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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 t...
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, Jan. 15 /CNW/ - Solana Resources Limited (TSX-V: SOR;\nAIM: SORL) is pleased to announce that the Costayaco-2 well, a 560 metre step\nout to the northeast of the Costayaco-1 discovery well, has been successfully\ndrilled, logged and cased. The Costayaco field is located in the Chaza Block,\nPutumayo Basin, southern Colombia.\n\n\nCostayaco-2 reached a total measured depth of 8,600 feet on\nJanuary 2, 2008, and encountered similar hydrocarbon shows and lithology as\nCostayaco-1. Initial log interpretations, combined with the hydrocarbon shows,\nindicate reservoir quality sandstones with potential oil pay in the U and T\nunits of the Villeta formation, and in the Caballos formation.\n\n\nThe Pride-6 service rig is being mobilized to initiate testing of the\nhydrocarbon reservoirs encountered during drilling. Testing operations are\nexpected to begin in mid-January and scheduled to be completed in\nmid-February.\n\n\nThe Pride-17 rig used to drill Costayaco-2 was released on\nJanuary 8, 2008, and is currently being moved to the Costayaco-3 location.\nCostayaco-3 is located approximately 960 meters west southwest of the\nCostayaco-1 location. Drilling is expected to commence in late January and be\ncompleted in late February.\n\n\nProduction from Costayaco-1 has increased to approximately 3,500 barrels\nof oil per day ("bopd") gross, or 1,610 bopd net of royalty to Solana, as a\nresult of commingling the Caballos and the Villeta T zones.\n\n\nCostayaco-1 oil production is currently being trucked to new offloading\nfacilities at Uchupayaco which is connected to existing pipeline\ninfrastructure. Any crude oil production from Costayaco-2 will be trucked to\nthe same facilities. Preparations for the 11 kilometre pipeline from the\nCostayaco field to Uchupayaco are under way. Upon completion, this pipeline\nwill replace trucking operations.\n\n\nThe acquisition of the previously announced 70 square kilometres of 3-D\nseismic covering the Costayaco oilfield has been completed. This data is\ncurrently being interpreted and will be used to assist with the positioning of\nfuture development wells in the Costayaco field. Acquisition of 41 kilometres\nof new 2-D seismic data to define additional exploration potential in the\nChaza Block is continuing.\n\n\nSolana holds a 50% working interest in the Chaza ...