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Solana Resources Limited ("Solana" or the "Company") - Juanambu Field Production Commencement - Guayuyaco Block - Putumayo Basin - Colombia; Cocodrilo-1 Commencement of Drilling Catguas Block - Catatumbo Basin - Colombia
CALGARY, AB and LONDON, UK, Nov. 20 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL) is p...
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nCALGARY, AB and LONDON, UK, Nov. 20 /CNW/ - Solana Resources Limited\n(TSX-V: SOR; AIM: SORL) is pleased to announce that approval of commerciality\nhas been received for the Juanambu oil field, located in the Guayuyaco Block\nin southern Colombia, and that Juanambu-1, the discovery well, has been placed\non production. Solana is also pleased to announce and that Cocodrilo-1,\nlocated in the Catguas Block, north-eastern Colombia, commenced drilling on\nNovember 16, 2007.\n\n\nJuanambu Field\n\n\nJuanambu-1 is currently producing approximately 1,400 barrels of oil per\nday ("bopd"), 450 bopd net of royalty to Solana. This brings Solana's current\ntotal Colombian production, net of royalties, to approximately 1,875 barrels\nof oil equivalent per day (90% oil - 10% gas).\n\n\nThe Juanambu oil field was discovered in the first quarter of 2007,\ntested in the second quarter of 2007 and an application for commerciality was\nsubmitted to Ecopetrol, the Colombian national oil company, in the third\nquarter of 2007.\n\n\nUnder the Association Contract that governs the Guayuyaco Block,\nEcopetrol backs in for a 30% interest in the Juanambu oil field concurrent\nwith the approval of commerciality for this field. Solana and Gran Tierra\nEnergy, the operator, each retain a 35% interest in the Juanambu field.\n\n\nProduction, currently being transported by truck to existing\ninfrastructure, will flow through a five kilometre, six inch flow-line that is\nexpected to be operational by mid January 2008.\n\n\nCocodrilo-1\n\n\nSolana spudded Cocodrilo-1 on November 16, 2007. This well is expected to\ntake three weeks to drill with testing potentially to follow. Cocodrilo-1 is\ntargeting the Barco and Catatumbo formations that have been identified on 2D\nseismic and are oil bearing in the nearby Tres Curvas-1 new field discovery.\n\n\nCocodrilo-1 is the sixth well in Solana's 2007 six well exploration\nprogram, and the second of the two well program Solana is undertaking on the\nCatguas Block. To date, Solana has had three successes in this 2007 campaign\nincluding Tres Curvas-1 on the Catguas Block.\n\n\nSolana is the operator of the Catguas Block with a 100% working interest.\nTrayectoria Oil and Gas, Sucursal Colombia holds a 15% beneficial interest in\nthe portion of the block containing the Cocodrilo-1 well. The Catguas Block...