Apr 2014: Citation Resources has advised that the Atzam-5 well at the Atzam Oil Project has encountered significant oil shows. An upgrade of the oil resource estimate for the Atzam Oil Field is expected. Atzam-5 is a step out 1.2 kms from Atzam-4.
Feb 2013: Guatemala has accepted 15 bids from 9 exploration companies after opening up 1.97 mm acres of land mostly in the Peten basin. The country hopes to boost production to 51,000 bbls per day by 2020, up from the 10,000 bpd in 2012 (GS notes: unlikely to be achieved). Oil output peaked in Guatemala in 1998 at 25,000 bbls per day. The companies will perform 3 years of mapping before drilling. Most of Guatemala's oil, which is high in sulphur, is exported to North America.
Sep 2012: Citation Resources began production in Dec 2007 from the Atzam field in Block 1-2005 in the South Peten basin. It is now drilling Atzam-4 and Atzam-5. Citation is the majority holder of Block 1-2005, as well as Block 6-93, together estimated to hold reserves of 2.3 mm bbls of oil. The suspended Tortugas salt dome field is also on the block which has had 17 wells drilled. It is hoped that Atzam has the potential of the Rubelsanto field which has produced over 30 mm bbls of oil since its discovery in 1976 and currently produces 1,000 bbls per day.