another nr farmout of atocha.....

Pryme Oil and Gas Limited is pleased to announce that it has entered into an agreement to farm out its interests in the Updip Tuscaloosa Project (which includes the Atocha Prospect) to newly formed oil and gas exploration company, Promesa Limited. The terms of the farm out include reimbursement of all of Pryme’s project-related costs to date as well as the retention by Pryme of carried interests in the first well to be drilled in each prospect and overriding royalty interests in production from the project area.
The project area is defined as an Area of Mutual Interest (AMI) of approximately 1,800 square kilometres (700 square miles) in central Louisiana. The AMI includes 6,400 acres in East Baton Rouge and East Feliciana Parishes over which Pryme holds the mineral rights and which are on trend with the prolific Tuscaloosa trend. Exploration will commence in the Atocha Prospect which is the most advanced of the prospects within the AMI.