Ann: Atzam 5 Testing Update and Appendix 3B, page-72

I bought into this stock about a month ago after conducting a fair bit of research. I usually avoid stocks that are most discussed on hot copper & also stocks that PL has anything to do with. Having said that, at my buy price of 1c, I think is good value. (present price even better)

Anyone thinking AZ5 was going to be a quick drill & test, either didn't research the AZ4 drill, or expected AZ5 to be completely different. Given that it's the same company, same rig, same salt dome, I'd have to assume the former.

AZ4 & AZ5 both took about the same time to reach TD. AZ4 reached TD on 12/10/12 & first commercial flows were reported on 3/6/13, almost 8 months later.
AZ5 reached TD on 30/4/14 coming up to 4 months ago. With the knowledge they gained from AZ4 I'd like to think they can improve on the 8 months.

While most operators would do this in half the time, I get the impression LAR are happy to go slowly but surely. They own the rig, labour would be cheap & the fixed costs are independant of time. Guatemala appears to be a bit like Bali where everything is done on "Bali time"

I'm sure CTR are also frustrated by the pace or lack of, however they would have known the AZ5 drill would be not much different to AZ4. I'm confident they'll get commercial flows, just as they did in AZ4. I bought with a long term view & although I don't like time they are taking, I was well aware of delays etc before I bought.