Solimar Spuds Ca. Guijarral Hills Well

Solimar announced the Solimar 76-33 step out well on the Guijarral Hills project spudded late on Monday, February 21, Australian Time. The Graham Drilling Services Rig-5 rig will drill to a planned total depth of 10,400 feet. The drill program is expected to take approximately 35 days to drill and will evaluate 4 sandstone reservoir targets that were productive for oil in the Guijarral Hills field. The prospect being drilled is mapped based on well control as a potential undrained extension of the Guijarral Hills field which has historically produced over 50 million barrels of light oil.

Solimar is targeting a recoverable light oil resource of 5 million barrels with upside for 25 million barrels recoverable within the overall 2,560 acre project area.

The targeted sandstone reservoirs are predicted at depths between 7,000 and 10,200 feet. If successful up to 12 potential development well locations are indicated. Based on analysis of productive well histories in the Guijarral Hills field, pump assisted initial production rates of up to 400 barrels of high quality oil per well are targeted.

The 76-33 well is mostly being funded by a farmout to USA based Blast Energy services who are funding approximately 2/3rds of the cost of the well and are making a cash contribution towards past costs.

The Company will provide progress updates during the drilling program as various program milestones are achieved.

Commenting on the drill program getting underway Solimar Chief Executive John Begg said, "Now that our California (Ventura) based operations team have the Guijarral Hills drill program underway, corporately we will focus on firming up the timetable for the Company’s other priority 2011 drilling and field production testing programs. This year will be a very active year for Solimar with activity scheduled across most of our project areas. These include Kreyenhagen - where there is both a large existing shallow oil accumulation that requires testing using modern technologies and a high potential, large volume fractured oil shale play. SELH - where we want to drill a new well to appraise the northern extent of that shallow gas accumulation. Paloma deep – an emerging project that has excellent potential for stacked sandstone and fractured oil shale reservoirs in a large anticlinal closure."

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