CALGARY and LONDON, UK, June 10 /CNW/ - Solana Resources Limited (TSX-V:
SOR; AIM: SORL) announces 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
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.
Mr. Glenn Van Doorne, Chief Operating Officer of Solana, a Petroleum
Geologist, is the qualified person who has reviewed the technical information
contained in this news release.
Further to the announcement released on May 30, 2008, by Solana
concerning a change to the board of directors, the Company now provides
additional information on Mr. Morelli to be disclosed pursuant to Rule 17 and
Schedule Two paragraph (g) of the AIM Rules for Companies as follows:
Full Name: Luis Miguel Morelli Age: 48
There are no other matters to be disclosed pursuant to Rule 17 and
Schedule Two paragraph (g) of the AIM Rules for Companies for this director.
Solana is pleased to announce that its Annual Report, containing its
audited financial statements and management's discussion and analysis for the
year ended December 31, 2007, was mailed to shareholders on April 10, 2008.
Certain information regarding the Company, including management's
assessment of future plans and operations, may constitute forward-looking
statements under applicable securities law and necessarily involve risks
associated with oil and gas exploration, production, marketing and
transportation such as loss of market, volatility of prices, currency
fluctuations, imprecision of reserve estimates, mechanical problems, equipment
limitations, environmental risks, competition from other producers and ability
to access sufficient capital from internal and external sources; as a
consequence, actual results may differ materially from those anticipated.
Solana Resources Limited
Solana (www.solanaresources.com) 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.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE
For further information:
For further information: Solana Resources Limited: Scott Price,
firstname.lastname@example.org, (403) 770-1822; Ricardo Montes,
email@example.com, (403) 770-1822; Nabarro Wells & Co. Limited
(Nominated Adviser): Robert Lo, RobertLo@nabarro-wells.co.uk, Marc Cramsie,
MarcCramsie@nabarro-wells.co.uk, +44 20 7634 4705; Tristone Capital Limited
(UK Broker): Nick Morgan, firstname.lastname@example.org, +44 207 355 5800;
Pelham Public Relations, Philip Dennis, email@example.com, +44 207
743 6363; James MacFarlane, firstname.lastname@example.org, +44 207 743 6375