Pryme Energy Limited (ASX:PYM) Deshotels 13H No.1 Reaches Target Depth, Completion Underway
Brisbane, Aug 9, 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.
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)
Drilling of the Deshotels 13H No.1 well in the Turner Bayou Chalk project has been completed to a total measured depth of 19,029 feet (5,800 metres) including the horizontal leg which is approximately 4,000 feet (1,220 metres) long. The horizontal leg has been logged to identify the extent and location of fractures and enable accurate design of the Packers Plus production liner. Preparation of the well bore for installation of the production liner is underway.
Installation of the production liner should be completed this week. Following this the drill rig will be moved off site, the well will be connected to the Deshotels 20H No.1 production facility and flow testing will commence. It is expected that the flow test will be completed by the end of August.
Justin Pettett, Pryme's Managing Director, said "significant hydrocarbon bearing fracture zones were intersected in the horizontal leg and oil and gas were produced and flared during the drilling of the well. We are now working towards completing the Deshotels 13H No.1 as a producing well."
Shareholders will be kept informed as these activities progress.
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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