Turner Bayou project in Louisiana, USA.
Sydney, July 19, 2011 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (Pryme) provides the following update on operations at its Turner Bayou project in Louisiana, USA.
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 the Austin Chalk formation at 15,300 feet and the Eagle Ford formation at 16,000 feet.
Deshotels 13H No.1 (40% Working Interest / 30% NRI)
The Deshotels 13H No.1 well in North Bayou Jack Field has reached a total vertical depth of 15,100 feet (4,600 metres) in the upper portion of the Austin Chalk formation. The vertical section of the well has been logged and the intermediate string of casing cemented in place. Drilling of the 4,000 feet (1,220 metres) horizontal section is now underway.
"As was the case with the initial well in this project, the Deshotels 20H No.1, the 13H is being drilled slightly under balance and as a result we expect to see oil and natural gas returns at the surface as we drill through the fractured sections of the chalk," said Ryan Messer Pryme's Chief Operating Officer. "We will keep investors up to date during drilling of the horizontal leg which is expected to be completed by early August."
The Deshotels 13H No.1 well will be drilled to a total measured depth of approximately 19,000 feet (5,790 metres.)
Natural Gas Sales
Sales of natural gas from the Deshotels 20H No.1 have commenced. Natural gas sold from the Turner Bayou Chalk project is expected to attract a premium over reference market gas prices because of the high natural gas liquids (condensate) content. The Deshotels 20H No.1 production and sales facilities have been designed to service both the Deshotels 20H No.1 and the Deshotels 13H No.1 wells.
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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