More light reading for those getting bored like me, slightly different wording on this one.
Citation Resources to start highly anticipated flow test of Atzam-5 oil well By UK Proactive Investors May 01 2014, 2:52am Citation Resources to start highly anticipated flow test of Atzam-5 oil well Citation Resources (ASX: CTR) has exciting news on the horizon with electric logging and flow testing of the Atzam-5 oil appraisal well in Guatemala poised to begin soon.
Atzam-5 was successfully drilled to its planned total depth of 4,025 feet and had produced significant oil flows to surface while drilling through the primary target Upper C18 and C19 carbonates.
The well bore is in good condition and the rig is circulating in hole to maintain the well integrity in preparation for a full suite of electric logs to be run in the next 24 hours over the primary reservoir sections.
This electric logging run will complete the detailed well data across the primary and secondary carbonate reservoir target sections intersected by the well, and determine the scope of operations for the initial flow testing program.
Flow testing will begin immediately after independent evaluation and analysis of the logs are completed by Schlumberger.
Operator Latin American Resources, which is 60% owned by Citation, had previously identified multiple potential pay zones in the secondary C17 and initial C18 carbonates.
Atzam-5
Atzam-5, located about 1.2 kilometres southeast of Atzam-4, targets the C18 and C19 carbonate reservoirs that produced strong oil shows in the producing Atzam-4 but were unable to be flow tested.
It also intersected the C17 carbonate reservoir that is currently producing at Atzam-4.
The well’s location on the structural high of the Atzam Oil Field potentially has very significant implications for its commercial prospectivity as well as the in place oil resource estimate for the Atzam Oil Field.
The true structural extent and volumetrics of the Atzam Oil Field will only be clearly defined through a 3D seismic survey that is planned for 2014 as one of the key projects to follow the drilling of Atzam-5.
Atzam-5 is a step out well located approximately 1.2 kilometres from the Atzam-4 well.
Analysis
Citation Resources will soon uncover the commercial potential of the Atzam-5 appraisal well with the start of flow testing.
Results to date have provided a strong hint that the well could provide a substantial boost to its oil production.
Brett could of put this one up this morning to keep us satisfied.lol
GLTALTH
CTR Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
(20min delay)