Range Resources Limited (“Range” or “the Company”) would like to draw attention to the announcement released today by Citation Resources Limited (ASX:CTR) with respect to the Company’s interest in Guatemala with the following highlights:
- Independent expert recommends Atzam #4 production rate of 466 bopd
- Atzam #4 well production continuing - good quality oil on restricted choke with no water produced to date and ongoing strong natural reservoir pressure
- Updated Reserve Report – Initial 1P reserves of 362,515 barrels for 6 foot producing section alone
- 1P reserves to increase in excess of 500,000 upon production of additional 7 foot C17 carbonate yet to be perforated
- Atzam oil field 20mmbbl 2C contingent resource estimate being reviewed with Atzam #4 success
- Significant exploration upside on Atzam block- unexplored salt dome and anticline structures
- Atzam #5 development well on schedule to spud in late September
- Construction of new Atzam tank facilities to commence
- Citation fully funded for the Atzam #5 development well and oil storage facility upgrades.
Range has a direct and indirect 32% interest in the Guatemalan Project.
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