Pryme Oil and Gas Limited (ASX:PYM) Announce Turner Bayou Operational Update
Brisbane, Jan 31, 2011 AEST (ABN Newswire) - Pryme Oil and Gas Limited (
ASX:PYM) (PINK:POGLY) provides the following update on operations and production at its Turner Bayou project. Turner Bayou 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 at 3,000 feet, to the Tuscaloosa at 18,000 feet.
Deshotels 20-H No.1 (40% Working Interest / 30% NRI)
The Deshotels 20-H No.1 well is currently producing at a rate of 630 barrels of oil and 430 Mcf of natural gas per day.
The lowest productive interval within the horizontal leg was re-perforated using tubing conveyed perforating equipment. Mechanical issues have temporarily prevented completion of a focused acid treatment of the perforated intervals. The well will be flowed to clean up the perforations and a plan will be developed to complete the acidizing and completion of the well in the coming weeks.
Planning for the second Turner Bayou chalk well, to be spudded before the end May this year, is underway.
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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