Pryme Oil and Gas Limited (ASX:PYM) Completion of the Deshotels 20-H No.1 Well Underway
Brisbane, Nov 11, 2010 AEST (ABN Newswire) - Drilling of the Deshotels 20-H No.1 well in Pryme Oil and Gas Limited's (
ASX:PYM) (OTCQX:POGLY) Turner Bayou Chalk project has been completed to a measured depth of 18,748 feet (5,714 metres). Preparation of the well bore to install the production liner (casing) is underway.
The total length of the horizontal leg is 3,755 feet (1,144 metres), 745 feet (227 metres) short of the planned length of 4,500 feet (1,371metres). The decision to stop drilling of the horizontal leg was taken after consideration of the very encouraging results to date and the mechanical risks involved in taking the well to the planned measured depth.
Justin Pettett, Pryme's Managing Director, said "numerous significant hydrocarbon bearing fracture zones and many smaller fractures have been intersected in the horizontal leg. Preliminary evaluation of these along with other data gives us a high degree of confidence that the Deshotels 20-H No.1 well will be completed as a producer."
The well bore is being prepared for the installation of the production liner which will take 7-10 days to run. Following this, the drill rig will be moved off site and flow testing equipment set up. Flow testing is expected to commence by early December and will run for several days. Shareholders will be kept informed as these activities progress.
Pryme has a 40% working interest (30% net revenue interest (NRI)) in this well.
Project Description
The Deshotels 20-H No.1 well in the North Bayou Jack Field is the first deep well to be drilled within the Turner Bayou 3D seismic survey. The well has been drilled to a depth of 16,400 feet (5,000 metres) vertically with a 3,755 feet (1,144 metre) horizontal leg through the Austin Chalk formation which is predominantly oil bearing in this region.
Turner Bayou is one of Pryme's high value projects. It is located in Avoyelles Parish, Louisiana. Pryme has a 40% interest in the Turner Bayou Chalk project area, which is contained within the Turner Bayou 3D seismic survey, and a 52% interest in the balance of Turner Bayou. The Turner Bayou project comprises approximately 80 square miles (50,000 acres) which have been imaged by a proprietary 3D seismic survey. Primary targets are contained within six prospective formations ranging in depth from the Frio formation at 3,000 feet, to the Tuscaloosa formation at 18,000 feet.
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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