Solana Resources Ltd. has temporarily suspended testing activities at Solana's Tres Curvas-1 well, located in the Catguas Block, Catatumbo Basin, in response to increased security incidents in this area. A revised security protocol is being instituted in cooperation with the government of Colombia and should allow testing to recommence in a few weeks.
Solana's 2008 Catguas Block plans, including the drilling of two exploration wells and the acquisition of 50 square kilometers of 3D seismic data and 132 line-kilometers of 2D data, have not changed. However, the increased security protocol will impact the costs and timing of these activities.
The highly prospective 1,591 square kilometer Catguas Block borders Venezuela and is immediately west of the 255 million barrel Tibu field. In view of the superior exploration potential of this block, Solana is committed to executing the 2008 work program which contemplates activity in excess of minimum contractual commitments.
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 70% of the block and a 50% beneficial interest in the remainder.
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