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Range Resources Participates In Drilling Of Atzam-5 Well In Guatemala

Range Resources (ASX: RRS) could well add a new oil producing well in Guatemala with the Atzam-5 development well set to spud in days.

Atzam-5 is located about 1,100 metres southeast of the Atzam-4 production well and will test the same carbonate reservoir intervals.

These include the primary objective C18 and C19 carbonate sections that generated strong oil shows during drilling but which were unable to be flow tested in Atzam-4.

This will be a major objective for the planned flow testing program for Atzam-5.

The producing C17 carbonate zone at Atzam-4 will also be tested.

Like Atzam-4, the Atzam-5 well will be drilled to a target depth of approximately 4,100 feet.

Success could potentially increase field production to Citation's target of over 600 barrels of oil per day.

There is further upside to the Atzam oil field with an unexplored salt dome, which will be tested by two wells in early 2014, and anticline structures.

Range has a direct and indirect 32% interest in the Guatemalan Project.

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