Solana holds a 50% working interest in the Chaza Block with Gran Tierra Energy Inc., the operator, holding the other 50% interest. Costayaco-1 reached a total measured depth of 8,570 ft on May 10, 2007. A four formation, six zone cased hole testing program commenced on June 10, 2007 and has just recently been completed. This well tested an exceptional 5,906 bopd combined maximum flow rate from 155 ft of perforations.
The DST-1 interval, testing 8 ft in the lower Caballos, was selected to test a potential oil water contact. After initial swabbing, the well started to flow naturally, reaching a maximum flow rate of 206 bopd with only traces of water. A review of available data indicates no evidence of an oil water contact.
DST-2 tested a thick, 95 ft, Caballos interval and included the zone perforated for DST-1. After one swab the well started to flow naturally, reaching a maximum flow rate 2,655 bopd with only traces of water.
The DST-3 interval, testing 12 ft in the lower Villeta T, was selected to test a potential oil water contact. After swabbing, the well started to flow naturally, reaching a maximum flow rate 1,342 bopd with only traces of water. A review of available data also indicates no evidence of an oil water contact.
DST-4 tested a 40 ft Villeta T interval which included the zone perforated for DST-3. After swabbing, the well started to flow naturally, reaching a maximum flow rate of 2,212 bopd with only traces of water.
DST-5 tested 10 ft in the Villeta U sand. After swabbing, the well would not flow naturally and was tested with a jet pump. A maximum rate of 420 bopd with a final BS&W of 1% was achieved.
DST-6 tested a 10 ft interval in the Rumiyaco Kg sand. Without swabbing, the well started to flow naturally, reaching a maximum flow rate of 619 bopd with only traces of water. This zone is over pressured.
The Pride-17 drilling rig, used to drill Costayaco-1, is expected to be available for additional drilling as of October of this year. Current plans include drilling two additional wells as soon as Pride-17 is available. The two well locations are based on the existing 2D seismic and will be step outs from Costayaco-1. One well is situated to penetrate the crest of the structure. To optimize further drilling locations, and to gain a more complete picture of the size and shape of the Costayaco structure, a near term seismic infill program is being planned.
Although Costayaco-1 is proximal to infrastructure, which will allow for early monetization of a portion of its production, the magnitude of this discovery will require dedicated facilities and a pipeline to fully exploit its potential. These plans are currently being fast tracked but will take some time to implement. The Chaza block is subject to a fiscally attractive Agencia Nacional de Hidrocarburos royalty/tax contract with no additional state participation.
Costayaco-1 is the Company's second Putumayo Basin new field discovery in the last three months. The Juanambu-1 discovery, announced March 19, 2007, tested at a gross combined rate of 876 bopd from 88 ft of perforations over four separate zones. Juanambu-1 commercial production will commence as soon as regulatory approval is obtained.
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