Solana Petroleum Corp -
Solano to launch Colombian oil operation
Solana Petroleum Corp
SOP
Shares issued 14,746,964
1998-12-29 close $0.36
Tuesday Dec 29 1998
Mr. James Taylor reports
A team of internationally experienced oil executives has launched an exploration
and development project in one of the most promising oil regions in the western
world.
James B. Taylor, former executive vice-president of Occidental Oil and Gas
Corporation, is leading the team of international oil veterans planning work in two
high-potential regions in northeastern Colombia, near some of the country's most
prolific oil fields.
Mr. Taylor is chairman of Solana Petroleum which has substantial interests in two
association contracts in the Llanos basin, being finalized with Colombia's state oil
company, Ecopetrol. The basin is estimated to contain up to 25 billion barrels of
crude oil in place. Both areas are adjacent to producing fields and pipelines.
On Jan. 14, Mr. Taylor will present the company's plans in New York to a
by-invitation-only conference of oil and gas investors, the Westergaard Strain Oil
and Gas Investor Conference at the Waldorf Astoria.
Solana has concluded agreements to acquire a 38.125 per cent working interest in
the Tapir area of the Llanos basin and a 50 per cent working interest in the Cano
Caranal area, and is awaiting formal approvals of the assignments with Ecopetrol.
Mohave Colombia Corporation, a subsidiary of privately-owned Mohave Oil and
Gas Corporation, is the operator of both projects. Doreal Energy Corporation
and Seven Seas Petroleum Inc. are partners in the Tapir project.
Test results are expected in early 1999 from a well drilled in 1998 in the Tapir
area. Two more exploration wells are scheduled in 1999, with drilling on the first
to begin after the rainy season ends.
Solana secured interests in the Tapir and Cano Caranal association contracts in
the first half of 1998, as the business and political climate increasingly favoured
exploration in Colombia. There are now more than 65 companies operating in the
country under an estimated 100 association contracts with Ecopetrol in various
stages of exploration and development.
Any production established in either block will have ready access to markets. The
Llanos basin is served by pipelines with excess capacity available that pass
through both of Solana's blocks and end at the Caribbean oil terminal in the port
city of Covenas.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Anybody have any thoughts or info on this company?They seem to be drilling for oil in a proven area of the world! |
