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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Solana Res | LSE:SORL | London | Ordinary Share | CA8341281001 | COM SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 132.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Solana Resources Limited ("Solana" or the "Company") - Costayaco-4 Drilling & Testing Update CALGARY and LONDON, UK, June 13 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL) is pleased to announce that the Costayaco-4 well, a 540 metre crestal step out to the north of the Costayaco-2 well, has been successfully drilled, cored, logged and cased as planned. Initial evaluation indicates that Costayaco-4 has in excess of 200 feet of potential net oil pay, which is over 25% more than any of the previous three wells in the field. The Costayaco field was discovered in the second quarter of 2007 and is located in the Chaza block, Putumayo Basin, southern Colombia. The field is currently producing approximately 7,000 barrels of oil per day ("bopd") gross, 3,730 bopd net of royalty to Solana. Solana holds a 50% working interest in the Chaza block with Gran Tierra Energy Inc., the operator, holding the balance. This block is subject to an Agencia Nacional de Hidrocarburos contract. Costayaco-4 was drilled directionally from the Costayaco-2 well site and reached a total measured depth of 8,884 feet, total vertical depth of 7,344 feet, on May 24, 2008. Cores were obtained from the two primary reservoirs; 48 feet from the Villeta T and 30 feet from the Caballos. Hydrocarbon shows and lithology similar to Costayaco-1 and Costayaco-2 were encountered. Solana's initial log interpretations, combined with core samples and hydrocarbon shows, indicate reservoir quality sandstones with 16 feet of potential oil pay in the Rumiyaco Kg, 18 feet in the Villeta U, 38 feet in the Villeta T, and 134 feet in the Caballos. A testing program to evaluate the hydrocarbon reservoirs encountered during drilling is currently being designed. Testing operations are expected to commence in late June and to take approximately one month. The Pride-17 rig used to drill Costayaco-4 was released on June 7, 2008, and is currently being moved to the Costayaco-5 location. Costayaco-5, a field delineation well, is located approximately 1,120 meters west of Costayaco-2 and 1,060 metres north west of Costayaco-1. This well is targeting down dip portions of the productive reservoirs on the western flank of the field in an attempt to determine an oil water contact in the Villeta T reservoir, and to further define the Costayaco field reserves. Drilling is expected to commence in late June and be completed in late July. The partners have embarked on a continuous Costayaco drilling program which will include Costayaco-6 and Costayaco-7 in 2008. Production from the Costayaco field is currently trucked to the offloading facilities at Uchupayaco which is connected to existing pipeline infrastructure. The 10 kilometre, eight inch pipeline from the Costayaco field to Uchupayaco, which will replace trucking operations, is currently under construction with a forecasted in service date of early August 2008. Once connected to existing infrastructure, plans are to ramp up Costayaco production to approximately 10,000 bopd, gross, overcoming the downstream Santana to Orito pipeline bottleneck by trucking approximately 3,000 bopd across this pipeline segment. The opportunity to possibly truck a further 3,000 to 5,000 bopd, gross, north to Neiva is being investigated. Additional infrastructure expansion to accommodate the anticipated increase in production from the continuing Costayaco drilling program and to negate the need for trucking is advancing. Mr. Glenn Van Doorne, Chief Operating Officer of Solana, a Petroleum Geologist, is the qualified person who has reviewed the technical information contained in this news release. Forward Looking Statements Certain information regarding the Company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, mechanical problems, equipment limitations, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated. Solana Resources Limited Solana (www.solanaresources.com) is an international resource company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company's properties are located in Colombia, South America and are held through its wholly owned subsidiary, Solana Petroleum Exploration (Colombia) Limited. The Company is headquartered in Calgary, Alberta, Canada. NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE For further information: Enquiries: Solana Resources Limited, Scott Price, Ricardo Montes, jsp(at)solanaresources.com, rmontes(at)solanaresources.com, (403) 770-1822, (403) 770-1822; Nabarro Wells & Co. Limited, (Nominated Adviser), Robert Lo, Marc Cramsie, robertlo(at)ambrian.com, marccramsie(at)ambrian.com, +44 20 7634 4705; Tristone Capital Limited, (UK Broker), Nick Morgan, nmorgan(at)tristonecapital.com, +44 207 355 5800; Pelham Public Relations, Philip Dennis, James MacFarlane, philip.dennis(at)pelhampr.com, james.macfarlane(at)pelhampr.com, +44 207 743 6363, +44 207 743 6375 (SORL) END
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