development, which then takes PELE to being highly cash generative in 20 months time and then able to fund its own expansion plans from generated cash, as opposed to raising cash.


Its all rumour.......don't forget.

DYOR !!!!!!!

http://www.investegate.co.uk/Article.aspx?id=200804041300036567R

RNS is out.

2nd part of those rumours is correct, that being raising 15m pounds.

The final part of those earlier rumours was the price (that it was going to be 10p) - so a case of wait and see now if all the rumour points will end up being correct, or the last one wrong.

Re-read.

They can issue up to 250m new shares (200m new+remaining 50m or original 200m))

30m US$ divided by 250m = 12 cents or 6p a share.

Thats the worst case.



Suspicion therefore of circa 6p being the price, IMO.

Looks like the 10p placing rumour might be true then ?????


Petrolatina Energy PLC
25 April 2008
PetroLatina Energy Plc

('PetroLatina' or the 'Company')

Financing Update

Proposed $25 million investment

PetroLatina, the oil and gas exploration and production company focused on Colombia, with interests in Guatemala, announces that it has entered into a non-binding agreement with Tribecapital Partners S.A. ('Tribeca'), a Colombian
Private Equity Firm. Under the agreement, Tribeca has agreed to invest US$25 million in PetroLatina at a premium to the current share price for the development of the Company's promising exploration prospects and producing assets in Colombia. The agreement is subject to the satisfaction of a number of conditions precedent, including completion of Tribeca's legal and technical due diligence and execution of a definitive investment agreement. Further announcements regarding this proposed investment will be released in due course.

Greg Smith, Chairman of PetroLatina, commented:

'This will represent a major investment in the Company. We believe that it recognises the true value of the Company, and will enable PetroLatina to enter the second phase of its development programme in Colombia, increase cash flow
dramatically, and help develop and commercialise the Company's reserves.'

It should be noted that "Tribeca" are a major shareholder in Ecopetrol, so this relationship should ensure smooth process now with anything to do with the Colombian agencies.


RNS Number : 7210U
Petrolatina Energy PLC
19 May 2008

Update on Financing

Completion of Initial US$10 million Tranche of Proposed US$25 million Investment


PetroLatina, the oil and gas exploration and production company focused on Colombia, with interests in Guatemala, is pleased to announce that, following the statement made on 25 April 2008, final terms and conditions have now been agreed with Tribeca Oil and Gas, Inc. ('TOGI'), a portfolio investment company of Tribecapital Partners S.A. ('Tribeca'), a Colombian Private Equity Firm, to invest up to US$25 million in the Company.

TOGI has invested US$10 million in the Company by way of convertible secured loan notes (the 'Notes'). The Notes are convertible at TOGI's option into 5,890,080 new ordinary shares of US$0.50 each ('Ordinary Shares'), at a conversion price of 0.86 per Ordinary Share. In the event the Notes are not converted into Ordinary Shares, the Notes carry an interest rate of 15% per annum.

Subject to the satisfaction of a number of conditions precedent, including completion of Tribeca's legal and technical due diligence, TOGI will invest a further US$15 million by way of a subscription for 8,835,120 Ordinary Shares (the 'Subscription'). Upon completion of the Subscription, all of the Notes will automatically convert into 5,890,080 Ordinary Shares, and any related security will be released. As part consideration for the Subscription, TOGI will also receive a further 1,875,260 warrants which are automatically exercisable for no additional consideration into 1,875,260 Ordinary Shares if and to the extent that any exercise of the Company's existing outstanding warrants occurs. In the event that TOGI does not complete the Subscription, TOGI and the Company have the right to redeem all of the Notes. In the event that TOGI seeks such a redemption the Company would need to obtain alternative financing to satisfy such redemption. Further announcements regarding the Subscription will be made in due course as appropriate.

The new funds will provide the Company with additional cash resources to meet certain outstanding liabilities and fund its ongoing work programme in Colombia. The Company is embarking on a promising development and exploration programme over the next few months, and currently intends to commence drilling a minimum of four wells during the remainder of 2008.

Following completion of the Subscription, TOGI will hold Ordinary Shares representing, in aggregate, a 35 per cent. interest in the Company. The transaction represents an investment by TOGI at a price of 0.76 per share on a fully diluted basis, or 0.86 per share on an issued share capital basis.

Luc Gerard, President of Tribeca, has been invited to join the Company's board as a Non-executive Director, and his appointment is expected to be confirmed shortly. It is expected that upon completion of the Subscription, a second Tribeca nominee will also join the PetroLatina board as a further Non-executive Director.

Further announcements to this effect will be made in due course.

Greg Smith, Chairman of PetroLatina, today commented:

'The investment by Tribeca will secure the future of the Company and enable us to fund our planned programme of exploration and appraisal wells. We currently expect to drill a minimum of four wells across our three licence areas in Colombia by the end of this year. Our plan is to increase proven reserves, production and cash flow considerably through the drill programme.'

Luc Gerard, President of Tribeca, today commented:

'We're delighted to have been able to secure a substantial stake in PetroLatina. With current production and extensive exploration and development potential in Colombia, plus increasing throughput at the Company's Rio Zulia - Ayacucho pipeline,we believe that the Company has tremendous potential for increasing its value.'

Acquisition of Petroleos del Norte S.A. ('PDN') and update on the Tisquirama licence

Under the original terms of the PDN acquisition, a second cash payment of US$13 million was due to be paid to the vendors of PDN upon the extension of the Tisquirama licence. As announced on 29 November 2007, PetroLatina reached agreement with the vendors of PDN to make a cash payment of US$7 million and to issue to the vendors PetroLatina shares to the value of US$3 million at a price of 0.50 per share (equivalent to 0.10 per share prior to the Company's recent share consolidation). In November 2007, the former President of PDN was appointed as interim CEO of PetroLatina.

Following the statement made on 29 November 2007, final approval of PetroLatina's licence Amendment has now been received from the Hydrocarbon National Agency (Agencia Nacional de Hidrocarburos 'ANH').

Of the aforementioned cash payment of US$7 million, US$2.5 million will be made from the proceeds of the Notes, with the balance of US$4.5 million being paid from the proceeds of the Subscription, and 3,045,299 Ordinary Shares (the 'Consideration Shares') have today been allotted to the vendors of PDN. The Consideration Shares, in which the vendors of PDN will be interested, will represent approximately 11.6 per cent. of PetroLatina's enlarged issued share capital, will be fully paid and will rank pari passu with the Company's existing ordinary shares of U$0.50 each. Following the issue of the Consideration Shares, the Company's issued share capital will consist of 26,312,724 Ordinary Shares with voting rights. PetroLatina does not hold any Ordinary Shares in Treasury and accordingly there are no voting rights in respect of any treasury shares.

Application will be made to the London Stock Exchange for admission of the Consideration Shares to trading on AIM. It is expected that admission will take place and that dealings in the Consideration Shares will commence at 8.00 a.m. on Friday 23 May 2008.

The aforementioned figure of 26,312,724 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, direct and indirect holdings of voting rights in PetroLatina under Chapter 5 of the Financial Service Authority's Disclosure and Transparency Rules.

Non-applicability of The City Code on Takeover and Mergers ('City Code')

The City Code is issued and administered by the Panel on Takeovers and Mergers (the 'Panel') pursuant to the Companies Act 2006. The City Code applies to all takeovers and merger transactions, however effected, where the offeree company is, inter alia, a listed or unlisted public company resident in the UK, the Channel Islands or the Isle of Man and to certain categories of private limited companies.

In June 2006, PetroLatina completed the acquisition of PDN in Colombia. Following this acquisition, the majority of PetroLatina's directors were based outside of the United Kingdom and board meetings since then have been held overseas. Accordingly, whilst PetroLatina is a public limited company registered in England, its central place of management and control is currently outside the United Kingdom and therefore PetroLatina is not currently resident in the United Kingdom, the Channel Islands or the Isle of Man for the purposes of the City Code. As a result, the provisions of the City Code do not currently apply to PetroLatina and its shareholders are not entitled to the protections afforded by the City Code.


Enquiries:

PetroLatina Energy Plc
Greg Smith
Executive Chairman
Tel: +44 (0)207 808 4851

Pawan Sharma
Executive Vice President - Corporate Affairs
Tel: +44 (0)207 808 4851

Strand Partners Limited
Simon Raggett
Tel: +44 (0)20 7409 3494

Matthew Chandler
Tel: +44 (0)20 7409 3494

Financial Dynamics
Ben Brewerton
Tel: +44 (0)20 7831 3113

Susan Quigley

Additional Information on PetroLatina Energy Plc

PetroLatina Energy Plc (AIM: PELE), formerly known as Taghmen Energy Plc, was founded in 2004. The Company is presently focused on Colombia after the sale of its assets in Guatemala in which it retains a 20% interest in three wells to be drilled in the near future. In Colombia, the Company holds 40% and 20% interests in the Los Angeles and Santa Luc fields on the Tisquirama licence, respectively, and a 100% interest in the Do Mar field which together provided a daily production of approximately 450 barrels per day in the first six months of 2007. In November 2007 the Company secured the extension of the Tisquirama licence for the economic life of the fields. In April 2006 the Group acquired an interest in two exploration blocks with an 85% interest in Midas and an 80% interest in La Paloma. PetroLatina also owns the R Zulia-Ayacucho pipeline in the prolific Catatumbo basin which transports crude oil. Present exploration/exploitation activities in this area should increase the volume of the crude oil resulting in an increased cash flow. Further information is available on the Company's website (www.petrolatinaenergy.com).

About Tribecapital Partners S.A.

Tribeca Fund I, FCP, is a Colombian private equity fund managed by Tribecapital Partners S.A. The fund has total investment commitments of US$135 million, from multilateral investors and institutional investors in Colombia such as pension and severance pay funds. Further information is available on Tribeca's website (www.tribeca.com.co).

Worth a listen about future oil prices and the current situation :

http://www.netcastdaily.com/broadcast/fsn2008-0531-3a.asx

2008/05/31-3a Big Picture with Jim Puplava & John Loeffler - Part 1 05/31/2008

Nice discovery for Pele. Director seems confident buying 54k worth at 27p.

Yes 1st well test success of Colon-1 for Pele was ranging from about 800-1200bopd.

http://www.petrolatinaenergy.com/news.php?n=145&o=

Colon-1 flowing at 1200 bbl a day.

"The rig which drilled the Colon-1 well was subsequently moved to the Los Angeles-11 development well location, and has already reached the targeted total depth. Preliminary results for the Los Angeles-11 well are expected to be available shortly and will be announced in due course."

Impressive RNS again