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Solana Resources Limited ("Solana" or the "Company") - Los Aceites-1 Positive Test Results - Guachiria Block - Llanos Basin - Colombia
CALGARY and LONDON, Sept. 4 /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, Sept. 4 /CNW/ - Solana Resources Limited (TSX-V: SOR;\nAIM: SORL), is pleased to announce that during a 4.5 hour clean-up period, the\nLos Aceites-1 exploration well flowed at an average rate in excess of 5,000\nbarrels of 40 degrees API oil per day (bopd), gross, from ten feet of\nperforations.\n\n\nLos Aceites-1 reached a total measured depth of 7,108 feet on August 11,\n2008, and a completion and cased hole short test program commenced on August\n24, 2008, utilizing the Pioneer Rig 52 drilling rig.\n\n\nA total of ten feet was perforated, from 6,874 to 6,884 feet, in the\nCarbonera C-7 formation. After perforation the well was swabbed and started to\nflow naturally. As part of the clean-up flow period, the well flowed at\nexceptional rates in excess of 5,000 bopd gross, 2,800 bopd net of royalty to\nSolana, with a 5% water cut. This flow rate was restricted by surface facility\nconstraints. The duration of the test was very brief, only 4.5 hours, and was\ntruncated due to limited onsite tank storage capacity. In this part of the\nLlanos Basin, in Solana's experience, fields are usually characterized by\nlimited reserves, high initial production rates (in the 500 - 2,000 bopd\nrange), and quickly increasing water cuts.\n\n\nThe Pioneer Rig 52 was released on August 29, 2008. Solana will install\nappropriately sized equipment to undertake the required short test as soon as\nthe drilling rig has been moved off of the location. This test is anticipated\nto start mid September.\n\n\nAs a result of the exceptional initial flow rates encountered at Los\nAceites-1, the Company is revisiting its mapping of the Los Aceites prospect\nwith a view to establishing potential field limits. Based on the Company's\ncurrent understanding, one additional well may be required in this field.\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. contract, the\nColombian state oil and gas company, and attracts an additional 13% overriding\nroyalty that is applied after government royalties to Ecopetrol S.A.\n\n\nMr. Glenn Van Doorne, Chief Operating Officer of Solana, a Petroleum\nGeologist, is the qualified person who has reviewed the technical information\ncontai...