Caza Oil & Gas (AIM: CAZA) said that production at the Moore Bailout 11 and Lucky Penny 10 wells has stabilized at an average rate of 20 bopd (barrels per day) per well after fracture stimulation, while the Bada Bing 23 well reached the planned depth and was set for fracture stimulation.
Production from both wells, in which Caza currently has a 12.5% working interest and a corresponding 9.375% net revenue interest in both wells, reached a maximum rate of 150 bopd during the initial period of volatility as fracture fluid was recovered before stabilizing at the lower level. Caza has entered into discussions with commercial partners over a possible re-entry of the wells and drilling additional laterals as neither well was drilled to a planned depth with horizontal legs of 2,100 ft (feet) at Moore Bailout and 1,800 ft at Lucky Penny instead of the planned horizontal legs of 4,000 ft due to operational issues.
The drilling of the Bada Bing 23 horizontal well has also been completed, reaching the planned lateral length of 4,000 ft. The well is set to undergo fracture stimulation programme within the next 20 to 30 days.
“We are still very optimistic about this play and gained valuable information while drilling and completing the first two wells. We are hopeful that the results of the next wells drilled will be in line with expectations and set up future development opportunities,” said Chief Executive and President of Caza Mike Ford.
Completion operations on the fourth well in the programme, the Moore Cowbell 27, are set to start early next year.