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.”

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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 Lucía fields on the Tisquirama licence, respectively, and a 100% interest in the Doña María 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 Río 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).