Quetzal provided the following update on operations in Guatemala:
Quetzal is in the process of final design and putting out for bid a 3D seismic program to better define the producing structure at Atzam field. Tenders will be solicited this month with acquisition scheduled to begin in June. Quetzal has programmed two wells for drilling on the Atzam structure during 2011 using its company owned rig.
Las Casas 3X
The eight intervals perforated from 7,984 to 8,336 feet have produced inconclusive results of oil and water during preliminary testing. Current operations are drilling out two bridge plugs at 8,645 and 8,670 feet to test open perforations in the Coban C8 and C9 reservoirs. The C9 interval (8,686 to 8,717 feet) tested 250 bfpd with a 60% oil cut during 2005. The upper C8 interval (8,452 to 8,636 feet) tested 210 bfpd also with a 60% oil cut during 2005. Quetzal plans to test the open intervals using an electrical submersible pump. Initial results are expected in late April to early May.
Additionally, as part of Quetzal's ongoing strategy to maximize shareholder value, the Company is contemplating a spin-out of the Guatemala assets to its shareholders.
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