Pryme Oil and Gas Limited (ASX:PYM) Deshotels 20-H No.1 Drilling Update At Turner Bayou Chalk Project
Brisbane, Nov 2, 2010 AEST (ABN Newswire) - The Deshotels 20-H No.1 well in Pryme Oil and Gas Limited (
ASX:PYM) (OTCQX:POGLY) Turner Bayou Chalk project is currently drilling horizontally within the Austin Chalk formation at a vertical depth of approximately 15,310 feet (4,666 metres) and a total measured depth of 15,964 feet (4,866 metres). Approximately 650 feet (198 metres) of the horizontal leg has been drilled and a number of hydrocarbon shows have been encountered. It is expected that drilling of the horizontal leg will be completed within 3 weeks. Whilst it will not be possible to evaluate the shows until flow testing of the well has been carried out, the Directors are encouraged by the progress to date.
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).
| ||
|
