Solana Resources Limited announced that the Topocho-1 well, testing a structure identified on 3-D seismic and located on the Garibay block in the Llanos Basin, Colombia, has been plugged and abandoned.
In November 2007, Solana farmed out 50% and operatorship of the Garibay block to CEPSA Colombia SA (CEPCOLSA). Under the farmout terms, Solana retains a 50% working interest in the Garibay block and CEPCOLSA is responsible for 100% of the drilling, completing and testing costs associated with the Topocho-1 well.
CEPCOLSA is a wholly owned subsidiary of Compania Espanola de Petrsleos, S.A. (CEPSA), the Spanish based diversified energy company. The Garibay block is subject to a fiscally attractive Agencia Nacional de Hidrocarburos contract.
The well reached a total depth of 8,920 feet on May 8, 2008, and following logging and pressure gradient tests, was cased. Cased hole drill stem tests were subsequently conducted in the Gacheta, Guadalupe and Mirador formations but failed to yield oil. Drilling and testing was performed with the Pioneer Rig 52 that is under long term contract to Solana.
Over the coming months, Solana will evaluate its continued involvement in the Garibay block.
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