Caza Oil & Gas hit a 52-week high after revealing that production rates at its 3H horizontal Bone Spring well in New Mexico have been increasing on a daily basis.
Caza currently has a 45% working interest (35.213% net revenue interest) before payout and a 58.75% working interest (45.972% net revenue interest) after payout in the Caza Ridge 14 State No. 3H well at the Copperline Prospect in Lea County.
"This is an exceptionally good result for Caza's first operated horizontal Bone Spring well," claimed Michael Ford, the Chief Eecutive Officer of Caza.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"In addition to creating development opportunities associated with the Copperline Property, this result has de-risked a large portion of our Bone Spring acreage in Lea County. Production from the Caza Ridge well should significantly increase Caza's oil to gas production ratio, while adding additional cash flow and reserve value to the company," he added.
The group said it is now drilling the horizontal section of its operated Forehand Ranch test well in Eddy County, also in New Mexico. This should reach its targeted depth within the week, after which a fracture stimulation date will be set.
-
Halifax: House prices rise for the second consecutive monthUK house prices rose again in November, suggesting a resilient property market amid economic turmoil in the past year- are we heading for a crash?
-
10 vinyl records worth up to £10,000 - is one in your collection?
News Vinyl is experiencing a resurgence and collectors will pay up to £10,000 for some albums - is it time to dust off your old records?
