Sydney, July 19, 2011 (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.
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.
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About Pryme Energy Limited
Pryme Energy Limited (ASX:PYM) (OTCQX:POGLY) is an Australian oil and natural gas producer and explorer with interests in the Gulf States of the U.S. The company has oil and gas exploration projects focused on Louisiana, the fifth-largest oil-producing state in the U.S. These projects are funded in part by existing cash flow. Pryme's board of directors and management team has over 100 years of energy industry experience and has uniquely focused local knowledge, underscored by the proven track records of its managers and directors. Pryme Energy Limited shares are available either through the purchase of its ordinary shares on the Australian Securities Exchange (ASX) or through its listed American Depositary Receipts (ADRs) in the U.S. on the OTCQX.
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