Source: Caza Oil & Gas
Caza successfully farmed out part of its 65% working interest in the Bongo Prospect to two partners, Australian-based investment company Verus Investments Limited and Singular Oil & Gas, Inc. Following the farmout Caza will maintain a 40% working interest in Bongo.
As previously announced Caza has entered into a contract with Patterson Drilling to drill the Bongo Prospect. The contract provides for a test well to be drilled to a total depth of 16,000 feet.
The TSX has conditionally approved the farmout arrangement with Singular. Bongo is located onshore Texas in Wharton County, along the Gulf Coast.
"We are pleased to announce the completion of the farmout of Bongo to Verus and Singular,” said W. Michael Ford, Caza CEO. “Caza is now in a position to drill this potential high-impact prospect, and we expect drilling to commence within 14 days.”