The first well to be drilled from PLX�s barge rig in the Catahoula Lake Project has now been tied into production facilities. The State Lease 502 No.1 well was drilled to a total depth of 4,280 feet and intersected approximately 35 feet of net oil pay across multiple Middle Wilcox sands. The well initially flowed in excess of 100 barrels of oil per day (bopd) and is expected to produce at a long term stabilized rate around 50 bopd bringing current PLX production on Catahoula Lake up to approximately 100 bopd.
�We are very pleased with the flow rate. The crews in the field worked tirelessly to bring the well into production in record time under the efficient operatorship of Pryme Energy,� said Barnaby Egerton-Warburton, PLX� Managing Member and Future Corporation Australia Managing Director. �The value that the Lamar acquisition adds to the Catahoula Lake project was made very apparent with the well being tied into production facilities in under a fortnight. Production facilities and, more importantly, flow and return lines one mile out to a header system in Catahoula Lake made completing the state lease 502 No.1 well a very efficient operation.�
The US Army Corps of Engineers has commenced the scheduled draining of Catahoula Lake. Drilling in the area of the lake with a land-based rig is planned to commence in September at the rate of one well per month through to the end of the year. Drilling from the barge-mounted rig is planned to resume in February 2011.
Pryme Energy LLC, the wholly owned subsidiary and operating arm of Pryme Oil and Gas Inc., is the operator of the State Lease 502 No.1 well. PLX Net Revenue Interest (NRI) in the State Lease 502 No.1 well is 75% (100% Working Interest).
To read more and download a copy of the announcement, please click on the link below.
http://www.prymeoilandgas.com.au/announce.htm
Further information about Pryme Oil and Gas is available at www.prymeoilandgas.com
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Pryme Oil and Gas
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EXPLORATION STAGE |
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CODE : PYM.AX |
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Pryme Oil and Gas is a oil and natural gas exploration company based in Australia. Pryme Oil and Gas holds various exploration projects in USA. Its main exploration properties are FOUR RIVERS, LA SALLE PARISH, TURNER BAYOU and KESTREL in USA and RAVEN COAL PROJECT in Canada. Pryme Oil and Gas is listed in Australia. Its market capitalisation is AU$ 69.5 millions as of today (US$ 50.4 millions, € 45.3 millions). Its stock quote reached its highest recent level on January 28, 2011 at AU$ 0.26, and its lowest recent point on April 15, 2016 at AU$ 0.00. Pryme Oil and Gas has 1 007 380 032 shares outstanding. |