Solana Res Share Discussion Threads

[captainfatcat] 15/1/2008 07:11

Solana Resources Limited ("Solana" or the "Company") - Costayaco-2 Drilling &
Testing Update - Chaza Block - Putumayo Basin - Colombia

CALGARY and LONDON, Jan. 15 /CNW/ - Solana Resources Limited (TSX-V: SOR;
AIM: SORL) is pleased to announce that the Costayaco-2 well, a 560 metre step
out to the northeast of the Costayaco-1 discovery well, has been successfully
drilled, logged and cased. The Costayaco field is located in the Chaza Block,
Putumayo Basin, southern Colombia.
Costayaco-2 reached a total measured depth of 8,600 feet on
January 2, 2008, and encountered similar hydrocarbon shows and lithology as
Costayaco-1. Initial log interpretations, combined with the hydrocarbon shows,
indicate reservoir quality sandstones with potential oil pay in the U and T
units of the Villeta formation, and in the Caballos formation.
The Pride-6 service rig is being mobilized to initiate testing of the
hydrocarbon reservoirs encountered during drilling. Testing operations are
expected to begin in mid-January and scheduled to be completed in
mid-February.
The Pride-17 rig used to drill Costayaco-2 was released on
January 8, 2008, and is currently being moved to the Costayaco-3 location.
Costayaco-3 is located approximately 960 meters west southwest of the
Costayaco-1 location. Drilling is expected to commence in late January and be
completed in late February.
Production from Costayaco-1 has increased to approximately 3,500 barrels
of oil per day ("bopd") gross, or 1,610 bopd net of royalty to Solana, as a
result of commingling the Caballos and the Villeta T zones.
Costayaco-1 oil production is currently being trucked to new offloading
facilities at Uchupayaco which is connected to existing pipeline
infrastructure. Any crude oil production from Costayaco-2 will be trucked to
the same facilities. Preparations for the 11 kilometre pipeline from the
Costayaco field to Uchupayaco are under way. Upon completion, this pipeline
will replace trucking operations.
The acquisition of the previously announced 70 square kilometres of 3-D
seismic covering the Costayaco oilfield has been completed. This data is
currently being interpreted and will be used to assist with the positioning of
future development wells in the Costayaco field. Acquisition of 41 kilometres
of new 2-D seismic data to define additional exploration potential in the
Chaza Block is continuing.
Solana holds a 50% working interest in the Chaza Block with Gran Tierra
Energy Inc., the operator, holding the other 50% interest. The Chaza block is
subject to a fiscally attractive Agencia Nacional de Hidrocarburos contract
with no additional state participation.
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.

[sg31] 14/1/2008 21:24

I would love to know how many of these are held in the UK.Most of the action is obviously on TSX.On a great day like today only 32000 traded on Aim.UK shareholders appear to be a very select bunch.

[ramesham] 14/1/2008 16:18

Thanks Norman.

[norman the doorman] 14/1/2008 15:37

We may see $2-3 of upside from here if Costayaco 2 comes in. Then we will run up further in expectation of Costayaco 3.. If that comes in then we really could be motoring. Will be interesting to guage strength today over on the TSX. Good luck with your future investments heffer, i can't think of many shares that have got as much short term potential as this has though.

[ramesham] 14/1/2008 15:17

news must be good?? not a word yet!

[heffermj] 14/1/2008 15:06

Well I'm out - the rest of you can of course rest assured the share price will now rise magnificently - well if my past dealings are anything to go by it will.....
Good Luck to those with more bottle than me!

[sg31] 13/1/2008 22:00

All the fun seems to be on the TSX lately but if they do a press release it is usually just after 7 am UK time.

[captainfatcat] 13/1/2008 21:47

Last time I checked here was Friday midday lol

[sg31] 13/1/2008 21:25

you were a bit slow there capt,never mind,it should be an interesting day tomorrow.Fingers crossed it can't be long before the news breaks.

[captainfatcat] 13/1/2008 20:56

Just noticed the share price 8-))

[heffermj] 11/1/2008 21:23

Good finish in Canada - up almost 13% today!

[norman the doorman] 11/1/2008 16:29

price action suggests we have a hit on Costayaco 2.. up 10% In Canada. Glad i topped up again with 10,000 at 114p.

:)

[heffermj] 11/1/2008 09:17

Closed at 2.57 on the bid in Canada yesterday = £1.30 here. We should play catch up.....more interesting is the question - is it good news leaking out regarding C2 causing the recent rise?? Fingers crossed!!

[sg31] 08/1/2008 22:18

unlikely with sorl down in Canada,unless we get news on C2 tomorrow.

[captainfatcat] 08/1/2008 17:56

Positive rise today looking good to move up further perhaps.

[captainfatcat] 08/1/2008 07:14

Its going to be a busy year.

[captainfatcat] 08/1/2008 07:12

Solana Resources Limited ("Solana" or the "Company") - Accelerates Activity
with Extensive 2008 Capital Program

CALGARY and LONDON, Jan. 8 /CNW/ - Solana Resources Limited (TSX-V: SOR;
AIM: SORL) is pleased to announce a $92 million firm and contingent 2008
capital budget (inclusive of a number of Q4 2007 activities) for its Colombian
assets. Based on a highly successful 2007 exploration drilling program that
saw net production increase by 390% to a 2007 year end exit rate of
2,623 barrels of oil equivalent per day, 94% oil, and proved reserves increase
by 310% (based on June 30, 2007 reserves report), the 2008 program represents
a significant increase in activity and forms the foundation of an accelerated
growth plan in Colombia for the coming years.
This increase in activity and corresponding budget is fully funded from
existing capital and forecasted operating cashflow. It is further underpinned
by the Company's recently acquired credit facility.
Solana has interests in ten blocks in four different Colombian basins;
Putumayo (Chaza and Guayuyaco blocks), Llanos (Guachiria, Guachiria Sur,
Guachiria Norte, Colonia, San Pablo and Garibay blocks), Catatumbo (Catguas
block), and Lower Magdalena (Magangue block) comprising a net 798,000 acre
land position. Four of the ten blocks are currently producing.
Of the overall 2008 budget, $57 million is firm and the remaining
$35 million is contingent. The firm budget allows for five exploration wells
(Primavera-1, Palmitas-2 and Topocho-1 on the Guachiria, Guachiria Sur and
Gaviotas blocks respectively, and one deep and one shallow well on the
Catuguas block), two step out wells (Costayaco-2 which is currently drilling
and Costayaco-3 which will follow immediately on the Chaza block), seismic and
infrastructure projects. The $35 million contingent budget is conditional on a
variety of operational and regulatory activities including prior drilling
success, governmental approvals and general industry conditions, and allows
for three additional exploration wells, four development wells, and additional
seismic and infrastructure projects.
Solana's combined 14 well firm and contingent drilling program, inclusive
of eight exploration wells, will make it one of Colombia's more active
explorers.

Drilling Equipment

Access to drilling rigs is a continuous issue in Colombia. To ensure the
Company's ability to execute on its extensive 2008 drilling program, it has
secured a one plus one year contract on Pioneer Rig 52, a 1,000 horsepower top
drive drilling rig, with Pioneer de Colombia, Sdad. This rig is currently
being imported from the United States and will be capable of drilling all of
the wells in Solana's planned program.

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.
Barrels of oil equivalent (boe) may be misleading, particularly if used
in isolation. A boe conversion ratio of six thousand cubic feet of gas to one
barrel of oil is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead.

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.

[sg31] 07/1/2008 21:52

We have lift off in Canada.12.5% up in a falling market.Tasty.

[captainfatcat] 07/1/2008 20:04

Thanks norman I will find some time to take a look at the Tristone note later.

[norman the doorman] 07/1/2008 19:18

Evening Fatcat, Jumbo, DFGO et al,

Updated header for run up on COSTAYACO 2 + 3, positive moves today in Canada so hopefully it will pop 10% tomorrow. I have been looking at Tristone report in the header trying to find info on the values of future development at COSTAYACO. Anyone care to guess values for 5,000BOE at COSTAYACO 2 + 3 ??

Regards,

Norman

[captainfatcat] 03/1/2008 13:30

The Costayaco-2 well should be close to reaching its target depth by now!