28th Oct 2013 10:10
LONDON (Alliance News) - Range Resources Limited Monday said its 32% owned Citation Resources Limited in Guatemala has recorded strong production levels and sales during the last three months.
The Texas-based oil and gas company said its subsidiary's Atzam #4 well is continuing to produce, with strong flow rates, and its Atzam #5 development well is expected to begin first production in November this year.
Range said that due to the strong continued flow at its Atzam #4 site, the 20 million barrels of contingent resource at the site is under review.
The company said Citation achieved a sales contract for 1,500 barrels of oil during the period and has completed sales exceeding 13,000 barrels since August.
Range Resources shares were trading flat at 1.75 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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