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Solana Resources Limited ("Solana" or the "the Company") Colombian Operations Update
Solana Resources Limited ("Solana" or the "the Company") Colombian Operations Update.
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\n\nCALGARY, Jan. 16 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM:\nSORL), the Colombian focused independent oil and gas exploration and\nproduction company, which operates in Colombia through it's wholly owned\nsubsidiary, Solana Petroleum Exploration Company Limited provides the\nfollowing operations update:\n\nGuariquies Well\n---------------\n\nThe Guariquies well was drilled to a total vertical depth of 10,243 feet,\nand the well bore has been cased. The Operator has logged the well bore,\ncommenced testing the well, and expects to have these test results by mid\nFebruary 2006. The first of five planned tests is currently under way.\nThe Guariquies well is the third well to be drilled under the terms of a\nShared Risk Contract between Ecopetrol and Ramshorn International\n(\"Ramshorn\"). Solana has a Commercial Agreement with Ramshorn whereby Solana\npays 96% of the Ramshorn share of the initial well cost to casing point to\nearn 75% of Ramshorn's working interest. Solana has sought the approval of\nEcopetrol for the formal recognition of its interests under, and to formally\nbe named as a party to, the Shared Risk Contract, which approval remains\noutstanding. The Company will pay 48% of the well cost to casing point and\nSolana's share of any production ultimately obtained from this well will be\n33.75%.\n\nPuma Well\n---------\n\nDiscussions continue with Ecopetrol, the operator, regarding the testing\nprogram for the Puma well. The Company expects final definition of the testing\nprogram by the end of January 2006. Furthermore, the Company continues to\nactively search for a work over rig capable of fulfilling the yet to be\ndetermined testing program.\nThe Puma well is the second well to be drilled under the terms of a\nShared Risk Contract between Ecopetrol and Ramshorn. Solana has a Commercial\nAgreement with Ramshorn whereby Solana pays 96% of the Ramshorn share of the\ninitial well cost to casing point to earn 75% of Ramshorn's working interest.\nSolana has sought the approval of Ecopetrol for the formal recognition of its\ninterests under, and to formally be named as a party to, the Shared Risk\nContract, which approval remains outstanding. The Company will pay 28.8% of\nthe well cost to casing point and Solana's share of any production ultimately\nobtained from this well will be 18.75%.\n\nCatguas Bloc...