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

Thanks silvermede.


Do not forget to get your 5 top picks for 2007 into the Stock Challenge competition.

Link below, click on the "Entry Form" tab, and then "2007 Annual"

http://www.stockchallenge.co.uk/sc/index.htm


Happy New Year to All

Hi again PP, just seen your link for silvermede about stockchallenge. Hope you dont mind, but I'd never seen or heard of this before, so I've used it and entered both Jan 2007 plus annual 2007 for a bit of fun.

oilrag, its a fun competition, free to enter and with a prize for the winner, so welcome to playing that.

I normally do crap on it, as the spreads I have to make up on the monthly challenge can be challenging (sometimes its best to pick stocks with a minimal spread percentage on the monthly competition). However, hoping for a good run this 2007 competition.

PP, Thanks have entered the 2007 Annual Comp. Good Luck & Happy New Year!

Hi, PP and silvermede, just checked on stock challenge and unless people use different handles for these comps then we are the only three names that I recognise. There are 350 entries in the annual one and 200 in the January one. Good luck to you both, What do you think your prospects are with your entries?

Hi oilyrag, nice to see PELE start with a bit of blue.

I am hopeful this year, but of course, anything can happen, including wars and market meltdowns, so at this stage best not to make any predictions :)

Thanks to PP I also have entered the annual 2007 stock challenge.
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Well, we should all remember at this stage that the Atzam-2 workover was the most likely to fail of the three (being Atzam-2 workover first and then Tortugas-4 and Tortugas-5 still to come).

So while the price may be rising in anticipation of news, there is a good chance the news coming will be of failure at Atzam-2 ( however of course it could be news thats its been a success, which would transform the outlook of PELE somewhat ).

Hi all, as the song goes, it aint where you start, its where you finish. Some large spreads to overcome but then we must all be fairly confident for the rest of the year in our selections. PP, you and I have three out of the five selections identical.
We must have similar portfolios and targets in mind.

Lets both hope those targets become actual prices then :)

Would be nice.

1 MM up so far today on L2.

Its now 2 v 1 @24/26.5

Actual is :

KBC 24 SEYP 26.5
WINS 24 CANA 28
SEYP 23.5 WINS 28.5
CANA 23 SCAP 29
SCAP 22 KBC 29

Hi PP, just posted a new thread on TMC regarding institutional investments. Would be intrested to know if you know of any more that I may have missed.

Hey mr. blue sky. Nice jump.

LONDON (AFX) - Buyers pursued Petrolatina Energy, 3-1/4 pence better at 27-1/4, after the company upgraded estimated resources at the La Paloma oil field in Colombia. It suspended work on the Tortugas license in Guatemala, however, after failing to secure the consent of the local government.

La Paloma is now believed to be holding unrisked recoverable resources of up to 90 mln barrels, up from the initial estimates of 20 mln barrels, said the group in a statement.

Good news all around, including the "force majeure" on Tortugas :)

Yes, papalpower, do u think this will go up further?

Certainly will over time IMO, maybe not now, but in time this should around 100p.

They have producing assets, they are bringing more production on line and will have good earnings. Thats what the market wants in oil stocks now.

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1168567220&feed=oilbarrel_en

12.01.2007

PetroLatina Energy Looks Ahead To Better Days As La Paloma Reserves Soar

Things have got off to a flying start for PetroLatina Energy in 2007. Shares in the AIM-listed firm have been heading up since it announced in December the Tibfield development in northern Colombia which is expected to significantly increase the flow of oil through its Rio Zulia - Ayaccucho pipeline.

The 15,000 bpd field, operated by state firm EcoPetrol and a division of Brazils Petrobras, should eventually raise PetroLatinas pipeline income from about US$1.5 million a year to US$6 million.

But this week the company yielded another pleasant surprise, massively bumping up reserves at its La Paloma exploration license in Colombia in the Middle Magdalena Valley.

PetroLatina now believes that un-risked recoverable resources at the site are closer to 90 million barrels instead of the previous 20 million barrels estimate. This gives the company a net 58.5 million barrels to play with, more than four times the earlier figure. The results are formulated on the existing seismic and well database, which are being studied together with the nearby Midas block.

A new seismic acquisition programme across both blocks is set to kick-off this month to further investigate what is now proving to be an encouraging story.

What a difference a year makes. Last year was pretty awful by and large for the group, with share prices sliding through much of 2006. This, despite the acquisition of the Petroleos del Norte assets which form the basis of the current work schedule. The business also includes around 500 bpd of output from three Colombian oil fields - Los Angeles, Santa Lucia and Dona Maria.

Things are also gaining momentum at the Serafin gas accumulation with a work-over rig expected to move into position next week. The initial results from production testing are due in by the end of the month, says Nicholas Gay, PetroLatinas president and chief executive, whio reckons his company is looking at better times in the year ahead.

The revised estimates from La Paloma combined with the news announced previously on the Rio Zulio - Ayacucho pipeline and the forthcoming testing on the Serafin gas accumulation underlines the value of the Colombian portfolio of assets put together in 2006.

PetroLatina is expected to build on this portfolio shortly as it nears completion on three technical evaluation areas also acquired through its acquisition of Petroleos del Norte. An application to extend at least one of these into full exploration licences is expected during the first quarter.

The positive news flow from Colombia is offset to some degree from Guatemala, where the company has been refused access by the government to the Tortugas area of its concession. PetroLatina has declared force majeure at the site with all operations on the license suspended with the exception of the Atzam-2 well.

This is more encouraging with the firm now embarking on clean-up operations with a view to further testing of a work-over well completed at the tail-end of last year. The well encountered a strong pressure regime and oil flowed to the surface, according to PetroLaina, though remedial work on damage to the casing and cement work is necessary before the site can be fully tested.

The outlook has certainly improved somewhat, still sat on a hefty loss but I will bide my time, and look forward to a better 2007
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