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Solana Resources Limited - Guariquies 2 Appraisal Well Result
Solana Resources Limited - Guariquies 2 Appraisal Well Result.
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\n\nCALGARY, June 5 /CNW/ - Solana Resources Limited which conducts\nexploration development and production activities in 14 blocks in Colombia\nannounces the results of the Guariquies 2 well, drilled as an appraisal well\nto the Guariquies 1 discovery made in March 2006. The Guariquies 1 discovery\ntested oil at commercial rates from the Mugrosa Formation at approximately\n5,000 ft.\nGuariquies 2, drilled from the same surface location as Guariquies 1, was\ndeviated 1,600 feet to the west of Guariquies 1 with the objective of\npenetrating a thicker gross sand section at a higher structural elevation than\nat the discovery well. Post drilling evaluation of Guariquies 2 confirms that\nthe target Mugrosa reservoir section was encountered approximately 770 feet\nhigher than at Guariquies 1 and that the gross section was more than 800 feet\nthicker than at the discovery.\nGuariquies 2 has encountered predominantly gas in the two main sands\npenetrated in the well. The lower zone, from 5,953 to 5,982 feet, produced gas\nthough a 36/64 inch choke at a stable rate of 0.70 million cubic feet per day.\nThe upper zone, from 4,971 to 5,004 feet produced gas through a 36/64 inch\nchoke at a stable rate of 0.74 million cubic feet per day and also produced\n8 barrels of 24 degree API oil.\nThe Guariquies 2 well has been suspended and the drilling rig used to\ndrill the Guariquies 1 and 2 wells has now been released. The Guariquies 1\nwell is expected to be put on long term test in approximately one month. Oil\nproduced during the test is expected to be trucked to a receiving point\nlocated approximately 10 kilometers from the well location.\nActivity continues to execute the previously proposed plan to continue to\nappraise the Guariquies discovery to the north with at least two more\nappraisal wells. The first of these, Guariquies 3, is expected to be located\n4.6 kilometers to the north of the discovery. The environmental license for\nthe Guariquies 3 location is in progress.\nSolana participates directly in the Shared Risk Contract, with Ecopetrol\nand Ramshorn, and paid 37.5% of the costs and will receive 33.75% of the\nproduction of Guariquies 2 and all future Guariquies wells.\nMenno Wiebe, Vice President Exploration of Solana, a Petroleum Geologist,\nis the qualified person that has reviewed the technical information contained\ni...