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Solana Resources Limited ("Solana" or "the Company") - Financial report for the six month period ended June 30, 2007
Solana Resources Limited ("Solana" or "the Company") - Financial report for the six month period ended June 30, 2007.
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[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 27 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM:\nSORL), the Colombia focused independent oil and gas exploration and production\ncompany, today announces its results for the six month period ended June 30,\n2007. These results should be read in conjunction with the audited\nconsolidated financial statements for the years ended December 31, 2006 and\n2005. All numbers in this report are expressed in US dollars unless otherwise\nindicated.\n\n\nSolana (www.solanaresources.com) is an international resource company\nengaged in the acquisition, exploration, development and production of oil and\nnatural gas. The Company's properties are located in Colombia, South America\nand are held through its wholly owned subsidiary, Solana Petroleum Exploration\n(Colombia) Limited. The company is headquartered in Calgary, Alberta Canada.\n\n\nAdditional information (which does not form part of this announcement) is\navailable on the Company's website at www.solanaresources.com or the Sedar\nwebsite at www.sedar.com.\n\n\nHIGHLIGHTS\n\n- On May 29, 2007, Solana announced that the Juanambu-1 wildcat\n exploration well, located in the Guayuyaco Block, Putumayo Basin,\n southern Colombia, was a new field discovery. Juanambu-1 tested a\n combined 139 m(3)/day (876 bopd) from 26.8 m (88 ft) of perforations\n over four separate zones. Solana holds a non-operated 50% working\n interest in this field that will be reduced to 35% should Ecopetrol,\n the Colombian State oil company, exercise its back-in rights.\n\n- On June 25, 2007 Solana acquired the 439 km(2) Colonia, and the\n 423 km(2) San Pablo, exploration blocks in the Llanos Basin. These\n blocks border Solana's Guachiria, Guachiria Norte and Guachiria Sur\n blocks and together form a five block contiguous land package\n encompassing 1,735 km(2). This area is considered to be highly\n prospective.\n\n- On July 9, 2007, the Company announced that the Costayaco-1 wildcat\n exploration well, located in the Chaza Block, Putumayo Basin,\n southern Colombia, was a new field discovery. Costayaco-1 tested a\n combined 939 m(3)/day (5,906 bopd) maximum flow rate from 47.2 m\n (155 ft) of perforations over four formations. Solana holds a non-\n operated 50% working interest in the Chaza Block.\n\n- 100 km(2) 3-D seismic data were acquired over portions of the Garibay\n block in th...