25 May 2012

Reserve hike at PetroLatina

25/06/2008 Robert Tyerman

PetroLatina says an independent assessment has lifted its potential Colombian reserves threefold to 7.34 million barrels of oil equivalent.

According to the London-based company, consultant Ryder Scott has reported that its four concessions in Colombia held proved reserves of 2.75 million barrels of oil equivalent at the end of last year, 5.06 million barrels of proved and probable reserves and 7.34 million barrels of proved, probable and possible reserves. AIM-quoted PetroLatina says that puts a value of £24 million on the proved reserves, rising to £82 million for all three reserve categories.

Shares in PetroLatina, which also has interests in Guatemala and a pipeline asset independently valued at ‘up to’ £15 million, plunged from 352.5p in 2005 to 28.75p last April. They have now rallied to 52.5p, valuing the company at £13.8 million.

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Sector: Oil & Gas Producers

Companies: PetroLatina Energy

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