19th Nov 2013 10:09
LONDON (Alliance News) - Caza Oil & Gas Inc Tuesday said it has achieved positive results from its initial test well at the West Copperline Property in New Mexico.
The petroleum and natural gas company said the horizontal Bone Spring test well at the site reached its intended total depth of 15,035 feet and was subsequently fracture stimulated in November producing a peak 24 hour flow rate of 800 barrels of oil and 1.2 million cubic feet of natural gas.
The company said the numbers equated to 1,002 barrels of oil equivalent on the peak day at the company's 62.5% owned site, where ongoing clean up is taking place.
Caza Oil & Gas shares were up 13.1% to 8.91 pence, putting it in the top ten AIM movers Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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