atocha deal close

This is the one that could make the Pym share price rocket!

Atocha Project (100% Interest)
Target Formation Tuscaloosa
Depth (feet) 17,700
Potential* (100% basis) ~28 Bcfe (Re-entry only)
Working Interest 100%
Net Revenue Interest 81.33%
*Potential is un-risked and a gross figure to the 100% working
interest. To calculate the net potential to Pryme, multiply the
potential by the net revenue interest percentage. Working interest
and net revenue interest shown are the terms currently being
offered to potential farm-in partners and are subject to change.
The Atocha Project covers 6,400 contiguous acres in Central
Louisiana within the up-dip fairway of the Tuscaloosa Trend.
Pryme has a 100% working interest in Atocha and has spent
over US$1.4 million on building its land position, carrying
out technical reviews and planning a program to test the
prospect.
The Tuscaloosa Trend was discovered in 1975 by Chevron.
It has produced over 2.8 Tcf of natural gas and 120 million
barrels of condensate over the past 32 years.
Atocha is located five miles north of BP’s Port Hudson Field
which is the best producing field in the trend. It contains an
existing well which was drilled by a major oil company in
the early 1980s. Petrophysical analysis has concluded that
this well contains over 125 feet of bypassed pay sand. With
the benefit of hindsight and some 30 years of experience
in the Tuscaloosa Trend, experts have indicated that at
present oil and gas prices, a discovery of this calibre would
be completed for production.
Pryme’s strategy is to re-enter the existing well bore, test the
bypassed pay and, if successful, continue with development
of the field.
Pryme intends to farm-out portion of this project to industry
partners and retain a 25% working interest. There has been
strong interest from potential participants and the Company
expects to announce the completion of a transaction shortly.
Farm-out terms include an upfront cash payment to Pryme
to recoup costs expended to date and retention by Pryme of both a carried working interest and an overriding royalty.
Considerable preparatory work for the re-entry of the Atocha well has been completed by Pryme’s technical team in the United States. Re-entry of the well is scheduled for later
this year subject to completing negotiations with potential
farm-in partner/s.
A discovery in the Atocha Project has the potential to
significantly increase earnings and greatly increase the
value of Pryme.