Pryme Oil And Gas Limited (ASX:PYM) Vertical Section Of Deshotels 20-H No.1 Well Completed, Preparation For Horizontal Leg Underway
Brisbane, Sep 14, 2010 AEST (ABN Newswire) - The vertical section of Pryme Oil and Gas Limited (
ASX:PYM) (OTCQX:POGLY) Deshotels 20-H No.1 well in the Turner Bayou Chalk project has reached total depth of 16,400 feet (5,000 metres). A full set of logs has been run and is being evaluated prior to the kick off of directional drilling to establish the start of the horizontal leg.
Logging has confirmed the full section of the Austin Chalk formation as interpreted from the mud log and the 3D seismic survey. Several other formations of interest will be evaluated in due course.
The planned length of the horizontal leg is 4,500 feet (1,372 metres). The objective in drilling the horizontal leg is to intersect oil-bearing fracture systems within the Austin Chalk formation. The frequency and extent of these will determine the commercial potential of the well.
The well is still on schedule for drilling completion by mid October. If the result from drilling the horizontal leg is positive the well will be completed as a producing well and flow tested prior to the installation of production facilities.
Pryme has a 40% working interest (30% net revenue interest (NRI)) in this well.
Project Description
The Deshotels 20-H No.1 well in the North Bayou Jack Field is the first deep well to be drilled within the Turner Bayou 3D seismic survey. The well will be drilled to a depth of 16,400 feet (5,000 metres) vertically with a 4,500 foot (1,372 metres) horizontal lateral through the Austin Chalk formation which is predominantly oil bearing in this region.
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 within the Turner Bayou 3D seismic survey, and a 52% interest in the balance of Turner Bayou. 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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