Solana Reports on Prelim Juanambu-1 Results
Solana Resources Limited on Wednesday noted the May 7, 2007, announcement by its partner Gran Tierra Energy Inc. regarding preliminary test results of the Juanambu-1 well, in the Guayuyaco Block, Putumayo Basin, southern Colombia. It is not Solana's practice to announce preliminary results before testing is fully completed, which practice was applied in this case. However, as a result of the announcement by Gran Tierra, Solana provided more information in accordance with the AIM Guidance Note for Oil and Gas Companies.
At Juanambu-1, the first two, of a planned five, drill stem tests obtained stabilized oil flows with a density of 0.869 (32(degrees) API) with constant well-head flowing pressure: one in the Lower Caballos Formation and one in the Middle Caballos Formation. After initial swabbing, sustained stable oil flows were attained in both tests without supplementary pumping, which is typically required in this region. It is anticipated that pumping would substantially increase the below flow rates.
A total of 3.4 m (11 ft) were perforated over two intervals, 2,755.7 - 2,757.2 m and 2,757.8 - 2759.7 m (9,041 - 9,046 ft and 9,048 - 9,054 ft), in the Lower Caballos for the first drill stem test. After initial swabbing, the well flowed naturally for 14 hours producing a total of 11 m(3) (71 bbls) of oil with a final flowing rate of 12 m(3)/day (77 bopd) with only traces of water.
A total of 7.0 m (23 ft) were perforated over two intervals 2,742.6 - 2,744.4 m & 2,745.0 - 2,750.2 m (8,998 - 9,004 ft & 9,006 - 9,023 ft) in the Middle Caballos for the second drill stem test. After initial swabbing, the well flowed naturally for 24 hours producing a total of 62 m(3) (393 bbls) of oil with a final flowing rate of 56 m(3)/day (354 bopd) with traces of water.
The Company is preparing to test the primary reservoir objective, the Villeta T Sand, at 2,702 m (8,865 ft). Solana plans to announce full results upon completion of the testing program in a few weeks time
. Solana has a 50% interest in Juanambu with Gran Tierra, the operator, holding the other 50% interest. Ecopetrol, the Colombian State oil company, has a 30% interest back-in right on commercial discoveries and to the extent such right is exercised both Solana's and Gran Tierra's interests will be reduced to 35% in this field.
Solana is an international resource company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company's properties are located in Colombia, South America and are held through its wholly owned subsidiary, Solana Petroleum Exploration (Colombia) Limited. The Company is headquartered in Calgary, Alberta, Canada.
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