Range Resources Updates On Atzam-5 Oil Well In Guatemala

Jan. 28, 2014 5:35 PM ET

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Range Resources' (ASX: RRS) associate Citation Resources (ASX: CTR) is continuing drilling of the Atzam-5 development well in Guatemala that could increase oil production.

The well is currently at a depth of 431 feet with initial progress as planned through the shallow, hard limestone section.

Once the rig has drilled through this shallow limestone section and into carbonates, an intermediate casing string will be set to allow the rig to drill ahead towards the target carbonate reservoir sections.

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.

It will be drilled to a total depth of about 4,100 feet. Operator Latin American Resources, which is 60% owned by Citation, expects this to take about 40 days.

Range has a direct and indirect 32% interest in the Guatemalan Project including a 19.9% interest in Citation and a 20% stake in LAR.

Atzam-4

Production at Atzam-4 continues to hold steady at about 150 barrels per day with no water production.

The company plans to increase the choke over a period of time to establish the optimal production rate for this producing carbonate section.

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