US focused Caza Oil & Gas (LON:CAZA, TSX-V:CAZ) told investors that its O.B. Ranch #1 well, on the Bongo prospect in Wharton county, Texas, has reached a depth of 12,964ft and preliminary data indicates the presence of hydrocarbon bearing sands in a shallower horizon.
The company said that the sands will require further evaluation. Intermediate casing has been installed, cemented and the formation integrity has been tested.
Drilling has now recommenced to the target depth of 16,000ft.
"We are pleased that drilling on the O.B. Ranch #1 well is progressing as planned and anticipate reaching the target depth within approximately fifteen days," Caza chief executive W. Michael Ford commented.
When the well was spudded, back in June, Caza said it expects the well to encounter multiple, potential, hydrocarbon bearing reservoir sections.
Bongo is a significant 3-D seismically defined, three-way closure in the Wilcox formation. Caza has previously farmed out a portion of its 65% participating interest in Bongo to Verus Investments Limited and Singular Oil & Gas, Inc, retaining a 40% working interest in the O.B. Ranch#1 well with an approximate 30% net revenue interest.
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