From latest announcement "Despite the mechanical problems during the completion of the Deshotels 20H No.1 well, the Company is encouraged by the geological results. The mechanical and completion issues are being addressed in the design of well number two and will result in changes which should simplify operations moving forward. Pryme and its partners plan to spud well number two by May; it will be located one mile east of the Deshotels 20-H No.1. Building of the road and location are expected to begin in March. A third well is currently planned for drilling one mile west of the Deshotels 20-H No.1. Based on the estimated drainage of the reservoir and the postulated production unit orientation, the development plan for the entire Turner Bayou Chalk project is expected to include up to 30 wells based on 640 acre spacing. The rate of drilling activity is likely to be increased after completion of the third well."
Dispite some frustrating mechanical issues on this first well it seems management are very happy with the geological results. I believe an initial flow rate of 2500bopd was "expected" but for the mechanical issues. If they get anything like that out of half the following wells then this thing will be a serious producer. Please DYOR
PYM Price at posting:
17.7¢ Sentiment: LT Buy Disclosure: Held