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PetroLatina farms-in to Block 7-98 - Guatemala - 2nd Dec 2005


PetroLatina continues to increase its presence in Guatemala by farming into a 50% stake in Cia Petrolera del Atlantico´s (PetroAtlantic) Block 7-98 in the Amartique Sedimentary Basin extension of the Peten Basin of eastern Guatemala. The block adjoins to the south Block 19 in Belize. Under the terms of the agreement, PetroLatina will conduct a 150km 2D seismic program and pay PetroAtlantic a minimal reimbursement of past costs. In addition, PetroLatina has an option to acquire a 50% interest in the 6-98 license, which is immediately south of Block 7-98 and covers most of Lake Izabel. Both blocks were initially issued to PetroAtlantic in December 1998 but not officially gazetted until August 2001. Due to pressure from environmental groups, the blocks have since been in abeyance awaiting official revalidation by the government. Block 7-98 has been cleared to proceed with exploration while 6-98 is still awaiting clearance. While there is no immediate plans to undertake any work until the status of the license is resolved, the initial work program calls for the acquisition and interpretation of approximately 460km of 2D seismic, scheduled for the first half of 2006. PetroLatina hopes to resolve all outstanding issues by the end of 2005.