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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") - Colombia Operational Update CALGARY and LONDON, Sept. 23 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL), is pleased to provide the following operational update on its activities in the Putumayo, Llanos and Catatumbo Basins. Putumayo Basin - Chaza Block The Costayaco field is located in the Chaza Block in the Putumayo Basin, where Solana has a 50% working interest, with Gran Tierra Energy Inc., the operator, holding the remaining 50% working interest. The Chaza block is subject to an Agencia Nacional de Hidrocarburos ("ANH") contract. The Costyaco-4 development well test results have confirmed reservoir productivity and the Costayaco-5 delineation well test results suggest a larger field size requiring an increase in the scale of the full field development plan. Costayaco-4 Testing Costayaco-4 is a deviated well drilled from the Costayaco-2 surface location near the crest of the Costayaco field to a total measured depth of 8,884 feet (true vertical depth of 8,616 feet). The bottom-hole location is approximately 1,775 feet northeast of the surface location. Approximately 77 feet of core was obtained from the Caballos and Villeta T formations during drilling. A combination of drill stem testing, flow testing and production testing was conducted on the two major reservoir sequences, the Caballos and the Villeta T formations. The Caballos was perforated in the intervals 8,610 to 8,652 feet, 8,660 to 8,668 feet, 8,675 to 8,686 feet and 8,694 to 8,728 feet. A stabilized gross production rate of 3,042 barrels of oil per day ("bopd") of 30(degrees) API oil with a 1% water cut was obtained with a jet pump. The Villeta T was perforated in the intervals 8,463 to 8,472 feet and 8,475 to 8,514 feet. A stabilized gross production rate of 1,401 bopd of 30(degrees) API oil with a 2% water cut was obtained from natural flow on a 92/64 inch choke. The Villeta T test rates are relatively low, in comparison with other crestal Costayaco wells, due to heavy formation damage that occurred during the extensive coring operations. Costayaco-5 Testing Costayaco-5 is a vertical delineation well drilled to a total measured depth of 8,703 feet on the west flank of the Costayaco field, approximately 3,450 feet northwest of Costayaco-1. A combination of drill stem testing and production testing was conducted on the two major reservoir sequences, the Caballos and the Villeta T formations. The Middle Caballos was perforated in the intervals 8,519 to 8,544 feet and produced 100% water. The Upper Caballos was perforated in the intervals 8,480 to 8,498 feet and 8,502 to 8,504 feet, and produced 27(degrees) API oil at a rate of 20 bopd with a 5% water cut. The Lower Villeta T was perforated in the intervals 8,376 to 8,381 feet, 8,384 to 8,388 feet and 8,390 to 8,396 feet. These zones produced 100% water. The Upper Villeta T was perforated in the intervals 8,336 to 8,348 feet and 8,350 to 8,360 feet. These zones produced 30(degrees) API oil at a gross rate of 1,152 bopd with a 1% water cut using a jet pump. These results are the first indication of a water leg in the Villeta T in the Costayaco Field. The depth of the oil water contact is poorly defined but is interpreted to be located at approximately 8,375 feet (-7,090 feet subsea). Costayaco Field Conceptual Development Plan Prior to drilling Costayaco-5, Gran Tierra Energy Inc., the Costayaco field operator, had prepared a conceptual, twenty well, full field development program inclusive of fifteen oil producers and five water injectors, along with a new pipeline from Uchupayaco to Orito and associated facilities. Under this development scenario the Costayaco field was expected to achieve a peak production rate of 35,000 bopd early in the first quarter of 2010. The positive well test results at Costayaco-5 further extends the field's western boundary and is expected to add reserves to the Costayaco field, and in combination with additional drilling and infrastructure upgrades, possibly increase the peak production rate. The Costayaco Development Plan is currently being updated with the latest data from the Costayaco-5 delineation well. A revised Costayaco Development Plan is planned to be submitted for approval to the ANH in late first quarter 2009. Additional Drilling The drilling of Costayaco-6 and Costayaco-7 remain in the 2008 drilling program, with a continuous delineation and development drilling campaign in the Costayaco field continuing through 2009. Infrastructure An eight inch, ten kilometre pipeline from the Costayaco field to the Uchupayaco Station on the existing pipeline system was commissioned in late July, 2008, and is currently transporting approximately 9,000 bopd. This new pipeline has a capacity of 25,000 bopd. Initial throughput is constrained due to capacity limitations further downstream in the existing pipeline system. The operator is developing options to increase production utilizing trucks to bypass infrastructure constraints and expects gross Costayaco field production to rise to approximately 15,000 bopd by year-end 2008. Additional production growth in 2009 will occur as a result of increased trucking. In addition, production capacity in new development wells will grow while the new Uchupayaco to Orito pipeline infrastructure is built. Llanos Basin - Guachiria Block Both Primavera-1 and Los Aceites-1 are located in the Guachiria block in the Llanos Basin where Solana is the operator and holds a 100% working interest with Lewis Energy Colombia holding a 30% beneficial interest. The Guachiria block is subject to an Ecopetrol S.A. contract, the Colombian state oil and gas company, and attracts an additional 13% Ecopetrol S.A. overriding royalty that is applied after government royalties. Primavera-1 Testing Primavera-1 reached a total measured depth of 7,405 feet on March 1, 2008, and was subsequently completed with eight feet of perforations in the Carbonera C-7 formation. The well was then tested at various rates using a jet pump over a 15 day period. At the maximum capacity of the jet pump, over a continuous 24 hour period, 40(degrees) API oil was produced at a rate of 650 bopd (gross), 365 bopd net of royalty to Solana. The well produced with a stable water cut of approximately 58% during this flow period. Following receipt of regulatory approval, Solana initiated an extended term test in mid August, 2008. With more appropriately sized equipment, Primavera-1 produced 40(degrees) API oil at a gross average rate of 1,205 bopd, 675 bopd net of royalty to Solana, over a one week period. Water cut was stable and averaged 52% during this period. To facilitate long term production, Malabares-1, an old well slated for abandonment, was converted into a water disposal well. A 1.8 kilometre temporary produced water line, from Pimavera-1 to Malabares-1, was installed and water disposal commenced mid September. A permanent water line is planned to replace the temporary line. Oil production is trucked and sold to Meta Petroleum. Los Aceites-1 Testing Program Los Aceites-1 reached a total measured depth of 7,108 feet on August 11, 2008, and was subsequently completed with ten feet of perforations in the Carbonera C-7 formation. As part of the clean-up flow period, the well flowed at surface facility restricted rates in excess of 5,000 bopd gross, 2,800 bopd net of royalty to Solana, with a 5% water cut. The duration of the test was very brief, only 4.5 hours, and was truncated due to limited onsite tank storage capacity. Solana is planning to initiate a required short test in late September using appropriately sized equipment, and following regulatory approval, expects to commence an extended test in mid to late October. The Company intends to truck and sell oil production to Meta Petroleum and to truck water to Solana's Primavera-1 location where it will be sent down the water line for disposal in the Malabares-1 water disposal well. Ultimately, the company expects to construct a multiphase flowline from Los Aceites-1 to Primavera-1, where the fluids would be separated with water sent to Malabares-1 for disposal, and the oil trucked from the one location. 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. Catatumbo Basin - Catguas Block Solana is the operator and holds a 100% working interest in the Catguas Block which is located in the Catatumbo basin. Trayectoria Oil and Gas, Sucursal Colombia holds a 15% beneficial interest in 70% of the block and a 50% beneficial interest in the remainder. This block is subject to an ANH contract. Catguas Block The acquisition of 2D and 3D seismic data for the Company's planned Catguas seismic program continues to be a challenge due to infrastructure limitations, difficult topography and security issues. Nevertheless, the work is progressing steadily and anticipated to be complete by November 2008, approximately six months later than originally planned. Accordingly, the next two exploration wells are now anticipated to be drilled in late second quarter 2009. 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. Business Combination On July 29, 2008, Solana announced that it had entered into a definitive agreement with Gran Tierra Energy Inc. providing for the business combination of the two companies. The proposed transaction is subject to regulatory, stock exchange, court and shareholder approvals. 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 (SORL) END
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