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Brisbane, Oct 23, 2012 (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (OTCQX:POGLY) are pleased to provide the Rosewood Plantation 21H No.1 Drilling Update at Turner Bayou Chalk Project.
Rosewood Plantation 21H No.1 (61.53% Working Interest / 46.15% NRI)
Drilling of the surface hole for the Rosewood Plantation 21H No.1 well in the Turner Bayou Chalk project located in the North Bayou Jack Field in Avoyelles Parish Louisiana has been completed. Surface casing is being run to a depth of 3,800 feet (1,160 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 naturally occurring oil bearing fracture systems within 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.
About Turner Bayou
The Turner Bayou project comprises approximately 80 square miles (50,000 acres) which have been imaged by a proprietary 3D seismic survey. Pryme has a 40% working interest in 25,791 acres (10,316 net acres) in the Turner Bayou Project and is initially targeting development of the Austin Chalk horizon. In addition to the Austin Chalk potential of the Turner Bayou project area, exploration drilling within Pryme's Turner Bayou leases has intersected the Tuscaloosa Marine Shale which is analogous to the prolific Eagle Ford Shale in South Texas.
ASX:PYM) (OTCQX:POGLY) are pleased to provide the Rosewood Plantation 21H No.1 Drilling Update at Turner Bayou Chalk Project.Rosewood Plantation 21H No.1 (61.53% Working Interest / 46.15% NRI)
Drilling of the surface hole for the Rosewood Plantation 21H No.1 well in the Turner Bayou Chalk project located in the North Bayou Jack Field in Avoyelles Parish Louisiana has been completed. Surface casing is being run to a depth of 3,800 feet (1,160 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 naturally occurring oil bearing fracture systems within 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.
About Turner Bayou
The Turner Bayou project comprises approximately 80 square miles (50,000 acres) which have been imaged by a proprietary 3D seismic survey. Pryme has a 40% working interest in 25,791 acres (10,316 net acres) in the Turner Bayou Project and is initially targeting development of the Austin Chalk horizon. In addition to the Austin Chalk potential of the Turner Bayou project area, exploration drilling within Pryme's Turner Bayou leases has intersected the Tuscaloosa Marine Shale which is analogous to the prolific Eagle Ford Shale in South Texas.
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About Pryme Energy Limited
Pryme Energy Limited (ASX:PYM) (OTCQX:POGLY) is an Australian company exploring for oil and gas in the Gulf Coast states of the USA. Pryme currently has three oil and gas producing projects and substantial exploration acreage. The Company's immediate focus is the development of a major phase oil Austin Chalk formation exploration and production play, with Tuscaloosa Marine Shale potential, in its Turner Bayou project in Avoyelles Parish, Louisiana. Louisiana is the fifth largest oil and gas producing state in the US.
Pryme's board of directors and management team have over 100 years of energy industry experience with extensive local knowledge underscored by proven track records. Pryme applies advanced geological science to drive early stage exploration projects through to production.
Pryme's shares are publicly traded on the Australian Securities Exchange (ASX:PYM) or as American Depositary Receipts (ADRs) on the OTCQX in the United States of America.
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