Juanambu-1 is currently producing approximately 1,400 barrels of oil per day (bopd), 450 bopd net of royalty to Solana. This brings Solana's current total Colombian production, net of royalties, to approximately 1,875 barrels of oil equivalent per day (90% oil - 10% gas).
The Juanambu oil field was discovered in the first quarter of 2007, tested in the second quarter of 2007 and an application for commerciality was submitted to Ecopetrol, the Colombian national oil company, in the third quarter of 2007.
Under the Association Contract that governs the Guayuyaco Block, Ecopetrol backs in for a 30% interest in the Juanambu oil field concurrent with the approval of commerciality for this field. Solana and Gran Tierra Energy, the operator, each retain a 35% interest in the Juanambu field.
Production, currently being transported by truck to existing infrastructure, will flow through a five kilometer, six-inch flow-line that is expected to be operational by mid January 2008.
Solana spudded Cocodrilo-1 on November 16, 2007. This well is expected to take three weeks to drill with testing potentially to follow. Cocodrilo-1 is targeting the Barco and Catatumbo formations that have been identified on 2D seismic and are oil bearing in the nearby Tres Curvas-1 new field discovery.
Cocodrilo-1 is the sixth well in Solana's 2007 six well exploration program, and the second of the two well programs Solana is undertaking on the Catguas Block. To date, Solana has had three successes in this 2007 campaign including Tres Curvas-1 on the Catguas Block.
Solana is the operator of the Catguas Block with a 100% working interest. Trayectoria Oil and Gas, Sucursal Colombia holds a 15% beneficial interest in the portion of the block containing the Cocodrilo-1 well. The Catguas Block is subject to a fiscally attractive Agencia Nacional de Hidrocarburos contract with no additional state participation.
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