PERTH (miningweekly.com) – ASX-listed junior Citation Resources has completed its first oil sales from its Atzam project, in Guatemala.
An initial oil sales contract of some 5 000 barrels was executed with Perenco Guatemala. The oil was currently being transported off-site and delivery would be completed within seven days.
Citation said on Wednesday that the Atzam 4 well has continued to produce on a highly restricted choke, owing to the current on-site tank storage capacity being limited to 7 000 barrels. On an open-choke basis, the well could produce in excess of 1 000 bbl/d.
Meanwhile, Citation on Wednesday also announced that it had completed a A$6-million capital raising to fund the next phase of the operations at the Atzam oil project, with priority being placed on drilling the Atzam 5 development well and increasing the on-site storage capacity by an additional 9 000 barrels to 16 000 barrels.
An initial oil sales contract of some 5 000 barrels was executed with Perenco Guatemala. The oil was currently being transported off-site and delivery would be completed within seven days.
Citation said on Wednesday that the Atzam 4 well has continued to produce on a highly restricted choke, owing to the current on-site tank storage capacity being limited to 7 000 barrels. On an open-choke basis, the well could produce in excess of 1 000 bbl/d.
Meanwhile, Citation on Wednesday also announced that it had completed a A$6-million capital raising to fund the next phase of the operations at the Atzam oil project, with priority being placed on drilling the Atzam 5 development well and increasing the on-site storage capacity by an additional 9 000 barrels to 16 000 barrels.
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