Pryme Oil and Gas Limited (ASX:PYM) Commences Drilling on Deshotels 20-H No.1 At Turner Bayou Chalk Project
Brisbane, Aug 10, 2010 AEST (ABN Newswire) - Pryme Oil and Gas Limited's (
ASX:PYM) (OTCQX:POGLY) drilling of the first well in the Turner Bayou Chalk project, the Deshotels 20-H No.1 well in North Bayou Jack Field, commenced over the weekend and is currently at a depth of 1,700 feet (518 metres.) The well will be drilled to a depth of 15,380 feet (4,688 metres) vertically with a 4,500 foot (1,372 metre) horizontal lateral through the Austin Chalk formation which is predominantly oil bearing in this region. It is expected that drilling will take approximately 7 to 9 weeks to complete.
Pryme has a 40% working interest (30% net revenue interest (NRI)) in this well.
Project Description
Turner Bayou is one of Pryme's high value projects. It is located in Avoyelles Parish, Louisiana. Pryme has a 40% interest in the Turner Bayou Chalk project area, which is contained in Turner Bayou 3D seismic survey, and a 52% interest in the balance of Turner Bayou. Exploration costs of the Turner Bayou Austin Chalk project are much higher than for the shallow prospects throughout Turner Bayou and, to mitigate risk and reduce expenditure, Pryme has farmed out a small portion of its working interest in the Turner Bayou Chalk project for cash and a carried interest.
The Turner Bayou project comprises approximately 80 square miles (50,000 acres) which have been imaged by a proprietary 3D seismic survey. Primary targets are contained within six prospective formations ranging in depth from the Frio formation at 3,000 feet, to the Tuscaloosa formation at 18,000 feet.
About Indago Energy Ltd
Indago Energy Ltd (ASX:INK) (OTCMKTS:POGLY) is an Australian listed company engaged in oil and gas exploration, development and production. Indago's project portfolio includes liquid rich producing assets together with substantial oil development and exploration acreage in the United States.
The Company's Exploration and Production focus is on high growth oil and gas projects offering scalability of production, cash flows and reserves. Indago currently has several producing projects together with a significant acreage position. The Company's immediate focus is the development of its Capitola Oil Project located in an active region of the Cline Shale resource play along the Eastern Shelf of the Permian Basin, Texas. The project's core development and exploitation opportunities are shallower multiple "stacked" sandstones and limestones to depths of 7,000 feet which are effectively produced from vertically drilled wells. Indago's value driven model is executed through exploiting shallower, well defined intervals with advanced completion and stimulation technology within known produced oil fields together with exposure to the emerging Cline Shale resource play.
Indago's shares are publicly traded on the Australian Securities Exchange (ASX ticker: INK) and also as American Depositary Receipts on the OTCQX (ADR ticker: POGLY).
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