Platino Energy Corp. Announces Spudding of the Coati-1 Exploration Well on the Coati Block in the Southern Putumayo Basin of Colombia
CALGARY, ALBERTA--(Marketwired - Jun 7, 2013) - Platino Energy Corp. ("Platino" or the "Company") (TSX VENTURE:PZE) is pleased to announce the spud of its first exploration well on the Coati Block in the Southern Putumayo Basin of Colombia. The planned total depth ("TD") of the well is approximately 10,500 feet with the primary target being the Caballos Formation with secondary targets in the shallower Villeta sandstones. The planned drilling time to reach TD is expected to be approximately 45 days using a 1,500 HP electric top-drive Pioneer rig. Once TD is reached, the Company plans to conduct an extensive test program on multiple zones. It is expected that results from the well will be released in Q3 2013.
According to Dr. Tomas Villamil, President & CEO of Platino, "The Coati-1 well is targeting what we believe to be the largest prospect within the Platino portfolio, and one of the most significant conventional exploration targets in Colombia this year."
Platino currently holds a 100% working interest in the Coati Block(1) with its interest reducing to 80% once its partner, Canacol Energy Ltd., earns a 20% interest pursuant to an amended farm-in agreement announced in May 2013.
About Platino Energy
Platino is a Calgary, Alberta headquartered resource company engaged in the exploration for, and the acquisition, development and production of hydrocarbons in Colombia.
For further information please refer to Platino's website at www.platinoenergy.com.
(1) Interest in the Coati Block is a result of the spin-off of certain exploration assets formerly belonging to C&C Energia Ltd. to Platino. Platino is pursuing regulatory approval to be recognized as operator of record of the block.
Advisory Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "believe", "expected", "intends" and similar expressions is intended to identify forward-looking information concerning the Company's future operations and performance, including its drilling plans for the Coati-1 well and exploration plans for the Company's Coati block.
The forward-looking information in this news release is based on certain key expectations and assumptions made by Platino, including assumptions as to: the timing and progress of work relating to Platino's Coati-1 well and the Coati block; Platino's geological and engineering estimates; taxes; the geography of the areas in which Platino will conduct exploration and development activities; the sufficiency of budgeted capital expenditures in carrying out planned activities; the accuracy of testing results and seismic data; and the accuracy of resource estimates and the general continuance of current or, where applicable, assumed operational, regulatory and industry condition. Although Platino believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Platino can give no assurance that it will prove to be correct.
The forward-looking information in this news release is subject to known and unknown risks and uncertainties and other factors which may cause actual results to differ materially from those expressed or implied in the forward-looking information. Such risks, uncertainties and factors include, among others: the inability to secure necessary regulatory or other third party approvals; the nature of the exploration and development activities on Platino's assets; difficulties encountered during the exploration for, delineation, development and production of oil. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Platino are included in the Listing Application (Form 2B) of Platino filed with the TSX-V, which has been filed with applicable securities regulatory authorities and may be accessed through the SEDAR website www.sedar.com.
The forward-looking information contained in this news release is made as of the date hereof and Platino undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
