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:
- Atzam #5 development well to spud in November - construction of drilling location significantly advanced after heavy late season rains during September and early October
- Atzam #4 continues on production – strong flow rates and well head pressure maintained (250-300 psi) on highly restricted choke (12/64 inch), with no water production to date
- New sales contract for 1,500 barrels completed with Perenco Guatemala
- Total sales exceeding of 13,000 barrels completed since August
- Revenue netbacks received of approximately $60 per barrel
- 20mmbbl 2C contingent resource estimate under review following Atzam #4 success
- Material exploration upside at Atzam - unexplored salt dome and anticline structures to be evaluated and tested in 2014
- Planning for Tortugas Salt Dome re-entry operations on 63-4 and 63-5 wells are advancing with the Operator and relevant service providers.
Range has a direct and indirect 32% interest in the Guatemalan Project.
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