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Brisbane, Oct 30, 2012 (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)
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)
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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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