SOURCE: Pryme Oil and Gas Limited

December 12, 2007 09:52 ET

Pryme Finds Gas in First Turner Bayou Exploration Well

HOUSTON, TX--(Marketwire - December 12, 2007) - Pryme Oil and Gas Limited (ASX: PYM) (PINKSHEETS: POGLY) -- The first exploration test (Bordelon 25 No. 1) in the Turner Bayou 3D seismic project has reached total depth of 4,900 feet and was logged, resulting in the discovery of gas in the Frio interval. Core samples were taken and are currently being analysed.

Production casing will be run and the well is scheduled for completion once the other wells in this first round of drilling have been tested in the same northeast area of the project. Plans for the construction of a gas pipeline to deliver natural gas to the market are currently underway.

"Running production casing on the first test is always a great way to set the tone in a new project, and in this case is a good opportunity to calibrate our 3D data and move forward with the drilling of additional prospects," said Ryan Messer, Pryme's Chief Operating Officer. "The second exploration test in this project will be drilled once the drilling rig is released from this current Bordelon 25 No. 1 location."

Pryme has a 52% interest (39% NRI) in this project, which covers approximately 80 square miles (50,000 acres) of proprietary 3D seismic. Primary targets consist of six prospective formations ranging from the Frio formation at 3,000 feet through to the Tuscaloosa at 16,000 feet.

Contact Information

  • For further information please contact:

    Justin Pettett
    Managing Director
    Pryme Oil and Gas Limited
    Telephone: +61 7 3371 1103
    Email: justin@prymeoilandgas.com

    Ryan Messer
    President
    Pryme Oil and Gas Inc.
    Telephone: +1 832 487 8607
    Email: ryan@prymeoilandgas.com