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Solana Resources Limited ("Solana" or the "Company") - Costayaco-4 Drilling & Testing Update
CALGARY and LONDON, UK, June 13 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL) is pleas...
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, UK, June 13 /CNW/ - Solana Resources Limited (TSX-V:\nSOR; AIM: SORL) is pleased to announce that the Costayaco-4 well, a 540 metre\ncrestal step out to the north of the Costayaco-2 well, has been successfully\ndrilled, cored, logged and cased as planned. Initial evaluation indicates that\nCostayaco-4 has in excess of 200 feet of potential net oil pay, which is over\n25% more than any of the previous three wells in the field.\n\n\nThe Costayaco field was discovered in the second quarter of 2007 and is\nlocated in the Chaza block, Putumayo Basin, southern Colombia. The field is\ncurrently producing approximately 7,000 barrels of oil per day ("bopd") gross,\n3,730 bopd net of royalty to Solana.\n\n\nSolana holds a 50% working interest in the Chaza block with Gran Tierra\nEnergy Inc., the operator, holding the balance. This block is subject to an\nAgencia Nacional de Hidrocarburos contract.\n\n\nCostayaco-4 was drilled directionally from the Costayaco-2 well site and\nreached a total measured depth of 8,884 feet, total vertical depth of\n7,344 feet, on May 24, 2008. Cores were obtained from the two primary\nreservoirs; 48 feet from the Villeta T and 30 feet from the Caballos.\nHydrocarbon shows and lithology similar to Costayaco-1 and Costayaco-2 were\nencountered. Solana's initial log interpretations, combined with core samples\nand hydrocarbon shows, indicate reservoir quality sandstones with 16 feet of\npotential oil pay in the Rumiyaco Kg, 18 feet in the Villeta U, 38 feet in the\nVilleta T, and 134 feet in the Caballos.\n\n\nA testing program to evaluate the hydrocarbon reservoirs encountered\nduring drilling is currently being designed. Testing operations are expected\nto commence in late June and to take approximately one month.\n\n\nThe Pride-17 rig used to drill Costayaco-4 was released on June 7, 2008,\nand is currently being moved to the Costayaco-5 location. Costayaco-5, a field\ndelineation well, is located approximately 1,120 meters west of Costayaco-2\nand 1,060 metres north west of Costayaco-1. This well is targeting down dip\nportions of the productive reservoirs on the western flank of the field in an\nattempt to determine an oil water contact in the Villeta T reservoir, and to\nfurther define the Costayaco field reserves. Drilling is expected to commence\nin late June and be ...