Bongo is a 3-D seismically defined, three-way closure in the Wilcox formation. The OB Ranch #1 well is designed to drill to a total depth of approximately 16,000ft and is expected to encounter multiple, potential, hydrocarbon bearing reservoir sections. It is expected to take approximately 60 days to reach the proposed total depth.
Caza farmed out a portion of its 65% participation interest in Bongo Prospect to Verus Investments and Singular Oil & Gas. Caza retained a 40% working interest in the OB Ranch #1 well (approximate net revenue interest 30%).
Michael Ford, CEO of Caza, said: “We are very pleased to announce the commencement of drilling operations on the OB Ranch #1 well on our Bongo Prospect. Bongo has high-impact potential for Caza and is in line with our refocus toward exploration activities in Texas and Louisiana.”
