Significant Oil and Natural Gas Fractures Intersected
Brisbane, Feb 5, 2013 AEST (ABN Newswire) - The Pryme Energy Limited (
ASX:PYM) (OTCQX:POGLY) Rosewood Plantation 21H No.1 well has reached a total measured depth of 19,168 feet (5,842 metres) and has intersected a significant oil and gas bearing fracture system. Green oil is being produced back to surface with the drilling mud and a 30-40 foot high natural gas flare is burning. The planned total depth of the well is 20,310 feet (6,190 metres).
"Whilst it has been good to see the intersection of multiple fractures to date, it is very encouraging to intersect something of significance as we did today," said Justin Pettett, Pryme's Managing Director. "Drilling has taken longer than originally planned and we remain focused on the importance of a positive result from this well and the impact it will have on the value of Pryme. We look forward to flow testing the well later this month."
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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