Pryme Energy Limited (ASX:PYM) Update On Turner Bayou Project In USA
Brisbane, June 14, 2011 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (PINK:POGLY) provides the following update on operations at its Turner Bayou project in Louisiana, USA.
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 the Austin Chalk formation at 15,300 feet and the Eagle Ford formation at 16,000 feet.
Deshotels 13H No.1 (40% Working Interest / 30% NRI)
The larger drilling rig that will be used to drill the remainder of the vertical section of the well and the horizontal leg is currently mobilizing to site and is expected to begin drilling next week.
The well will be drilled to a vertical depth of 15,000 feet (4,570 metres) with a 4,000 feet (1,220 metres) lateral through the Austin Chalk formation. The total measured depth of the well will be 19,000 feet (5,790 metres.) It is estimated that it will take approximately 2 months to reach target depth (early August.)
Austin Chalk Drilling Activity Intensifies
Anadarko Petroleum (NYSE:APC) has commenced drilling its first Austin Chalk well on trend and near Turner Bayou. The Dominique 27-1 will be drilled to a vertical depth 16,500 feet (5,030 metres) and a total measured depth of 23,200 feet (7,070 metres.)
"Drilling activity in and around Turner Bayou is increasing with Anadarko Petroleum drilling its first Austin Chalk well close to our project boundary," said Justin Pettett Pryme's Managing Director. "Anadarko has also permitted several additional wells on trend with Turner Bayou which indicates its strong interest in the area."
Regular weekly operational updates on Turner Bayou and the drilling of the Deshotels 13H No.1 well will now resume.
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, 2009. 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$37 Billion at the time of writing.
For the complete Pryme Energy announcement including map, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/545211.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).
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