Pryme Energy Limited (ASX:PYM) Intermediate Casing Successfully Installed at Turner Bayou Chalk Project

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Brisbane, Australia, Dec 17, 2012 - (ABN Newswire) - Pryme Energy Limited (ASX:PYM.AX - News) (OTCQX:POGLY - News) announce that the intermediate casing in the vertical section of the Rosewood Plantation 21H No.1 well has been successfully run and cemented into the top of the Austin Chalk formation at a total measured depth of 14,901 feet (4,542 metres). We have cemented the casing in place and plan to commence drilling out of the intermediate casing and building the radius to establish the horizontal leg of the well later this week.

"We are pleased to have successfully landed our intermediate casing and I would like to acknowledge the hard work and determination of our team in the field," said Ryan Messer, Pryme's Chief Operating Officer. "We are confident that the horizontal leg of the well will intersect a number of oil bearing fracture systems, similar to those encountered in the Deshotels 13H and 20H wells, and we look forward to reporting this to shareholders over the next few weeks as drilling progresses."

Rosewood Plantation 21H No.1 (61.53% Working Interest / 46.15% NRI)

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.


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) 2012 ABN Newswire. All rights reserved.

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