Solana Resources Limited has successfully drilled, logged, cased and is preparing to test the Los Aceites-1 well located on the Guachiria block in Colombia's Llanos Basin.
Drilling commenced on Los Aceites-1 on August 2, 2008, and reached a total vertical depth of 7,108 feet on August 11, 2008. Initial log interpretations, MDT tests and sidewall cores indicate oil pay in the Carbonera C-7 formation, where 40 degree API oil shows were encountered. Los Aceites-1 encountered the same sand package, with better log characteristics, as in the Primavera-1 well which is located approximately 3.3 km to the north and tested 650 barrels of oil per day from the Carbonera C-7 formation over a 24 hour period.
The Pioneer-52 drilling rig will be used to complete and test the well. Testing operations are anticipated to take approximately two weeks. Following Los Aceites-1 testing, Pioneer Rig 52 will be made available to Petrotesting Colombia S.A. for a two well program in the Llanos basin.
Solana is the Operator and holds a 100% working interest in the Guachiria block with Lewis Energy Colombia holding a 30% beneficial interest in the block. The Guachiria block is subject to an Ecopetrol S.A., the State oil and gas company, contract and attracts an additional Ecopetrol S.A. 13% overriding royalty that is applied after government royalties.
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