Indago Energy Ltd Stock Market Press Releases and Company Profile
Production Liner Successfully Installed
Production Liner Successfully Installed

Brisbane, Feb 19, 2013 AEST (ABN Newswire) - Pryme Energy Limited (googlechartASX:PYM) Rosewood Plantation 21H No.1 (61.53% Working Interest / 46.15% NRI): The 4,480 feet (1,365 metre) long pre-perforated production liner has been successfully installed in the Rosewood Plantation 21H No.1 well to a total measured depth of 19,178 feet (5,845 metres). The liner runs from inside the lower 200 feet of the intermediate casing to the end of the lateral.

A packer has been installed inside the intermediate casing, above the production liner, to isolate the oil and natural gas in the lateral from the surface while the drill rig is moved off site and a workover rig is set up to finish completion operations. The workover rig will run steel tubing down the well, into the packer above the production liner. Once the tubing has been run the packer will be opened up, to provide connectivity to the lateral, and the well will be flow tested.

"We have successfully installed a perforated liner through the reservoir interval and have completed the most mechanically challenging phase of the completion process. During completion we have had to manage oil and natural gas trying to flow back to surface which is a good sign," said Justin Pettett, Pryme's Managing Director. "This completion, along with the compelling evidence of a significant fracture system being intersected near the toe of the well, makes us confident that we can look forward to a strong initial flow rate."

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 Wilcox and Midway Shale intervals above the Austin Chalk and the Tuscaloosa Marine Shale (TMS) below the Austin Chalk. The TMS is analogous to the prolific Eagle Ford Shale in South Texas.


About Indago Energy Ltd

Indago Energy Limited ASX INKIndago 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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Contact

Pryme Energy Limited
T: +61-7-3371-1103
F: +61-7-3371-1105
WWW: www.prymeenergy.com



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