Brisbane, Australia, Feb 5, 2013 - (ABN Newswire) - The Pryme Energy Limited (ASX:PYM.AX - News) (OTCQX:POGLY - News) Rosewood Plantation 21H No.1 well has reached a total measured depth of 19,168 feet (5,842 metres) and has intersected a significant oil and gas bearing fracture system. Green oil is being produced back to surface with the drilling mud and a 30-40 foot high natural gas flare is burning. The planned total depth of the well is 20,310 feet (6,190 metres).
"Whilst it has been good to see the intersection of multiple fractures to date, it is very encouraging to intersect something of significance as we did today," said Justin Pettett, Pryme's Managing Director. "Drilling has taken longer than originally planned and we remain focused on the importance of a positive result from this well and the impact it will have on the value of Pryme. We look forward to flow testing the well later this month."
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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