Colomobia's Solana Updates on Guariquies Well
Solana Resources Limited, the Colombian focused independent oil and gas exploration and production company, today announces an update on operations. Solana operates in Colombia through Solana Petroleum Exploration Colombia Limited, Solana's wholly owned subsidiary.
Guariquies Well Exploration Update
The Guariquies well was spudded on September 28, 2005 and is currently at 8,740 feet. Contrary to any commentary in the public domain, the Corporation states that the Guariquies well has not yet reached total depth and drilling operations are continuing. The well bore has now been logged to 7,900 feet and drilling will resume once 9 5/8 inch casing has been set.
The Guariquies well is the third well to be drilled under the terms of a Shared Risk Contract between Ecopetrol and Ramshorn International ("Ramshorn"). Solana has a Commercial Agreement with Ramshorn whereby Solana pays 96% of the Ramshorn share of the initial well cost to casing point to earn 75% of Ramshorn's working interest. Solana has sought the approval of Ecopetrol for the formal recognition of its interests under, and to formally be named as a party to, the Shared Risk Contract, which approval remains outstanding.
This release may contain forward looking statements within the meaning of the "safe harbor" provisions of US laws. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. Solana does not assume any obligation to update any forward looking information contained in this news release.
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