Indago Energy Ltd Stock Market Press Releases and Company Profile
Pryme Energy Limited (ASX:PYM) Update on Deshotels 13H No.1 Drilling at Turner Bayou Chalk Project
Pryme Energy Limited (ASX:PYM) Update on Deshotels 13H No.1 Drilling at Turner Bayou Chalk Project

Brisbane, July 26, 2011 AEST (ABN Newswire) - Pryme Energy Limited (googlechartASX:PYM) (googlechartPINK:POGLY) 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)

At last report the Deshotels 13H No.1 well was at a total depth of 15,609 feet (4,760 metres) continuing the transition from vertical to horizontal drilling within the targeted Austin Chalk formation.

To date drilling has encountered multiple hydrocarbon bearing fractures. "We are pleased with the current progress of the drilling operations," said Ryan Messer Pryme's Chief Operating Officer. "We continue to stay on our original drilling plan."

The Deshotels 13H No.1 well will be drilled to a total measured depth of approximately 19,000 feet (5,790 metres); drilling is expected to be completed in early August.

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 Energy Limited
Tel: +61-7-3371-1103

Ryan Messer
Chief Operating Officer
Pryme Energy Limited
Tel: +1-713-401-9806

http://www.prymeenergy.com



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