Indago Energy Ltd Stock Market Press Releases and Company Profile
Pryme Oil And Gas Limited (ASX:PYM) Deshotels 20-H No.1 Completion Update
Pryme Oil And Gas Limited (ASX:PYM) Deshotels 20-H No.1 Completion Update

Brisbane, Nov 16, 2010 AEST (ABN Newswire) - Installation of the production liner (casing) in Pryme Oil and Gas Limited's (googlechartASX:PYM) (OTCQX:POGLY) Deshotels 20-H No.1 well bore is underway. the four and a half inch diameter casing has been run and will be cemented in place over the next 2-3 days following which the drill rig will be moved off site. Prior to the flow test the cemented liner will be perforated in select intervals based on the fractures and other data that was encountered while drilling.

Flow testing is expected to commence by early December and will run for several days.

Shareholders will be kept informed as activities progress.

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 has been drilled to a depth of 16,400 feet (5,000 metres) vertically with a 3,755 feet (1,144 metre) horizontal leg through 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 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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