Caza Oil&Gas acquires lease over 480 gross acres at Bone Spring

9th Oct 2014 11:13

Oil exploration outfit Caza Oil&Gas on Thursday announced that it has recently acquired the lease over 480 gross acres in the heart of the Bone Spring play, to which it refers to as East Marathon Road, which is located in the US state of New Mexico.The initial well at the site, named Igloo 19 State #2H, will be the third horizontal test well there. The drilling rig which the company will employ is being moved to the location from the nearby Lennox 32-4H well.Bone Spring is located in the Delaware Basin portion of the Permian Basin.The firm also disclosed to investors that the current 'peak rate' at the Broadcaster well, another Bone Spring well, was higher than previously announced.Drilling of the second Broadcaster well is due to begin towards the end of the fourth quarter of 2014.As of 11:25 shares of Caza Oil&Gas were advancing 0.92% to 19.17p.