Solana Resources to spend up to 92 mln usd in 2008 on Colombian oil assets |
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Published
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Tue, 08 Jan 2008 08:36
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LONDON (Thomson Financial) - Solana Resources Ltd said it will invest 92 mln usd in 2008 on its Colombian oil assets of which 57 mln usd is firm and the remaining 35 mln usd is contingent.The company said the amount is fully funded from its existing capital and forecast operating cashflow. It is further underpinned by the company's recently acquired credit facility, it added.Solana Resources said the 2008 program represents a significant increase in activity and forms the foundation of an accelerated growth plan in Colombia for the coming years.It has secured a one plus one year contract on Pioneer Rig 52, a 1,000 horsepower top drive drilling rig, with Pioneer de Colombia, Sdad, to ensure its ability to execute on its extensive 2008 drilling program.TFN.newsdesk@thomson.comash/salCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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