Caza soars on successful test well

Aim-listed Caza Oil and Gas saw its share price soar almost 28 per cent yesterday, after announcing an “excellent result” on an initial test well on its Gramma Ridge Property in New Mexico. The energy explorer said output rates had steadily increased, with the well producing 830 barrels of oil and 4.63m cubic feet of natural gas at its peak. “Oil is already being sold, and the company expects to have natural gas flowing to sales in the near future,” said the firm.