Brisbane, Dec 19, 2014 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (POGLY:OTCMKTS) recently announced that the first well drilled in the Capitola Oil Project, the Mahaffey Bishop PU1 in the Sweetwater acreage block, had been fracture stimulated in both the Cline Shale and the Canyon Sand intervals.
"The fracking went very smoothly and as designed with both fracks staying in zone and constant pressure being maintained throughout the propant injection phases of the stimulation process," said Justin Pettett, Pryme's Managing Director. "The pumping unit will be installed this week and will allow the well to produce into production facilities which are already in place."
In an interview with Tim Mckinnon from ABN Newswire, Mr Pettett outlined that production was imminent from the new wells.
This is a turning point for the company, which has more cash in the bank than market capitalization, a potential field of 200 more targets, and producing oil and gas from the new wells within weeks.
About the Capitola Oil Project
The Capitola Oil Project is located in an active region of the Eastern Shelf of the Permian Basin just north of the town of Sweetwater, Texas. The project contains a number of shallow, "stacked" formations to depths of 6,000 feet, with established production history from vertical wells. These overlie the Cline Shale formation which is the subject of an emerging resource play of national significance.
To watch the video presentation, please visit:
http://www.abnnewswire.net/press/en/78988/pryme
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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