Rosewood Plantation 21H No.1 Drilling Update
Brisbane, Oct 30, 2012 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (OTCQX:POGLY) announce that cementing of the surface casing of the Rosewood Plantation 21H No.1 well has been completed and the well is currently drilling ahead at a depth of 9,545 feet (2,909 metres). Drilling to date has gone to plan.
The well will be drilled to a vertical depth of 14,919 feet (4,550 metres) into the top of the Austin Chalk and the intermediate casing will then be run and cemented in place. This will be followed by drilling of the planned 5,000 foot (1,524 metre) lateral, at a total vertical depth of 15,380 feet (4,687 metres), 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 25,029 acres (10,011 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.
Rosewood Plantation 21H No.1 (61.53% Working Interest / 46.15% NRI)
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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