Pryme Energy Limited (ASX:PYM) Rosewood Plantation 21H No.1 Flow Test Update

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Brisbane, Australia, Feb 26, 2013 - (ABN Newswire) - Pryme Energy Limited (ASX:PYM.AX - News) (OTCQX:POGLY - News) report that the drill rig used to drill the Rosewood Plantation 21H No.1 well is being removed from site. Inclement weather delayed the demobilization of the rig and has, in turn, delayed the flow test until this coming weekend.

"This is a very exciting time for the company and our shareholders, many of whom were with us prior to our first Turner Bayou Austin Chalk well in 2010," said Justin Pettett, Pryme's Managing Director. "All indications point towards a good flow test as a result of the naturally occurring oil and gas bearing fractures that we intersected while drilling."

About Turner Bayou

The Turner Bayou project comprises approximately 80 square miles (50,000 acres) which have been imaged by a proprietary 3D seismic survey. Pryme has a 40% working interest in 25,029 acres (10,011 net acres) in the Turner Bayou project and is initially targeting development of the Austin Chalk horizon. In addition to the Austin Chalk potential of the Turner Bayou project area, exploration drilling within Pryme's Turner Bayou leases has intersected the Wilcox and Midway Shale intervals above the Austin Chalk and the Tuscaloosa Marine Shale (TMS)

About Pryme Energy Limited:

Pryme Energy Limited (ASX:PYM.AX - News) (OTCQX:POGLY - News) is an Australian company exploring for oil and gas in the Gulf Coast states of the USA. Pryme currently has three oil and gas producing projects and substantial exploration acreage. The Company's immediate focus is the development of a major phase oil Austin Chalk formation exploration and production play, with Tuscaloosa Marine Shale potential, in its Turner Bayou project in Avoyelles Parish, Louisiana. Louisiana is the fifth largest oil and gas producing state in the US.

Pryme's board of directors and management team have over 100 years of energy industry experience with extensive local knowledge underscored by proven track records. Pryme applies advanced geological science to drive early stage exploration projects through to production.

Pryme's shares are publicly traded on the Australian Securities Exchange (ASX:PYM.AX - News) or as American Depositary Receipts (ADRs) on the OTCQX in the United States of America.

Contact:

 
Pryme Energy Limited
T: +61-7-3371-1103
F: +61-7-3371-1105 
WWW: www.prymeenergy.com
 

Source:

Pryme Energy Limited

Copyright (C) 2013 ABN Newswire. All rights reserved.

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