Subject:
Stockwatch: Solana Petroleum Corp - News Release
Date:
Fri, 12 Mar 1999 10:23:08 -0800
From:
newsout@canada-stockwatch.com
Solana spuds second exploratory well in Colombia
Solana Petroleum Corp SOP
Shares issued 14,746,964 Mar 11 close $0.50
Fri 12 Mar 99 News Release
Also Seven Seas Petroleum Inc (SVS.U)
Also Doreal Energy Corporation (DOY)
Mr. James Taylor reports
Solana Petroleum's Caporal No. 1 exploratory well on the Tapir Association
Contract block in the eastern Llanos Basin of Colombia, was spudded today.
The well, which will be drilled to total depth of about 7,800 feet, will
target a large prospective stratigraphic trap at approximately 7,700 feet
in the Cretaceous-age Ubaque Sandstone. According to seismic information
interpretation, the Ubaque at Caporal forms a wedge which pinches out
against an underlying Paleozoic high to the east.
The Ubaque Sandstone is productive in conventional structural traps 40
kilometres to the west of Caporal. The Caporal No. 1 prospect covers almost
6,000 acres and is thought to be capable of trapping commercial quantities
of oil. Additional structural and stratigraphic traps have been identified
on the block.
The well, 25 kilometres to the southeast of Solana's recently announced
Mateguafa No. 1 discovery on the Tapir block, is expected to reach the
Ubaque Sandstone objective within the next two weeks, if no drilling
problems are encountered.
Solana holds a 38.125 per cent interest in the Caporal No. 1 will. Its
partners are Doreal Energy with 11.675 per cent, Seven Seas Petroleum
11.875 per cent and Mohave Colombia Corporation, the operator, with 38.325
per cent.
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