Range Resources Limited ("Range" or "the Company") 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 2014Range has a direct and indirect 32% interest in the Guatemalan Project.
