Indago Energy Ltd Stock Market Press Releases and Company Profile
Pryme Oil And Gas Limited (ASX:PYM) Deshotels 20-H No.1 Drilling Completed To A Depth Of 40 Feet
Pryme Oil And Gas Limited (ASX:PYM) Deshotels 20-H No.1 Drilling Completed To A Depth Of 40 Feet

Brisbane, Oct 19, 2010 AEST (ABN Newswire) - Directional drilling of Pryme Oil and Gas Limited (googlechartASX:PYM) (OTCQX:POGLY) Deshotels 20-H No.1 well in the Turner Bayou Chalk project has been completed to a depth of approximately 40 feet below the top of the Austin Chalk formation. An intermediate string of casing is being run to preserve well bore integrity through to the top of the formation. After the cement has cured the operator will drill the lower radius section of the well to the target depth of approximately 15,330 feet within the Austin Chalk formation and then drill the 4,500 foot (1,372 metre) horizontal leg.

It is currently estimated that drilling of the horizontal leg will be completed during the first week of November.

Pryme has a 40% working interest (30% net revenue interest (NRI)) in this well.

About Indago Energy Ltd

Indago Energy Limited ASX INKIndago 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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Contact

Justin Pettett
Managing Director
Pryme Oil and Gas Limited
Telephone: +61-7-3371-1103

Ryan Messer
Chief Operating Officer
Pryme Oil and Gas Limited
Telephone: +1-713-401-9806

http://www.prymeoilandgas.com



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