I got this from WS translation to the link below - Atzam on the radar and Guatemala gov pegging high hopes on it. Energy crisis there in the last few years which is why I think CTR will be gobbled up by a big player at some stage.
The curve in the production in the field Atzam changed the trend starting in June of last year, which allowed to cushion the fall, accentuated by the lowest level of crude oil obtained in the fields of Rubelsanto and Xan, two major oil areas of the country.The low performance of these fields, according to figures from the General direction of hydrocarbons from the Ministry of energy and mines (MEM) realize that oil production reached 3.64 million barrels, about 231 million below the result for the previous year which recorded 3.87 million in 2013.The fall of the previous year reached six percent, but according to Luis Ayala, director of hydrocarbons, seeks to close the gap with the improvements that have been made in some areas as the case of the 1-2005 contract, where began the production of the well Atzam 5, which allowed raising the number of barrels produced.The gap between 2012 and 2011 production was of three percent, with a close of 3.87 million barrels.Merman activityAs the field Atzam went from 3 thousand 288 barrels in 2012 more than 21 thousand last year, Xan, representing 92 per cent of production, had a low pass from 3.56 million to 3.35, while they are pending approvals environmental to drill two wells more and for now only works carried out for overhauling 47 wells operatingof which only 30 extracted crude.Another field that lost presence is Rubelsanto, which decreased its production of 56 thousand 880 annual barrels to 38 thousand 476. This field operates under the 2-2009 contract, but, according to Ayala, they have nearly four decades living in activity so are under analysis for refurbishment.The contract 1-91, with Chocop and Yalpemech fields, reduced the amount of 80,000 barrels 187 extraction of 69,000 barrels in 2013. The company Petro Energy, S.A. received in last December the extension to continue operating this contract until 2028, under conditions that require the drilling of five wells during the first four years.Barrels per day average shrank 5.7 percent from 10,000 590 in 2012 to 9 thousand the previous year 986.This year: stabilityNext March is expected to begin drilling a new well in Atzam, and with the discovery of a reservoir of condensate gas in the area granted last year to City Petén, the expectations for oil activity ranging from maintain daily production by an average similar to 2013 to achieve a slight increase.Arturo Letona, consultant on energy issues, said that with the entry into operation of the new fields and compliance programs of investment provided by companies established in the country, there are good expectations for this year to f in that will raise local production and exports to increase.Planned investments reached US$ 60 million in drilling and geological works, magnetomertria, overhauls and km(2).The MEM still has pending signing six contracts awarded last July but which, according to Ayala, would have impact on the production even in a period of four years.
CTR Price at posting:
1.2¢ Sentiment: Hold Disclosure: Held
(20min delay)