Intermediate Casing Successfully Installed
Brisbane, Dec 17, 2012 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (OTCQX:POGLY) announce that the intermediate casing in the vertical section of the Rosewood Plantation 21H No.1 well has been successfully run and cemented into the top of the Austin Chalk formation at a total measured depth of 14,901 feet (4,542 metres). We have cemented the casing in place and plan to commence drilling out of the intermediate casing and building the radius to establish the horizontal leg of the well later this week.
"We are pleased to have successfully landed our intermediate casing and I would like to acknowledge the hard work and determination of our team in the field," said Ryan Messer, Pryme's Chief Operating Officer. "We are confident that the horizontal leg of the well will intersect a number of oil bearing fracture systems, similar to those encountered in the Deshotels 13H and 20H wells, and we look forward to reporting this to shareholders over the next few weeks as drilling progresses."
Rosewood Plantation 21H No.1 (61.53% Working Interest / 46.15% NRI)
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.
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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