Rosewood Plantation 21H No.1 Flow Test Result
Brisbane, Mar 7, 2013 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) report the flow back operation on the Rosewood Plantation 21H No.1 well has been underway since Monday night (Brisbane, Australia time) with the well achieving a maximum production rate of 1,040 barrels of oil and 1,850 Mcf per day on a 15/64 choke. Flow rates averaged 780 barrels of oil and 1,700 Mcf per day in the following twelve hours with less than a 15% water cut. The well is still unloading drilling fluids and mud and continues to clean up. Once the clean-up process has been completed and the well is turned to the sales line we will be able to establish a long term production rate from the well.
The construction of production facilities will begin next week and it is planned to have first sales turned through this facility by the end of this month. Oil produced and ready for sales has totalled over 1,100 barrels gross (506 barrels net to Pryme) to date and natural gas is being flared before being connected to the existing gas sales line later this month.
"The drilling of this well has been an anxious time for Pryme's management team and shareholders and I am sure the result speaks for itself," said Justin Pettett, Pryme's Managing Director. "We look forward to the further development of the project in the coming months."
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.
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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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