Pryme Oil And Gas Limited (ASX:PYM) Advise Anadarko Petroleum Corporation (NYSE:APC) Leases In Turner Bayou Project Vicinity
Brisbane, Feb 22, 2011 AEST (ABN Newswire) - Pryme Oil and Gas Limited (
ASX:PYM) (PINK:POGLY) advise that Anadarko Petroleum Corporation (NYSE:APC) ("Anadarko") has leased a large amount of acreage to the west and contiguous to leases held by Pryme and its partners in the Turner Bayou Chalk project.
This interest in our immediate area from one of the world's largest independent oil and gas exploration and production companies is encouraging and provides support for our strategy and interpretation of the Austin Chalk and deeper plays within our leases. The acreage map (see link at the bottom of the release) illustrates the known Anadarko acreage position in relation to the approximate lease position of Pryme and its partners. It is possible that Anadarko's acreage position is larger than is shown below as leases are not filed as public record.
"Whilst Anadarko's lease position is significant, we believe that, based on our interpretation of our 3D seismic survey and the results from the Deshotels 20-H No.1 well, we have secured the heart of the play," said Justin Pettett, Pryme's Managing Director. "We feel it's possible that fracturing in the Austin Chalk is more likely to occur in the thinner parts of the formation and that, as a result, these sections of the formation exhibit greater prospectivity. Pryme's leasing activities have focused on the thinner sections of the Austin Chalk as well as certain deeper horizons within Avoyelles Parish Louisiana."
About Anadarko
Anadarko is one of the world's largest independent oil and gas exploration and production companies, with approximately 2.3 billion barrels of oil equivalent (BOE) of proved reserves and production of 206 million BOE as of December 31, 2008. Anadarko employs a worldwide workforce of about 4,000 people and is headquartered in The Woodlands, Texas. Anadarko is publicly traded on the New York Stock Exchange and has a market capitalisation of US$39 Billion at the time of writing.
For the complete Pryme Oil And Gas Limited announcement including map, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/529998.pdf
About Indago Energy Ltd
Indago Energy Ltd (ASX:INK) (OTCMKTS:POGLY) is an Australian listed company engaged in oil and gas exploration, development and production. Indago's project portfolio includes liquid rich producing assets together with substantial oil development and exploration acreage in the United States.
The Company's Exploration and Production focus is on high growth oil and gas projects offering scalability of production, cash flows and reserves. Indago currently has several producing projects together with a significant acreage position. The Company's immediate focus is the development of its Capitola Oil Project located in an active region of the Cline Shale resource play along the Eastern Shelf of the Permian Basin, Texas. The project's core development and exploitation opportunities are shallower multiple "stacked" sandstones and limestones to depths of 7,000 feet which are effectively produced from vertically drilled wells. Indago's value driven model is executed through exploiting shallower, well defined intervals with advanced completion and stimulation technology within known produced oil fields together with exposure to the emerging Cline Shale resource play.
Indago's shares are publicly traded on the Australian Securities Exchange (ASX ticker: INK) and also as American Depositary Receipts on the OTCQX (ADR ticker: POGLY).
| ||
|
