Bongo Prospect - Initial Production Rates, 16 December 2010
Further to the announcement on 14 December, Verus Investments Ltd (Verus; ASX code: VIL) is pleased to provide the following update on the Companys investment in the Bongo Prospect in Wharton County, Texas. Caza Oil & Gas, Inc. (Caza; TSX: CAZ, AIM: CAZA), Verus partner and operator of the Bongo Prospect, has provided the following update: Initial production rates through the permanent facilities are approximately 2.48 million cubic feet of natural gas per day, 400 barrels of oil per day and 190 barrels of water per day in total. The well is producing on a 9/64th choke at 6,100 pounds per square inch flowing tubing pressure and still has approximately 750 barrels of fracture fluid to recover. The production rates are being closely monitored, and Caza will provide an update once the rates and flowing tubing pressure have stabilised. These initial production results provided by Caza are certainly encouraging and represent a significant result for the Company Verus Chairman Mr Andrew McIlwain said.
VIL Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
