Pryme Energy Ltd (POGLY: OTC Link) | Rabalais 35 No.1 Drilling Update

Rabalais 35 No.1 Drilling Update

Dec 06, 2011

OTC Disclosure News Service

Houston, TX –

The Turner Bayou project is a significant part of Pryme’s exploration portfolio and comprises approximately 80 square miles (50,000 acres) which have been imaged by a proprietary 3D seismic survey.  Primary targets are the Wilcox formation at 12,500 feet, the Austin Chalk at 15,300 feet and the Eagle Ford and Tuscaloosa Marine Shales at 16,000 feet.  Pryme has approximately 9,600 net acres within the Turner Bayou project covering all depths representing up to 30 potential drilling locations in the Austin Chalk alone. 

Rabalais 35 No.1 (8.8% Working Interest / 6.6% NRI)

The Rabalais 35 No.1 well in North Bayou Jack Field has reached a total vertical depth of 14,438 feet (4,400 metres) in the upper portion of the Austin Chalk formation.  The rig is currently tripping the drill pipe out of the hole in preparation for running the 7 5/8th inch intermediate string of casing.  This will then be followed by the drilling of the 7,000 foot (2,130 metre) horizontal section. 

“As we continue drilling the horizontal leg later this week we expect to intersect oil bearing fracture networks similar to those encountered in both the Deshotels 20H and 13H wells to the south of the Rabalais 35,” said Justin Pettett, Pryme’s Managing Director.  “The fracture zones which were intersected in the horizontal leg of the Deshotels 20H and 13H were accompanied by significant oil and gas shows and oil and gas were produced to the surface.” 

The Rabalais 35-1 well will be drilled to a vertical depth of approximately 14,850 feet (4,525 metres) with a 7,000 foot (2,130 metre) lateral through the Austin Chalk formation, for a total measured depth of approximately 22,000 feet (6,705 metres).  Drilling of the well commenced on 10 November and completion is estimated to be achieved in January 2012.  The operator is Anadarko E P Company.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/POGLY/news?id=39059

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