Pryme Oil And Gas (ASX:PYM) Deshotels 20-H No.1 Drilling Update At Turner Bayou Chalk Project
Brisbane, Oct 5, 2010 AEST (ABN Newswire) - Pryme Oil and Gas (
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, has been delayed. Complications with kicking off from the cement plug which was installed at the kick-off point of the vertical leg have prompted the operator to set in place a more permanent device (a whipstock) to guide the directional motor into the formation and begin the horizontal leg. We expect that directional drilling to establish the horizontal leg will resume in a few days and that the completion schedule will be extended by one week.
Pryme has a 40% working interest (30% net revenue interest (NRI)) in this well.
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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