ENP Newswire - 10 January 2014
Release date- 09012014 - Range Resources Limited would like to draw attention to the announcement released today by Citation Resources Limited (ASX: CTR) with respect to the Company's interest in Guatemala with the following highlights.
The Harold Lee 500 rig now set up on the Atzam #5 drill pad, following the recent completion of location site works
The rig's drilling mast is set in place, with auxiliary equipment now being connected to the rig to enable commencement of drilling operations
The rig is expected to be drilling ahead towards the initial reservoir targets in 3-4 days
Drilling schedule for Atzam #5 is 40 days to total depth target of 4,100 feet
Primary reservoir targets are the C17, C18 and C19 carbonate sections
Atzam #5 well to target the same carbonate reservoir targets as the Atzam #4 production well 2.3m barrels of 2P reserves which excludes the C18 and C19 carbonate sections in Atzam #4
Atzam #4 continues to be produced on a highly restricted choke (12/64 inch) to manage the reservoir integrity, still with no water production to date
Significant exploration potential on Atzam Oil Field - unexplored salt dome and anticline structures to be evaluated and tested through 2014
Range has a direct and indirect 32% interest in the Guatemalan Project.
Range Resources Limited
Tel: +61 (8) 9488 5220
GMP Securities Europe LLP
Tel: +44 (0) 207 647 2800
Fox-Davies Capital Limited
Tel: +44 (0) 203 463 5000
Dahlman Rose & Company
Tel: +1 (212)-372-5766
Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gas exploration company with oil & gas interests in Trinidad; Puntland, Somalia; the Republic of Georgia; Guatemala; Texas, USA and Colombia.
In Trinidad Range holds a 100% interest in holding companies with three onshore production licenses and fully operational drilling subsidiary. Independently assessed Proved (P1) reserves in place of 17.5 MMBO with 25.2 MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBO of unrisked prospective resources. Range also has a farm in with Niko Resources giving it exposure to circa 280,000 acres of prospective onshore and offshore acreage.
In the Republic of Georgia, Range holds a 45% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. The Company is focusing on a revised development strategy that will focus on low-cost, shallow appraisal drilling of the contingent resources around the Tkibuli-Shaori ('Tkibuli') coal deposit, which straddles the central sections of the Company's two blocks, along with attracting potential farm-in partners across the license areas given the recent review performed across the licenses.
In Puntland, Range holds a 20% working interest in two licenses encompassing the highly prospective Dharoor and Nugaal valleys. The operator and 60% interest holder, Horn Petroleum Corp. (TSXV: HRN) has completed two exploration wells and will continue with a further seismic and well program over the next 12-18 months.
Range is earning a 65% (option to move to 75%) interest in highly prospective licences in the Putumayo Basin in Southern Colombia. The Company will undertake a 3D seismic programme as part of its exploration commitments on the Company's Colombian interests. Farmin interest from a number of parties has been received and preparations for the seismic programme will be initiated subject to further financing becoming available.
Range has taken a strategic stake (19.9%) in Citation Resources Limited (ASX: CTR) which holds a 60% interest in Latin American Resources (LAR). LAR holds an 80-100% interest in two oil and gas development and exploration blocks in Guatemala with Canadian NI 51-101 certified proved plus probable (2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 20% interest in LAR.