30th Apr 2014 10:06
LONDON (Alliance News) - Range Resources Ltd Wednesday said its Atzam #5 well in Guatemala has been successfully drilled and found oil and gas in three lower reservoir sections.
The hydrocarbon exploration firm said the Atzam #5 well has been successfully drilled by Citation Resources, the operator at the site, to a total depth of 4,025 feet intersecting the lower reservoir sections on the structure.
Citation said there were material oil and gas shows continually generated at the surface when the well was drilled through its final carbonate sections.
The company added that the Atzam #2 well nearby has recorded initial rates in excess of 1,000 barrels of oil per day from the same three reservoir sections.
Citation said an electric logging programme is set to start in the next 24 hours in order to evaluate the primary carbonate reservoir sections and a flow testing programme is set to start following the logging programme.
The company said that results from the detailed logging evaluation are expected within seven days.
Range Resources shares were up 9.9% to 0.736 pence, putting it in the top-ten AIM All-Share risers Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Range Resources