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 was spudded on 15 January and is drilling on schedule, currently at 431 ft;
- Initial drilling program progressing as planned through shallow, hard limestone section;
- Drilling schedule is approximately 40 days on a trouble free basis, to a planned TD of 4,100 ft;
- Primary reservoir targets are the C17, C18 and C19 carbonates- expected to be drilled through from circa 2,700 ft;
- Atzam #5 well targeting the same carbonate reservoir targets as the Atzam #4 production well - 2.3m barrels of 2P reserves excluding the Atzam #4 primary C18 and C19 carbonate sections;
- Atzam #4 production continues at ~150 bopd from C17 carbonate section - following increased choke (16/64ths) production rate and well head pressure constant after 2 weeks, no water production;
- 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:
