Brisbane, Mar 11, 2016 AEST (ABN Newswire) - In accordance with a resolution of directors, the directors present their report together with the Financial Report of Pryme Energy Limited (ASX:PMY) (OTCMKTS:POGLY) and its wholly owned subsidiaries (together referred to as the Consolidated Group) for the financial year ended 31 December 2015 and the Independent Audit Report thereon.

Average daily sales for the calendar year ending 31 December 2015 were 100 barrels of oil per day (BOPD) (2014: 43 BOPD) and 97 Mcf per day of natural gas (2014: 72 Mcf) (116 BOE per day (2014: 55 BOE)). The increased level of sales for the year is attributable to the investment made in the four wells drilled in Capitola at the end of 2014 and the beginning of 2015.

Major activities in 2015 included the continued drilling in the Capitola Oil Project and the acquisition and recent expansion of the Newkirk Project in Kay County Oklahoma.

To view the full 2015 Annual Report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PYM-912168.pdf


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).

   


Contact

Stephen Mitchell
Chairman
Pryme Energy Limited

Don Beard
Director
Pryme Energy Limited

Telephone: +61 3 9642 2899
Website: www.prymeenergy.com



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