Citation Resources Limited (ASX Code: CTR) is an ASX-listed energy and exploration company, based in Perth, Western Australia.
Acquisition of 70% interest in Latin American Resources Ltd
In July 2012, the Company announced it had executed a binding term sheet to acquire a 70% interest in Latin American Resources Ltd (LAR), which holds an 80-100% interest in two oil and gas development and exploration blocks in Guatemala (Projects), depending on the participating interest taken up by partners on future wells.
The Projects consist of Block 1-2005 and Block 6-93 in the South Peten Basin in Guatemala (Guatemalan Blocks). The Guatemalan Blocks have TSX certified 51-101 certified reserves identifying proved plus probable (P1 and P2) reserve estimates of 2.3 MMBBL, with significant exploration upside potential. In addition the blocks have had significant previous exploration with the two well appraisal drilling program currently underway with the Atzam#4 well. The Projects and operational infrastructure are owned by Latin American Resources Ltd (LAR) together with its minority joint venture partners.