Rosewood Plantation 21H No.1 Drilling Update
Brisbane, Nov 19, 2012 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) announce the Rosewood Plantation 21H No.1 Drilling Update on the Turner Bayou Chalk Project.
Rosewood Plantation 21H No.1 (61.53% Working Interest / 46.15% NRI)
As last reported, the Rosewood Plantation 21H No.1 well reached a total vertical depth of 14,900 feet (4,540 metres) into the top of the Austin Chalk formation.
While conditioning the well bore, unstable sands and shales around the Wilcox formation created unfavourable conditions for running the intermediate casing. In order to mitigate the risk in running the intermediate casing, the vertical portion of the well will be deviated from the base of the surface casing, at a depth of approximately 4,000 feet, and re-drilled into the top of the Austin Chalk formation.
Since this procedure will commence immediately it is expected that the delay in running intermediate casing will be minimized. These precautions will maximize the likelihood of a good connection from the surface into the Austin Chalk before drilling the planned 5,000 foot (1,524 metre) lateral section of the well.
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.
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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