Indago Energy Ltd Stock Market Press Releases and Company Profile
Pryme Oil And Gas Limited (ASX:PYM) Rights Issue Closing Date Extended
Pryme Oil And Gas Limited (ASX:PYM) Rights Issue Closing Date Extended

Brisbane, Nov 1, 2010 AEST (ABN Newswire) - Pryme Oil and Gas Limited (googlechartASX:PYM) (OTCQX:POGLY) has resolved to extend by 19 days the term of the Rights Issue which was announced on 6 September 2010; the Closing Date is now 30 November 2010.

The non-renounceable Rights Issue entitles eligible Shareholders to buy 1 new share in the Company for every 8 fully paid ordinary shares held at the Record Date at a price of $0.08 per share. Details of the Rights Issue are contained in the Non-renounceable Rights Issue Offer Document which was released to the ASX on 20 September 2010. As a result of the extension, the Closing Date of the Rights Issue and the latest time for receipt of Entitlement and Acceptance Forms is now 5.00pm (AEST) on 30 November 2010.

The purpose of the Rights Issue is to allow eligible Shareholders to participate in a capital raising at the same price as the participants in the private placement which was announced on 6 September 2010, with the added advantage of being in possession of more information of the progress towards completion of the Deshotels 20-H No.1 well (the Well) which is currently being drilled in the Turner Bayou Chalk project.

Shareholders will be aware that drilling of the Well was delayed when 'kicking off' the vertical well bore at a depth of approximately 14,730 feet (4,490 metres) to commence directional drilling and establish the 4,500 foot (1,372 metre) long horizontal leg. It is now expected that drilling will be completed and, if warranted, the Well will be flow tested prior to the end of November 2010.

The reason for extending the Closing Date is to allow for the delays and provide shareholders with additional time to determine whether they wish to participate in the rights issue.

The extension will have a consequential effect on the other key dates of the Rights Issue, which are summarised below. No other terms or conditions under the Rights Issue have changed.

Event Date

Closing Date: 30 November 2010

Company notifies ASX of under subscriptions: 3 December 2010

Anticipated date for allotment and issue of New Shares: 6 December 2010

Mail out of transaction confirmation statements: 8 December 2010

The above dates are indicative only and subject to change. The Directors of the Company reserve the right to vary these dates, including the Closing Date without prior notice, in accordance with the ASX Listing Rules. Any extension of the Closing Date will have a consequential effect on the anticipated date for allotment and issue of the New Shares.

The Directors of the Company also reserve the right not to proceed with the whole or part of the offer under the Rights Issue any time prior to allotment and issue of the New Shares. In that event, the relevant application monies (without interest) will be returned in full to Applicants.

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
Tel: +61-7-3371-1103
http://www.prymeoilandgas.com

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



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