Caza celebrates as production nears at new wells
Friday, May 09, 2008
Shares in AIM-listed oil and gas explorer Caza rocketed this morning after news that four out of five wells drilled during recent exploration encountered hydrocarbons. Of those wells, three are set to start production during May. Shares in the company rose 17pc to 30.5 pence.
Caza, a US company, said it had seen successful drilling at its sites in Wharton County, Texas and Lea County, New Mexico. Its interests in the properties is typically between 30pc and 40pc.
Chief executive Mike Ford, commented: “Of five exploration wells drilled by Caza this year so far we have encountered hydrocarbons in four, and following well completion and tie-in operations expect to have production from at least three of them in the very near future. I am especially pleased that our recent drilling results have proven that our geophysical understanding and the utilization of advanced analysis in direct hydrocarbon indicators is working.”
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