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

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Brisbane, Australia, Nov 26, 2012 - (ABN Newswire) - Pryme Energy Limited's (ASX:PYM.AX - News) Rosewood Plantation 21H No.1 well has been successfully deviated at a depth of approximately 4,000 feet and is drilling ahead at 6,280 feet (1,914 metres) towards the top of the Austin Chalk formation.

"The deviation procedure commenced late last week and work has progressed efficiently towards re-drilling the vertical section of the well. We expect drilling of the lateral section of the well to commence in the coming weeks," said Justin Pettett, Pryme's Managing Director. "Geologically we expect similar results from the Rosewood Plantation 21H to those from the recently drilled Deshotels 20H which was located approximately one mile to the west. Twelve major oil and gas bearing fracture zones, with many smaller fractures filled with hydrocarbons, were intersected in the 20H well. Drilling through these fractures was accompanied by significant quantities of oil produced to the surface and flaring of natural gas."

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'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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