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Brisbane, Aug 2, 2011 (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (PINK: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)
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 15,331 feet (4,670 metres) and a total measured depth of 18,342 feet (5,590 metres). The targeted length of the horizontal leg has been increased from 4,000 feet (1,220 metres) to 4,600 feet (1,400 metres) due to better than expected drilling progress.
"Drilling operations remain on plan," said Ryan Messer, Pryme's Chief Operating Officer. "Based on the current drilling rate we expect to reach target depth later this week at which time we plan to run a fracture identification log, to establish the frequency and extent of fractures, prior to completing the well."
The Deshotels 13H No.1 well will be drilled to a total measured depth of approximately 19,600 feet (5,970 metres); drilling is expected to be completed in early August.
ASX:PYM) (PINK: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)
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 15,331 feet (4,670 metres) and a total measured depth of 18,342 feet (5,590 metres). The targeted length of the horizontal leg has been increased from 4,000 feet (1,220 metres) to 4,600 feet (1,400 metres) due to better than expected drilling progress.
"Drilling operations remain on plan," said Ryan Messer, Pryme's Chief Operating Officer. "Based on the current drilling rate we expect to reach target depth later this week at which time we plan to run a fracture identification log, to establish the frequency and extent of fractures, prior to completing the well."
The Deshotels 13H No.1 well will be drilled to a total measured depth of approximately 19,600 feet (5,970 metres); drilling is expected to be completed in early August.
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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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