Rosewood Plantation 21H No.1 Update
Brisbane, Mar 22, 2013 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) announce that the Rosewood Plantation 21H No.1 well is currently shut-in for installation of a device to measure and record bottom hole pressures. The device will be run into the well bore and set vertically above the packer at a depth of 14,595 feet (4,448 metres.) Following installation of the device, the well will be opened up and produced into frac tanks for approximately 24 hours before being shut-in for at least 2 weeks while the pressure build-up is measured and recorded.
The pressure data will help determine the extent of damage (heavy drilling fluid and cuttings that may remain in the heel or other segments of the lateral) in the formation. This data will be used as a basis for establishing the next steps towards rectifying the issue in an effort to increase the productivity and recovery from the well.
Work on the production facilities continues and it is expected that, at the time the pressure measurement device is removed from the well, the well will be put into production through the facilities.
"Based on the response from the well during drilling and, in particular, when we intersected the fault and fracturing in the toe of the lateral, the well is not currently performing as expected. As reported, production rates have declined from the high flow rates seen during the initial stages of flow testing and it is our interpretation that heavy drilling fluids and cuttings are restricting the flow," said Justin Pettett, Pryme's Managing Director.
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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