26th Jun 2014 11:14
LONDON (Alliance News) - Caza Oil & Gas Inc Thursday said it has successfully drilled the first development well in its Bone Spring exploration and development programme, on the non-operated Jazzmaster Property in Lea County, New Mexico.
The company's shares were up 8.6% Thursday morning, trading at 22.00 pence per share.
In a statement, the oil and gas company said that the Jazzmaster 17 State #3H horizontal Bone Spring development well reached its intended total measured depth of approximately 15,315 feet.
It said that on June 23, the well produced at a peak 24 hour rate of 650 barrels of oil equivalent, which consists of 569 barrels of oil and 488 thousand cubic feet of natural gas.
"We are very pleased with this well and the development opportunities still to come on this property. Like Caza's other Bone Spring properties, the Jazzmaster property has multi-pay potential from the primary zones in the play, as proven by the log and core data from both wells," said Chief Executive Michael Ford in a statement.
Caza Oil & Gas shares were up 1.1% at 20.48 pence Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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