Chairman's Address to Shareholders
Pryme is able to invest in its own asset and/or make new acquisitions to create shareholder value
- Pryme is well placed in the current environment to utilise its cash, ASX listing and experienced board
- Board and management focused on disciplined capital management while preserving flexibility to pursue growth opportunities where they will create value for shareholders
- Good acreage position in Oklahoma
- 2P reserves of 5.1mmboe is meaningful if commercial
- Project needs several wells to determine commerciality but needs oil price to recover
- Look at adding local infrastructure if available that would enhance value of project
- Continue to review acquisition opportunities
- Primary driver is shareholder wealth creation
- Looking at both upstream and downstream opportunities as well as new energy technologies and forms
- Will consider non energy related opportunities only if compelling
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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).
Indago Energy Ltd