AIM-listed oil exploration outfit Range Resources today provided an update to investors on the Guatemalan project in which it has a 32 per cent direct and indirect interest.The company highlighted that Latin American Resources (the operator) recently completed its second oil sales contract and delivery of over 3,500 barrels to Perenco Guatemala.Total sales in excess of 9,000 barrels were completed during August and September, for which the firm received net revenues of approximately $65 a barrel.The outfit further announced that it is finally projected to begin drilling the Atzam no.5 well in October, due to unseasonally heavy rainfall.Those weather conditions delayed the construction of the drilling pad and subsequent drilling of the well.On the other hand, it claims that there exists significant exploration upside at Atzam. More specifically, the company highlights the unexplored salt dome and anticline structures which are to be evaluated and tested in 2014.As of 16:21 shares of Range Resources were falling by 2.68% to the 2.0p mark. AB