Brisbane, Australia, Feb 12, 2013 - (ABN Newswire) - Pryme Energy Limited (ASX:PYM.AX - News) (OTCQX:POGLY - News)drilling at the Rosewood Plantation 21H No.1 well has been concluded and completion operations are underway. The decision to commence completion operations was taken after consideration of the recently intersected fracture system and the additional time and mechanical risk associated with continuing to drill the lateral while managing the well pressure and volume of oil and natural gas. The total measured depth of the well is 19,178 feet (5,845 metres) including the 4,500 foot (1,361 metre) lateral.
"We are very pleased with the response of the well and are looking forward to the successful installation of the production liner over the next few days," said Justin Pettett, Pryme's Managing Director. "Flow testing of the well is scheduled to commence later next week."
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 Tuscaloosa Marine Shale which is analogous to the prolific Eagle Ford Shale in South Texas.
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 Energy Limited T: +61-7-3371-1103 F: +61-7-3371-1105 WWW: www.prymeenergy.com
Pryme Energy Limited
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