From announcement 30 April 2014. Flow testing program to start immediately following Schlumberger analysis on full suite of electric logs across all carbonate reservoir sections identified in Atzam #5 Atzam Oil Project
From announcement 19 May 2014, 3 days ago.
–Atzam #5 FLOW TESTING UNDERWAY
Citation Resources Ltd (ASX: CTR) (Company or Citation) is pleased to advise that flow testing operations have commenced on the Atzam #5 well at the Company’s Atzam Oil Project in Guatemala.
The initial flow test program will be conducted as an open hole test of the lower C18 and C19 carbonates from below the final casing point at 3,600 feet. These sections comprise part of the primary reservoir target zones and were the zones that flowed more than 1,000 bopd in Atzam #2, and were unable to be flow tested in Atzam #4.
Following completion of the drilling operations at Atzam #5, the Operator ran a full suite of electric logs from the first carbonate sections intersected down to the well’s total depth of 4,025 feet. Leading global oilfield services firm Schlumberger is currently undertaking an independent review of the electric logs run across all carbonate sections in Atzam #5, with initial results now expected within days.
This management is infamous for cutting and pasting into the regular announcements and obviously that last paragraph was pasted as a mistake, as they have already started the flow testing which they had previously told us would not start until they had received the log results from Schlumberger!! They did not have to release the details of those logs and didn't say they would. They were not going to with Atzam4 until "somebody" started buying shares and increased the volume and the ASX sent them a please explain. Otherwise, they would not have announced those results either.
Blimey, you don't have to be an oil expert to have already made up your mind what's in those logs with all the information that has already been provided. There is a lot of oil in Atzam5 in numerous zones. It is a ball tearer!!! Schlumberger couldn't say it any clearer.
Maybe this management is trying too hard to provide information to its shareholders and in doing so, are making elementary mistakes in those publications? The things you do when you are put under pressure. The office girl has stuffed up and Mitchell has not checked it out thoroughly enough when he signed it, as the anns are being popped out so regularly and he got compacent. all he was interested in was that the flow testing had begun, the rest was just fat.
The operative words that we should be concentrating on now are "the next few days" for the results of the flow tests of C18 and/or C19.
CTR Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
(20min delay)