Brisbane, Australia, Aug 10, 2010 - (ABN Newswire) - Pryme Oil and Gas Limited's (ASX:PYM) (PINK:PYMOF) drilling of the first well in the Turner Bayou Chalk project, the Deshotels 20-H No.1 well in North Bayou Jack Field, commenced over the weekend and is currently at a depth of 1,700 feet (518 metres.) The well will be drilled to a depth of 15,380 feet (4,688 metres) vertically with a 4,500 foot (1,372 metre) horizontal lateral through the Austin Chalk formation which is predominantly oil bearing in this region. It is expected that drilling will take approximately 7 to 9 weeks to complete.
Pryme has a 40% working interest (30% net revenue interest (NRI)) in this well.
Project Description
Turner Bayou is one of Pryme's high value projects. It is located in Avoyelles Parish, Louisiana. Pryme has a 40% interest in the Turner Bayou Chalk project area, which is contained in Turner Bayou 3D seismic survey, and a 52% interest in the balance of Turner Bayou. Exploration costs of the Turner Bayou Austin Chalk project are much higher than for the shallow prospects throughout Turner Bayou and, to mitigate risk and reduce expenditure, Pryme has farmed out a small portion of its working interest in the Turner Bayou Chalk project for cash and a carried interest.
The Turner Bayou project comprises approximately 80 square miles (50,000 acres) which have been imaged by a proprietary 3D seismic survey. Primary targets are contained within six prospective formations ranging in depth from the Frio formation at 3,000 feet, to the Tuscaloosa formation at 18,000 feet.
About Pryme Oil and Gas Limited:
Pryme Oil and Gas Limited (ASX:PYM) (PINK:PYMOF) is an Australian oil and natural gas producer and explorer with interests in the Gulf States of the U.S. The company has oil and gas exploration projects focused on Louisiana, the fifth-largest oil-producing state in the U.S. These projects are funded in part by existing cash flow. Pryme’s board of directors and management team has over 100 years of energy industry experience and has uniquely focused local knowledge, underscored by the proven track records of its managers and directors.
Contact:
Justin Pettett
Managing Director
Pryme Oil and Gas Limited
Tel: +61-7-3371-1103
Email: justin@prymeoilandgas.com
Ryan Messer
Chief Operating Officer
Pryme Oil and Gas Limited
Tel: +1-713-401-9806
Email: ryan@prymeoilandgas.com
Source:
Pryme Oil and Gas Limited
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