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.
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