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:
- Construction of the Atzam #5 drilling location has been completed and the well conductor casing is now set down to 100 feet;
- The Harold Lee 500 drilling rig is being mobilized to location and will be drilling ahead towards initial reservoir targets in next few days;
- Drilling schedule for Atzam #5 is 40 days to total depth target of 4,100 feet;
- Primary reservoir targets are the C17, C18 and C19 carbonate sections;
- Atzam #5 well to target the same carbonate reservoirs as Atzam #4 production well - 2.3m barrels of 2P reserves which excludes the C18 and C19 carbonates;
- Atzam #4 production continues on a highly restricted choke (12/64 inch), with no water production to date;
- Significant exploration potential on Atzam Oil Field - unexplored salt dome and anticline structures to be evaluated and tested in 2014.
Range has a direct and indirect 32% interest in the Guatemalan Project.
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