Caza Oil & Gas begins drilling Arran prospect

Monday, Jan 17 2011 by
Caza Oil  Gas begins drilling Arran prospect

The Caza Oil & Gas share pricerose by nearly 1% to 54.5p in early trading on news that the US based oil and gas exploration and production group, has kicked off drilling work on its Arran Prospect in Acadia Parish, Louisiana. The Marian Baker #1 well was spud over the weekend and is the initial test well on Arran. Caza Oil & Gas (LON:CAZA) regards Arran as one of the most significant of a new wave of prospects that have been identified during re-analysis of its vast 3D seismic data banks. 

The new well will target a multi-segment prospect, with prospective reservoirs supported by AVO (amplitude versus offset) data within a proven play fairway. The well is expected to encounter multiple, potential, hydrocarbon bearing reservoir sections. It is expected to take approximately 60 days to reach the proposed total depth.Caza has a 25% working interest before casing point and a 35.94% working interest after casing point in the Marian Baker #1 well with an approximate net revenue interest of 26.24%. 

W. Michael Ford, Caza’s chief executive, said: “We are very pleased to announce the commencement of drilling operations on the Arran Prospect. Arran has significant upside potential for Caza and affirms management's focus and commitment toward high-impact exploration activities in Texas and Louisiana.”

In an interview with Stockopedia in October, Caza’s chairman, John McGoldrick, said the company had estimated something in the region of 250 billion cubic feet of gas plus liquids at Arran. The company’s partner on the drilling programme is the privately owned California-based company, Pass Petroleum. 

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