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Solana Resources Limited ("Solana" or the "Company") - Primavera-1 Positive Test Results
Guachiria Block - Llanos Basin - Colombia CALGARY and LONDON, May 26 /CNW/ - Solana Resources Lim...
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nGuachiria Block - Llanos Basin - Colombia\n\n\nCALGARY and LONDON, May 26 /CNW/ - Solana Resources Limited (TSX-V: SOR;\nAIM: SORL) is pleased to announce that the Primavera-1 exploration well has\nbeen successfully tested at a pump constrained flow rate of 650 barrels of\n40 degrees API oil per day (bopd), gross, from eight feet of perforations.\n\n\nPrimavera-1 reached a total measured depth of 7,405 feet on March 1,\n2008. A completion and cased hole short test program commenced on May 8, 2008\nwith a Serinco Drilling Ltda. service rig.\n\n\nA total of eight feet was perforated, from 6,682 to 6,690 ft, in the\nCarbonera C-7 formation. After perforation the well was swabbed and produced a\ncombination of oil, water and sand. The well was subsequently tested at\nvarious rates using a jet pump over a 15 day period. At the maximum capacity\nof the jet pump, over a continuous 24 hour period, an oil rate of 650 bopd\n(gross), 365 bopd net of royalty to Solana, was obtained. The well produced\nwith a stable water cut of approximately 58% during this flow period. Solana\nis optimistic that higher oil rates may be achieved with more appropriately\nsized pumping equipment. Initial sand production, resulting from the highly\nporous, loosely cemented formation, has stopped. Production rates, for both\noil and water, are within Solana's original expectations.\n\n\nProduction is currently being separated on location and the oil is being\ntrucked to Ecopetrol's (the State oil and gas company) Araguaney Station just\nnorth of Yopal in the Llanos Basin. Primavera-1 is now shut in for a pressure\nbuild up and is expected to be placed on an extended test in one month.\n\n\nThe Serinco service rig has been moved and is currently completing and\ntesting Solana's Palmitas-2 potential light oil discovery on the adjacent\nGuachiria Sur block, 12 km from the Primavera-1 well. Completion and testing\noperations are expected to take approximately two weeks.\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 is also subject to an\nEcopetrol overriding royalty of 13% that is applied after government\nroyalties.\n...