Completion of Rosewood Plantation 21H No.1 Underway
Brisbane, Feb 12, 2013 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (OTCQX:POGLY)drilling at the Rosewood Plantation 21H No.1 well has been concluded and completion operations are underway. The decision to commence completion operations was taken after consideration of the recently intersected fracture system and the additional time and mechanical risk associated with continuing to drill the lateral while managing the well pressure and volume of oil and natural gas. The total measured depth of the well is 19,178 feet (5,845 metres) including the 4,500 foot (1,361 metre) lateral.
"We are very pleased with the response of the well and are looking forward to the successful installation of the production liner over the next few days," said Justin Pettett, Pryme's Managing Director. "Flow testing of the well is scheduled to commence later next week."
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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