Range Resources Limited (“Range” or “the Company”) would like to draw attention to the announcement released yesterday by Citation Resources Limited (ASX:CTR) with respect to the Company’s interest in Guatemala with the following highlights:
- Latin American Resources (the operator) recently completed its second oil sales contract and delivery of over 3,500 barrels to Perenco Guatemala;
- Total sales exceeding of 9,000 barrels completed during August and September;
- Net revenue received approximately $65/barrel;
- Atzam #4 well on continuous production throughout September - strong well head pressure maintained +300 psi on highly restricted choke (12/64 inch), still no water production;
- Atzam #5 well drilling to commence in October - unseasonal heavy rainfall in September has delayed drilling pad construction and spudding of well;
- 20mmbbl 2C contingent resource estimate under review following Atzam #4 success; and
- Significant exploration upside at Atzam - unexplored salt dome and anticline structures to be evaluated and tested in 2014.
Range has a direct and indirect 32% interest in the Guatemalan Project.
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