Citation Resources (ASX:CTR) has received a notice of initial substantial shareholding from Ivan Brown with a 5.04% interest.
Brown had on 8 July acquired 4 million shares for $36,000, or an average consideration of $0.009 each.
He now has a total of 65,539,919 shares.
The company is carrying out flow testing of its Atzam-5 oil appraisal well in Guatemala where electric log analysis has confirmed more than 200 feet of net pay across all carbonate zones.
Further flow testing may include testing potential pay zones from the C13 to C18 carbonates as prioritised by the log evaluation to establish a strong commercial flow rate from the well.
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