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Brisbane, July 29, 2011 (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.
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.
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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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