TN PETRÓLEO

Calgary-based Solana Resources (TSX-V) has found oil at the Primavera-1 well on the Guachiria block in Colombia`s Llanos basin, the company said in a statement.

Drilling began on February 20 and the well was logged and cased after reaching a total depth of 7,405ft (2,257m) on March 1.

MDT tests and sidewall cores indicate potential oil pay in the Carbonera C-7 formation, where 40-degree API oil was found, according to the statement.

Oil shows also were observed at the Carbonera C-5 formation.

TOO EARLY TO TELL

It is too early to speculate on the significance of the oil found at the well, Solana CEO Scott Price told BNamericas.

"We need to perform more tests before we can comment further," Price said.

A service rig is being mobilized to the well and testing operations are scheduled to begin in mid-April and to be completed by end-April.

The Pinoeer-52 drilling rig used to drill the well was released on March 8 and is moving 12km to Solana`s Palmitas-2 location on the Guachiria Sur Block. The company expects to begin drilling there in mid-March.

Solana has a 100% working interest in the Guachiria and Guachiria Sur blocks. Lews Energy Colombia holds a 30% beneficial interest in both blocks.