25 May 2012

Caza prepares to drill

21/10/2010 Robert Tyerman

US onshore play Caza Oil & Gas is poised to drill Louisiana's Arran well, which it expects to yield cash flow by April.

Chaired by formidable Scottish chalrman John McGoldrick, a onetime luminary of Enterprise Oil, the AIM-quoted company hopes for results by February from Arran, which holds an estimated 250 billion cubic feet of gas, and where Caza's post-royalty interest is 23 per cent.

Among the US-based company's other interests in the same area is Tiree, with an estimated 150 billion cubic feet of gas, Lewis and oil and gas prospect Wyndham Wolfberry, which has already been farmed out to another group, Devon Energy, to operate.

Describing Caza's 'niche' as deep, conventional onshore properties where costs are a fraction of offshore ventures, McGoldrick claims Caza has 'first mover' advantage over the competition, partly by becoming involved when no-one else was interested and partly because of its own proprietary data collection avd collation system.

Caza shares have soared since August and now stand at 38p. Good news from Arran could provide another shot in the arm.

Tags: AIM, Cash flow, Commodities

Sector: Oil & Gas Producers

Companies: Caza Oil & Gas

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