1st Oct 2013 10:12
LONDON (Alliance News) - Range Resources Ltd Tuesday said its partner in the Guatemala project in which it has a 32% interest had revealed the project recently completed a second oil sales and delivery contract.
In a statement, Range said Citation Resources Ltd had revealed that it delivered over 3,500 barrels to Perenco Guatemala at about USF65 a barrel, bringing total sales over August and September to 9,000 barrels.
It said the Atzam #4 well at the site was on continuous production through September and strong well head pressure was maintained, while drilling at Atzam #5 will commence this month after unseasonal heavy rain delayed the start.
The resources estimate is under review following the success of the #4 well, it added, while unexplored salt dome and anticline structures will be evaluated and tested in 2014.
Range Resources shares were down 3.2% at 1.99 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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