Pryme Oil And Gas Limited (ASX:PYM) Deshotels 20-H No.1 Drilling Update At Turner Bayou Chalk Project
Brisbane, Sep 28, 2010 AEST (ABN Newswire) - Pryme Oil and Gas Limited (
ASX:PYM) (OTCQX:POGLY) is pleased to announce that directional drilling to intersect the Austin Chalk formation at the target depth of approximately 15,330 feet (4,672 metres), and establish the 4,500 feet (1,372 metres) long horizontal leg of the well, is underway. As a result of delays in commencing directional drilling it is now expected that the drilling of the horizontal leg will be completed towards the end of October.
The wireline logs run in the vertical hole of the Deshotels 20H No.1 provided valuable data used to allow the operator to interpret more precisely the principal fracture orientation in the area and has been used to optimise the orientation of the horizontal leg.
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 is targeting 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).
| ||
|
