Caza Oil and Gas storms up 25% on operational update
After a fairly muted reaction to yesterday’ s operational update from Caza Oil and Gas’s South East New Mexico field, the shares have sprung to life settling 25% higher to 12.5p this afternoon.
The update from the Forehand Ranch prospect in Eddy County and Copperline Prospect in Lea County has been positively received by the markets after disappointments on some of its Texan assets drove the shares down to 6.5p in early September – a 52 week low. For astute investors who were prepared to take the risk, they have now seen a 50% gain in their shares in the last month.
For Forehand, “There were good mud log shows for oil and natural gas throughout the Bone Spring formation while drilling the vertical section, notably in the Avalon Shale and 1st, 2nd and 3rd Bone Spring Sands along with shows in the shallower Delaware and Lower Brushy Canyon and the deeper Wolfcamp formations.”