Citation Resources Ltd advise Latin American Resources (Operator) has confirmed the Harold Lee 500 rig commenced drilling operations on the Atzam #5 well at the Company's Atzam Oil Project in Guatemala. The Atzam #5 well was spudded on 14 January local time following a final operational meeting on site with the Operator, Schlumberger and the Ministry of Mines. The well is estimated to be drilled to its target depth of 4,100 feet in 40 days on a trouble free basis. The Operator, Latin American Resources, is managing the drilling program with Schlumberger providing specialist services on the well including the logging and cementing programs.
The Atzam #5 well location is approximately 1km to the south-east of the Atzam #4 production well, with the well located and designed to test the same carbonate reservoir intervals that were intersected and produced oil shows in Atzam #4 and to quickly tie into production on success.