23rd Mar 2015 08:15
LONDON (Alliance News) - Caza Oil & Gas Inc shares rose early Monday after the company said it has received further strong results from the third well at the Marathon Road property at the Bone Spring project in New Mexico.
Caza said that under controlled flowback, the producing rates from the 15NC-1H well steadily increased and produced at a 24-hour gross rate of around 1,203 barrels of oil equivalent.
"This is the third well on the Marathon Road property, and it's another excellent result. This well should provide a good return on investment even in the current low oil price environment," said Caza Chief Executive W Michael Ford.
Shares in Caza were up 13% to 5.64 pence on the news, one of the best performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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