Drilling Underway in Turner Bayou
Brisbane, Oct 22, 2012 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (OTCQX:POGLY) Drilling Underway in Turner Bayou has been announced with the following operational update.
Drilling of the Rosewood Plantation 21H No. 1 well in North Bayou Jack Field, Avoyelles Parish Louisiana has commenced and is currently drilling at a depth of 2,150 feet (650 metres.) The well will be drilled to a vertical depth of 15,380 feet (4,687 metres) with a planned 5,000 foot (1,524 metre) lateral through the Austin Chalk formation. Drilling of the well is expected to take approximately 60 days with flow testing and connection to production facilities planned for mid-December.
Pryme has increased its working interest in the Rosewood Plantation 21H to 61.53% (46.15% net revenue interest) through securing an additional 6.87% working interest from non-consenting parties. In accordance with the terms of the Turner Bayou joint operating agreement, Pryme will receive 100% of net revenues attributable to the non-consenting interest until it has recovered 300% of the costs of drilling, completing and bringing the well into production attributable to that interest. Following this, Pryme's participating interest in the well will revert to its 40% working interest.
"We are confident that our new engineering team, with the benefit of lessons from past experiences and our simplified completion procedure, will deliver a successful completion unlocking the value of the project for the company and its shareholders," said Justin Pettett Pryme's Managing Director.
Weekly updates on drilling progress will be released to the ASX each Tuesday morning Australian Eastern Standard Time.
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http://media.abnnewswire.net/media/en/docs/73895-ASX-PYM-609150.pdf
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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