Rosewood Plantation 21H No.1 Drilling Update
Brisbane, Nov 26, 2012 AEST (ABN Newswire) - Pryme Energy Limited's (
ASX:PYM) Rosewood Plantation 21H No.1 well has been successfully deviated at a depth of approximately 4,000 feet and is drilling ahead at 6,280 feet (1,914 metres) towards the top of the Austin Chalk formation.
"The deviation procedure commenced late last week and work has progressed efficiently towards re-drilling the vertical section of the well. We expect drilling of the lateral section of the well to commence in the coming weeks," said Justin Pettett, Pryme's Managing Director. "Geologically we expect similar results from the Rosewood Plantation 21H to those from the recently drilled Deshotels 20H which was located approximately one mile to the west. Twelve major oil and gas bearing fracture zones, with many smaller fractures filled with hydrocarbons, were intersected in the 20H well. Drilling through these fractures was accompanied by significant quantities of oil produced to the surface and flaring of natural gas."
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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