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08:10
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Originally posted by gassed
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Love the title of the thread. Freudian slip, but, very appropriate for some of the guys who are stressed out in this forum while waiting for the (good) news.C18 A 3140-3160 20 feet 10-14% Up to 68% Up to 387 md C18 B 3278-3286 Est 8 feet * * C18 N 3675-3695 Est 20 feet * * C18 O 3706-3712 Est 6 feet * * C19 3736-3756 20 feet * * Total 218 feet (incl. C18 B, N and O and C19) still in C18A. of the upper C18 (*part of that 30%) and C19 carbonates since recommencing drilling operations after setting intermediate casing at 3,600 feet. The well has produced significant oil shows to surface and fluorescence in the cuttings from drilling these sections , as seen below (pretty picture provided)C17 and some initial C18 carbonate sections, which have generated material oil and gas shows to surface whilst drilling. (WHERE WE ARE NOW) Initial log interpretation indicates the well has intersected multiple pay zones in the primary carbonate targets, with hydrocarbon saturations of 70-88% and primary porosities of up to 18%. Citation Resources Ltd (ASX: CTR) (Company or Citation) advises the Atzam #5 well at the Company’s Atzam Oil Project in Guatemala has drilled through the C13 and C14 carbonate sections which generated significant visible oil shows to surface across the shakers and in dolomite cuttings. Background gas increased to 80% in drilling through the C14 carbonate section, indicating hydrocarbon charged carbonate systems are being intersected on structure by the well. Is anyone REALLY trying to tell me that this well is a duster and will NOT be commercial?????? LESS THAN ONE CENT!!!!!!!!???????
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Gassed , share price is irrelevant - market cap is relevant . Still over $10 m - how do you justify that ? 1 well earning approx $1m before tax - admin cost / exploration cost sig higher . Results of Aztam 5 unknown . Results if reserve upgrade unknown . Prove up the earning potential / stream and you may see share price lift . Until then the market has fairly devalued CTR from a market cap of $18m where promise of hundreds of barrels per day from Aztam 4 didn't eventuate.
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