Entering text into the input field will update the search result below

Citation Resources Spuds Atzam-5 Development Well In Guatemala

Jan. 15, 2014 12:31 AM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Short Only

Seeking Alpha Analyst Since 2009

Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of listed companies across the globe daily. We are one of the fastest growing financial media portals in the world. The group also operates hugely successful “investor forums” where three or four companies present to an audience of high net sophisticated investors, fund managers, hedge funds, private client brokers and analysts. Ian Mclelland founded Proactiveinvestors in 2006 as a way to channel his own views on companies small and mid-cap public companies. What started as a hobby quickly turned into a full time job as the website's readership exploded. One2One forums were added later in 2006, and within two years the company had expanded its operations into Canada and Australia. In 2009 the company expanded into Germany and finally into the US in 2010. Proactiveinvestors is now one of the fastest growing global financial media organizations in the world receiving more than one million visitors per month, with investor forums held across the globe on a regular basis.

Citation Resources (ASX: CTR) has spudded the Atzam-5 development well in Guatemala that could allow it to meet its targeted production rate of more than 600 barrels of oil per day.

Operator Latin American Resources, which is 60% owned by Citation, expects to take about 40 days on a trouble free basis to drill the well to a planned depth of 4,100 feet.

Atzam-5 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.


Citation has also increased production at its Atzam-4 well to 150 barrels per day from the previous 110 to 120bpd.

This follows the company increasing the choke in the well after recent reservoir pressure testing and an independent review of the C17 reservoir production profile to date.

Atzam-4 continues to produce from natural reservoir pressure without any water production.

LAR will monitor the production profile at this new setting before opening the choke further.

Independent reservoir engineers Ralph Davis have advised that the well could be produced at an optimal production rate of 466bpd, whilst maintaining the reservoir's structure and integrity.

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.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.