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 oil well has been spudded - Latin American Resources Harold Lee 500 rig is drilling ahead towards the well’s initial reservoir targets;
- Drilling schedule for Atzam #5 is approximately 40 days on a trouble free basis, to a planned target depth of 4,100 feet;
- Primary reservoir targets are the C17, C18 and C19 carbonates;
- Atzam #5 well to target the same carbonate reservoir targets as the Atzam #4 production well - 2.3m barrels of 2P reserves which excludes the C18 and C19 carbonate sections in Atzam #4;
- Increased Atzam #4 production well flow rate following opening of choke- flow rate increased to 150 bopd immediately following small increase in the choke size (12/64 to 16/64 inch), still with no water production to date;
- Significant exploration potential on Atzam Oil Field - unexplored salt dome and anticline structures to be evaluated and tested through 2014.
Range has a direct and indirect 32% interest in the Guatemalan Project.
For further information please download PDF below:
