Pryme Energy Limited (ASX:PYM) Oil and Gas Flared at Surface on Deshotels 13H No.1 Well at Turner Bayou Chalk Project
Brisbane, July 29, 2011 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (PINK:POGLY) provides the following update on operations at its Turner Bayou project in Louisiana, USA.
Deshotels 13H No.1 (40% Working Interest / 30% NRI)
The Deshotels 13H No.1 well in the Turner Bayou Chalk project is currently drilling horizontally within the Austin Chalk formation at a vertical depth of approximately 15,331 feet (4,670 metres) and a total measured depth of 16,602 feet (5,060 metres). Approximately 30% of the planned 4,000 feet (1,220 metre) long horizontal leg has been drilled.
Drilling continues to encounter significant hydrocarbon bearing fractures and the current progress of the drilling operations remains within our original drilling plan. Oil and natural gas are being brought to the surface while drilling and flared at the well head.
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.
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.
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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