Shari Lynn Reaches Target Depth
Brisbane, Feb 18, 2015 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (POGLY:OTCMKTS) is pleased to announce that the Shari Lynn No.1 well, located in the Sweetwater acreage block of the Capitola Oil Project, has reached its total depth of 5,621 feet (1,713 metres). Mud log data collected while drilling has identified several intervals with oil and gas shows within the Breckenridge Lime and Canyon Sands intervals. A cased-hole log is scheduled to be run next week to better identify the hydrocarbon bearing zones for completion. Production casing has been run and cemented in the wellbore in preparation for completion in the Canyon Sands.
"The Shari Lynn was drilled less than one mile west of our Mahaffey Bishop well. The Mahaffey continues to produce consistently over 80 barrels of oil per day with little decline being seen," said Justin Pettett, Pryme's Managing Director and CEO. "Based on the stable production from the Mahaffey we are encouraged that the Shari Lynn will produce similarly once completed."
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 7,500 feet, with established oil production history from vertical wells. The Capitola Oil Project acreage is contained within two contiguous lease blocks referred to as Sweetwater (approx. 7,000 acres) and Claytonville (approx. 2,333 acres) to the north of Sweetwater. Pryme is the operator of the Capitola Oil project.
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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