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Solana Resources Limited ("Solana" or the "Company") - Los Aceites-1 Drilling Update - Llanos Basin - Colombia
CALGARY and LONDON, Aug. 25 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL), is pleased ...
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, Aug. 25 /CNW/ - Solana Resources Limited (TSX-V: SOR;\nAIM: SORL), is pleased to announce that it has successfully drilled, logged,\ncased and is preparing to test the Los Aceites-1 well located on the Guachiria\nblock in Colombia's Llanos Basin.\n\n\nDrilling commenced on Los Aceites-1 on August 2, 2008, and reached a\ntotal vertical depth of 7,108 feet on August 11, 2008. Initial log\ninterpretations, MDT tests and sidewall cores indicate oil pay in the\nCarbonera C-7 formation, where 40 degree API oil shows were encountered. Los\nAceites-1 encountered the same sand package, with better log characteristics,\nas in the Primavera-1 well which is located approximately 3.3 km to the north\nand tested 650 barrels of oil per day from the Carbonera C-7 formation over a\n24 hour period.\n\n\nThe Pioneer-52 drilling rig will be used to complete and test the well.\nTesting operations are anticipated to take approximately two weeks. Following\nLos Aceites-1 testing, Pioneer Rig 52 will be made available to Petrotesting\nColombia S.A. for a two well program in the Llanos basin.\n\n\nSolana is the operator and holds a 100% working interest in the Guachiria\nblock with Lewis Energy Colombia holding a 30% beneficial interest in the\nblock. The Guachiria block is subject to an Ecopetrol S.A., the State oil and\ngas company, contract and attracts an additional Ecopetrol S.A. 13% overriding\nroyalty that is applied after government royalties.\n\n\nMr. Glenn Van Doorne, Chief Operating Officer of Solana, a Petroleum\nGeologist, is the qualified person who has reviewed the technical information\ncontained in this news release.\n\n\nForward Looking Statements\n\n\nCertain information regarding the Company, including management's\nassessment of future plans and operations, may constitute forward-looking\nstatements under applicable securities law and necessarily involve risks\nassociated with oil and gas exploration, production, marketing and\ntransportation such as loss of market, volatility of prices, currency\nfluctuations, imprecision of reserve estimates, mechanical problems, equipment\nlimitations, environmental risks, competition from other producers and ability\nto access sufficient capital from internal and external sources; as a\nconsequence, actual results may differ materially from those anticipated.\n\n\nSol...