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Solana Resources Limited - Juanambu-1 Preliminary Test Results - Putumayo Basin, Colombia
Solana Resources Limited - Juanambu-1 Preliminary Test Results - Putumayo Basin, Colombia.
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[{"type":"text","content":"\n\n\n\nCALGARY, May 9 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL)\nnotes the May 7, 2007 announcement by its partner Gran Tierra Energy Inc.\n(Gran Tierra) (OTC Bulletin Board: GTRE.OB) regarding preliminary test results\nof the Juanambu-1 well, in the Guayuyaco Block, Putumayo Basin, southern\nColombia. It is not Solana's practice to announce preliminary results before\ntesting is fully completed, which practice was applied in this case. However,\nas a result of the announcement by Gran Tierra, Solana now provides more\ninformation in accordance with the AIM Guidance Note for Oil and Gas\nCompanies.\n\n\nAt Juanambu-1, the first two, of a planned five, drill stem tests\nobtained stabilized oil flows with a density of 0.869 (32(degrees) API) with\nconstant well-head flowing pressure: one in the Lower Caballos Formation and\none in the Middle Caballos Formation. After initial swabbing, sustained stable\noil flows were attained in both tests without supplementary pumping, which is\ntypically required in this region. It is anticipated that pumping would\nsubstantially increase the below flow rates.\n\n\nA total of 3.4 m (11 ft) were perforated over two intervals, 2,755.7 -\n2,757.2 m and 2,757.8 - 2759.7 m (9,041 - 9,046 ft and 9,048 - 9,054 ft), in\nthe Lower Caballos for the first drill stem test. After initial swabbing, the\nwell flowed naturally for 14 hours producing a total of 11 m(3) (71 bbls) of\noil with a final flowing rate of 12 m(3)/day (77 bopd) with only traces of\nwater.\n\n\nA total of 7.0 m (23 ft) were perforated over two intervals 2,742.6 -\n2,744.4 m & 2,745.0 - 2,750.2 m (8,998 - 9,004 ft & 9,006 - 9,023 ft) in the\nMiddle Caballos for the second drill stem test. After initial swabbing, the\nwell flowed naturally for 24 hours producing a total of 62 m(3) (393 bbls) of\noil with a final flowing rate of 56 m(3)/day (354 bopd) with traces of water.\n\n\nThe Company is preparing to test the primary reservoir objective, the\nVilleta T Sand, at 2,702 m (8,865 ft). Solana plans to announce full results\nupon completion of the testing program in a few weeks time.\n\n\nSolana has a 50% interest in Juanambu with Gran Tierra, the operator,\nholding the other 50% interest. Ecopetrol, the Colombian State oil company,\nhas a 30% interest back-in right on commercial discoveries and to the extent\nsuch ri...