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Range Resources' Associate Starts Flow Testing Of Oil Reservoirs In Guatemala Well

Range Resources (ASX: RRS) associate Citation Resources (ASX: CTR) has started flow testing the two most prospective oil bearing reservoir units at its Atzam-4 well in Guatemala.

The C13 and C14 carbonate sections in the well were considered the most prospective oil bearing reservoir units in the well based on the electric log data, and independently confirmed following review of all the well data by industry experts, including Schlumberger.

Both zones are the main producing zones at the Rubelsanto Field just 17 kilometres to the northeast that has flowed over 30 million barrels of oil to date from eight wells.

Following completion of testing, operator Latin American Resources plans to install a gas separator on the electrical submersible pump for further evaluation of the oil production potential from Lower C17/Upper C18.

These sections had produced oil at an initial rate of 50 barrels per day with limited ESP performance due to gas production.

Ralph E Davis and Associates (RED) have estimated that Atzam-4 holds Probable Reserves of 2.3 million barrels of oil based on the results of the logging and the analytical work completed by Schlumberger.

Citation has a 70% interest in Latin American, which in turn holds 80% to 100% of the two Guatemalan blocks.

Range Resources holds a 19.9% interest in Citation and a further 10% interest in the project.

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