Business
Solana Resources Limited ("Solana" or the "Company") - Palmitas-2 Exploration Well Test Results
CALGARY and LONDON, June 19 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL) announces th...
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, June 19 /CNW/ - Solana Resources Limited (TSX-V: SOR;\nAIM: SORL) announces that the Palmitas-2 well, testing a structure identified\non 2-D seismic and located on the Guachiria Sur block in the Llanos Basin,\nColombia, will be suspended for further evaluation.\n\n\nPalmitas-2 reached a total depth of 6,905 feet on March 28, 2008, and\nfollowing logging, sidewall coring and MDT tests was cased. While initial log\ninterpretations and MDT tests indicated potential oil pay in the Carbonera C-7\nFormation, subsequent extensive cased hole testing with a jet pump failed to\nyield commercial oil rates. The very low salinity of the produced water in\nthis area of the Llanos basin makes log interpretation difficult. Further\nevaluation of the well is dependent on mobilizing specialized production\nlogging tools, which are currently not available in Colombia.\n\n\nSolana remains committed to its Llanos exploration program and plans to\nspud the Los Aceites-1 well around the middle of July, which is an addition to\nthe Company's 2008 Llanos program. The Los Aceites-1 well will be located\n3.3 km south-southwest of, and on trend with, Solana's recent Primavera-1\ndiscovery on the Guachiria block. Available 3-D seismic indicates that the Los\nAceites structure is expected to be 70 feet higher than Primavera.\n\n\nAlthough exploration activity is normally confined to the January through\nMarch dry season in this area of the Llanos basin, Solana, as a test, is\ncurrently completing construction of a 3.8 km road and the Los Aceites-1 well\nlocation. Based on this exercise, the Company will be able to determine the\neconomic viability of wet season exploration.\n\n\nSolana is the operator and holds a 100% working interest in the Guachiria\nand Guachiria Sur blocks. Lewis Energy Colombia holds a 30% beneficial\ninterest in both blocks. The blocks are subject to fiscally attractive Agencia\nNacional de Hidrocarburos contracts. The Guachiria block also attracts an\nadditional 13% overriding royalty, applied after government royalties, to\nEcopetrol, the State oil and gas company.\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 re...