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  • Citation Resources Increases Guatemala Oil Production 0 comments
    Feb 20, 2014 5:50 PM

    Citation Resources (ASX: CTR) has ratcheted up production at its Atzam-4 production well in Guatemala to 170 barrels of oil per day and continues to drill ahead at its Atzam-5 development well.

    The production increase at Atzam-4 follows a similar increase to 150bpd in mid-January.

    Notably, the well continues to produce at a flowing well head pressure currently in excess of 200 psi and without any water production to date.

    Atzam-4 continues to produce from natural reservoir pressure without the need for a submersible pump to assist flow rates, which is usually required for producing these carbonate reservoirs.

    The well production plan is to continue increasing the choke over a period of time to establish the optimal production rate for this producing carbonate section.

    Atzam-5

    Operator Latin American Resources, which is 60% owned by Citation, has drilled Atzam-5 down to 1,250 feet over the past week and the first intermediate casing string has now been set in the well.

    With the 13 3/8 inch intermediate casing now cemented in place, the rig will shortly commence drilling ahead towards the initial target reservoir sections expected from approximately 1,700 feet.

    LAR plans to run a second intermediary casing string once the well is drilled down to about 3,200 feet, just above the primary C18 and C19 carbonate reservoirs.

    Atzam-5, located about 1 kilometre southeast of Atzam-4, targets the C18 and C19 carbonate reservoirs that produced strong oil shows in the producing Atzam-4 but were unable to be flow tested. It will also intersect the current producing C17 carbonate reservoir.

    Atzam-4 well alone has Proved and Probable Reserves of 2.3 million barrels of oil.

    Range Resources (ASX: RRS) has a 19.9% stake in Citation.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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