McCain Well Reaches Target Depth
Brisbane, Nov 5, 2014 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (POGLY:OTCMKTS) (Pryme) is pleased to announce that the third well to be drilled in the Capitola Oil Project, the McCain 189-F1 in the Claytonville acreage block, has reached its total depth of 7,300 feet (2,225 metres).
Mud log data collected while drilling, and electric logs run post drilling, have identified several intervals of oil and gas saturated sandstone aggregating 130 net feet (40 net metres) within the Canyon Sands formation. Other intervals with hydrocarbon shows were encountered within the Cline Shale, Palo Pinto and Ellenburger formations which were also targets for this well. In addition to the Canyon Sands intervals, these will be considered for completion. Production casing is currently being run and will be cemented in the wellbore in preparation for completion.
"Completion of the McCain well, as well as the Mahaffey Bishop and Hope Boles wells in the Sweetwater acreage block, will take place through November with first oil production expected in early December," said Justin Pettett, Pryme's Managing Director and CEO. "We are very happy with the results from our initial 3 well drilling program in Capitola and are enthusiastic about the production potential of these wells."
About the Capitola Oil Project
The Capitola Oil Project is located in an active region of the Eastern Shelf of the Permian Basin just north of the town of Sweetwater, Texas. The project contains a number of shallow, "stacked" formations to depths of 7,500 feet, with established oil production history from vertical wells. The Capitola Oil Project acreage is contained within two contiguous lease blocks referred to as Sweetwater (approx. 7,000 acres) and Claytonville (approx. 2,333 acres) to the north of Sweetwater. Pryme is the operator of the Capitola Oil project.
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).
| ||
|
