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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") - Primavera-1 Positive Test Results Guachiria Block - Llanos Basin - Colombia CALGARY and LONDON, May 26 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL) is pleased to announce that the Primavera-1 exploration well has been successfully tested at a pump constrained flow rate of 650 barrels of 40 degrees API oil per day (bopd), gross, from eight feet of perforations. Primavera-1 reached a total measured depth of 7,405 feet on March 1, 2008. A completion and cased hole short test program commenced on May 8, 2008 with a Serinco Drilling Ltda. service rig. A total of eight feet was perforated, from 6,682 to 6,690 ft, in the Carbonera C-7 formation. After perforation the well was swabbed and produced a combination of oil, water and sand. The well was subsequently 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, an oil rate of 650 bopd (gross), 365 bopd net of royalty to Solana, was obtained. The well produced with a stable water cut of approximately 58% during this flow period. Solana is optimistic that higher oil rates may be achieved with more appropriately sized pumping equipment. Initial sand production, resulting from the highly porous, loosely cemented formation, has stopped. Production rates, for both oil and water, are within Solana's original expectations. Production is currently being separated on location and the oil is being trucked to Ecopetrol's (the State oil and gas company) Araguaney Station just north of Yopal in the Llanos Basin. Primavera-1 is now shut in for a pressure build up and is expected to be placed on an extended test in one month. The Serinco service rig has been moved and is currently completing and testing Solana's Palmitas-2 potential light oil discovery on the adjacent Guachiria Sur block, 12 km from the Primavera-1 well. Completion and testing operations are expected to take approximately two weeks. Solana is the operator and holds a 100% working interest in the Guachiria and Guachiria Sur blocks. Lewis Energy Colombia holds a 30% beneficial interest in both blocks. The blocks are subject to fiscally attractive Agencia Nacional de Hidrocarburos contracts. The Guachiria block is also subject to an Ecopetrol overriding royalty of 13% that is applied after government royalties. 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: Solana Resources Limited, Scott Price, jsp@solanaresources.com, (403) 770-1822; Ricardo Montes, rmontes@solanaresources.com, (403) 770-1822; Nabarro Wells & Co. Limited (Nominated Adviser), Robert Lo, RobertLo@nabarro-wells.co.uk; Marc Cramsie, MarcCramsie@nabarro-wells.co.uk, +44 20 7634 4705; Tristone Capital Limited (UK Broker), Nick Morgan, nmorgan@tristonecapital.com, +44 207 355 5800; Pelham Public Relations, Philip Dennis, philip.dennis@pelhampr.com, +44 207 743 6363; James MacFarlane, james.macfarlane@pelhampr.com, +44 207 743 6375 (SORL) END
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