Caza Oil & Gas (LON:CAZA) (TSE:CAZ) described the flow rates from its first horizontal well targeting the Bone Spring interval as a “good result”.
The well, Unit 32 #2H, on the Lennox Prospect in New Mexico, flowed at a stabilised rate of 390 barrels of oil equivalent. The majority of this – 334 barrels – was oil. The company has a 31.08% net revenue interest in the well.
Chief executive Michael Ford said: "This is a good result for the initial test well at Lennox.
“The detailed completion procedure performed on this well will help determine the future development of this property.”
The next Lennox well will be the Unit 32 #4H, which will target the third Bone Spring sand interval and should commence drilling operations later this year, Caza said
The group is also preparing the Gateway and West Copperline Bone Spring prospects for drilling in the near future.
In the same announcement the group confirmed the Caza Ridge 14 State #4H well has reached the lateral kick-off point.
Log and core data have confirmed the presence of oil and natural gas in the shallower sections of the well.
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