CALGARY, Nov. 23 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM:
SORL), the Colombian focused independent oil and gas exploration and
production company, today announces an update on operations. Solana operates
in Colombia through Solana Petroleum Exploration Colombia Limited, Solana's
wholly owned subsidiary.
EXPLORATION UPDATE
Guariquies Well
The Guariquies well was spudded on September 28, 2005 and is currently at
8,740 feet. Contrary to any commentary in the public domain, the Corporation
states that the Guariquies well has not yet reached total depth and drilling
operations are continuing. The well bore has now been logged to 7,900 feet and
drilling will resume once 9 5/8 inch casing has been set.
The Guariquies well is the third well to be drilled under the terms of a
Shared Risk Contract between Ecopetrol and Ramshorn International
("Ramshorn"). Solana has a Commercial Agreement with Ramshorn whereby Solana
pays 96% of the Ramshorn share of the initial well cost to casing point to
earn 75% of Ramshorn's working interest. Solana has sought the approval of
Ecopetrol for the formal recognition of its interests under, and to formally
be named as a party to, the Shared Risk Contract, which approval remains
outstanding.
This release may contain forward looking statements within the meaning of
the "safe harbor" provisions of US laws. These statements are based on
management's current expectations and beliefs and are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from those described in the forward looking statements. Solana does not assume
any obligation to update any forward looking information contained in this
news release.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
