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Citation Resources resumes drilling of Atzam-5 oil appraisal well

Published: 16:49 31 Mar 2014 AEDT

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Citation Resources (ASX: CTR) has resumed drilling of its Atzam-5 appraisal well at the Atzam Oil Project in Guatemala with the initial target zones expected to be intersected within days.

Atzam-5 is designed to allow immediate testing of prospective reservoirs as it drills through the target carbonate sections.

This will enable operator Latin American Resource, which Citation has a 60% interest in, to immediately commence a commercial production testing program if a carbonate zone produces material flows to surface from drilling, and not waiting to test the zone until after the well has been drilled to its planned depth of 4,100 feet.

Citation had earlier completed installation of production testing equipment at Atzam-5 following the critical completion of the first intermediate casing string.

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.

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

 

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