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Potential New Field Discovery - Costayaco-1 - Putumayo Basin - Colombia
Potential New Field Discovery - Costayaco-1 - Putumayo Basin - Colombia.
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nCALGARY, May 15 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL)\nis pleased to announce that the Costayaco-1 wildcat exploration well has been\nsuccessfully drilled, logged and cased as a potential new field discovery.\nCostayaco-1 is located in the Chaza Block, Putumayo Basin, southern Colombia.\nSolana holds a 50% working interest in the Chaza Block with Gran Tierra Energy\nInc., the operator, holding the other 50% interest.\n\n\nCostayaco-1 is the Company's second Putumayo Basin potential new pool\ndiscovery in the last two months. The Juanambu-1 discovery, located in the\nadjacent Guayuyaco Block, was announced March 19, 2007, and is currently being\ntested. The Chaza block is subject to a fiscally attractive Agencia Nacional\nde Hidrocarburos royalty/tax contract with no additional state participation.\n\n\nCostayaco-1 reached a total measured depth of 2,612 meters (8,570 feet)\non May 10, 2007. Initial log interpretations, combined with hydrocarbon shows\nencountered during drilling, indicate reservoir quality sandstones and\nlimestones with potential oil pay in four zones: the KG Unit of the Rumiyaco\nFormation, the U and T Units of the Villeta Formation, and in the Caballos\nFormation. These four formations are productive in the nearby Santana Block,\nas well as in the Juanambu-1 zones that have been tested to date. Solana notes\nthat there may be upwards of 10 separate reservoirs of interest within these\nfour zones and that the productive lithological package in Costayaco-1 is very\nsimilar to that found in Juanambu-1.\n\n\nThe service rig currently testing Juanambu-1 will move to Costayaco-1 to\ncommence testing operations in June. Testing is expected to take four to six\nweeks. Costayaco-1 is proximal to infrastructure allowing for early\nmonetization of any potential commercial production.\n\n\nThe Pride-17 drilling rig, used to drill Costayaco-1, is expected to be\navailable for additional drilling as of October of this year. To optimize\ndrilling locations, a near term seismic infill program over the Costayaco\nstructure is being considered.\n\n\nMr. Glenn Van Doorne, Chief Operating Officer of Solana, a Petroleum\nGeologist, is the qualified person who has reviewed the technical information\ncontained in this news release.\n\n\nForward Looking Statements\n\n\nCertain information regarding the Com...