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Solana Resources Limited ("Solana" or "the Company") - Financial and operational highlights and Consolidated Financial Statements (Unaudited) for the six month period ended June 30, 2006
Solana Resources Limited ("Solana" or "the Company") - Financial and operational highlights and Consolidated Financial Statements (Unaudited) for the six month period ended June 30, 2006.
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\n\nCALGARY, Aug. 28 /CNW/ - Solana Resources Limited (TSX-V:SOR; AIM:SORL),\nthe Colombia-focused independent oil and gas exploration and production\ncompany, today announces its results for the six month period ending June 30,\n2006.\nSolana is a resource exploration and production company headquartered in\nCalgary, Alberta, Canada. The Company is engaged in the exploration for and\nthe acquisition, development and production of oil and natural gas. The\nCompany's exploration and development properties are located in Colombia,\nSouth America through its wholly owned subsidiary, Solana Petroleum\nExploration Colombia Limited (\"Solana Colombia\").\n\n\n>\n\nThe discussion and analysis that follows is intended to provide a summary\nof Solana Resources Limited's (\"Solana\" or \"the Company\") activities and\nresults over the six-month periods ended June 30, 2006 and 2005 as well as its\nfinancial position and future prospects. It should be read in conjunction with\nthe Company's audited consolidated financial statements for the years ended\nDecember 31, 2005 and 2004. All numbers in this discussion and analysis are\nexpressed in Canadian dollars unless otherwise indicated.\nAdditional information (which does not form part of this announcement) is\navailable on the Company's website at www.solanaresources.com or on Sedar's\nwebsite at www.sedar.com.\nSolana Resources Limited. (\"Solana\") is a resource exploration and\nproduction company headquartered in Calgary, Alberta, Canada. Solana is\nengaged in the exploration for and the acquisition, development and production\nof oil and natural gas. The company's exploration and development properties\nare located in Colombia, South America through its wholly owned subsidiary,\nSolana Petroleum Exploration (Colombia) Limited (\"Solana Colombia\").\n\n>\n\nTRENDS\n\nThe significantly increased level of activity world wide and specifically\nin Colombia accompanying the recent high oil prices has dramatically reduced\nthe availability of drilling rigs and the associated services. Solana has been\nable to meet contractual deadlines but the costs have exceeded original\nbudgets as rig day rates and service costs have increased significantly.\nUnfortunately, although the drilling and service companies have ordered\nadditional equipment, delivery to Colombia will be delayed so the time a...