We already know this but it's good to have some publicity...
LONDON (Dow Jones)--Caza Oil and Gas Inc. (CAZA.LN) shares rose 7.3% Monday. The rise followed an announcement on the Australian Securities Exchange late Friday by three of its partners saying that the Marian Baker No. 1 well, on the Amazon field in Louisiana U.S., is expected to hit its first drilling target within days.
No-one at Caza oil was immediately available to comment. Partners, Tango Petroleum Ltd. (TNP.AU) which has a 17.5%stake in the prospect, Quest Petroleum NL (QPN.AU) which has 15%, and Transerv Energy Ltd. (TSV.AU) which has 5%, said the well is expected to reach depths where they hope to hit hydrocarbons in the nextseven to 10 days.
Drilling started Jan. 16 and is expected to encounter different pockets of oil and gas at between 14,000 feet and the well's targeted total depth of 16,000 feet. The Amazon field, also known as Arran, was assessed by independent consultants ISIS Petroleum to have a 35% probability of success. The project has an estimated recoverable potential of between 350 billion to 840 billion cubic feet of natural gas and 35 million to 80 million barrels of oil.
Caza, the operator of the Marian Baker No. 1 well, holds a 25% working interest in the well. Caza shares at 1348 GMT up 3.9 pence, or 7.3%, at 56.75 pence in a slightly lower Alternative Investment Market--down 0.13%
-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected]
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END) Dow Jones Newswires March 14, 2011 09:55 ET (13:55 GMT) Copyright (c) 2011 Dow Jones & Company, Inc.
Tuesday 15 March 2011 00:55:00.000 AEST
QPN Price at posting:
1.7¢ Sentiment: ST Buy Disclosure: Held
