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ASX / Media Release
7 March 2013
Rosewood Plantation 21H No.1 Flow Test Result
Turner Bayou Chalk Project
HIGHLIGHTS 1,040 Bbls of oil and 1,850 Mcf per day achieved The well continues to clean up unloading drilling fluids Production facilities construction underway
Rosewood Plantation 21H No.1 (61.53% Working Interest / 46.15% NRI)
The flow back operation on the Rosewood Plantation 21H No.1 well has been underway since Monday night (Brisbane, Australia time) with the well achieving a maximum production rate of 1,040 barrels of oil and 1,850 Mcf per day on a 15/64 choke. Flow rates averaged 780 barrels of oil and 1,700 Mcf per day in the following twelve hours with less than a 15% water cut. The well is still unloading drilling fluids and mud and continues to clean up. Once the clean-up process has been completed and the well is turned to the sales line we will be able to establish a long term production rate from the well.
The construction of production facilities will begin next week and it is planned to have first sales turned through this facility by the end of this month. Oil produced and ready for sales has totalled over 1,100 barrels gross (506 barrels net to Pryme) to date and natural gas is being flared before being connected to the existing gas sales line later this month.
“The drilling of this well has been an anxious time for Pryme’s management team and shareholders and I am sure the result speaks for itself,” said Justin Pettett, Pryme’s Managing Director. “We look forward to the further development of the project in the coming months.”
About Turner Bayou
The Turner Bayou project comprises approximately 80 square miles (50,000 acres) which have been