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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") - Los Aceites-1 Positive Test Results - Guachiria Block - Llanos Basin - Colombia CALGARY and LONDON, Sept. 4 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL), is pleased to announce that during a 4.5 hour clean-up period, the Los Aceites-1 exploration well flowed at an average rate in excess of 5,000 barrels of 40 degrees API oil per day (bopd), gross, from ten feet of perforations. Los Aceites-1 reached a total measured depth of 7,108 feet on August 11, 2008, and a completion and cased hole short test program commenced on August 24, 2008, utilizing the Pioneer Rig 52 drilling rig. A total of ten feet was perforated, from 6,874 to 6,884 feet, in the Carbonera C-7 formation. After perforation the well was swabbed and started to flow naturally. As part of the clean-up flow period, the well flowed at exceptional rates in excess of 5,000 bopd gross, 2,800 bopd net of royalty to Solana, with a 5% water cut. This flow rate was restricted by surface facility constraints. The duration of the test was very brief, only 4.5 hours, and was truncated due to limited onsite tank storage capacity. In this part of the Llanos Basin, in Solana's experience, fields are usually characterized by limited reserves, high initial production rates (in the 500 - 2,000 bopd range), and quickly increasing water cuts. The Pioneer Rig 52 was released on August 29, 2008. Solana will install appropriately sized equipment to undertake the required short test as soon as the drilling rig has been moved off of the location. This test is anticipated to start mid September. As a result of the exceptional initial flow rates encountered at Los Aceites-1, the Company is revisiting its mapping of the Los Aceites prospect with a view to establishing potential field limits. Based on the Company's current understanding, one additional well may be required in this field. Solana is the operator and holds a 100% working interest in the Guachiria block with Lewis Energy Colombia holding a 30% beneficial interest in the block. The Guachiria block is subject to an Ecopetrol S.A. contract, the Colombian state oil and gas company, and attracts an additional 13% overriding royalty that is applied after government royalties to Ecopetrol S.A. 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), Marc Cramsie, marc.cramsie(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 (SOR. SORL) END
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