asx release - four rivers project update

A cut/paste from today's ASX release.

Four Rivers Project Update

Drilling of the next well in the Four Rivers Project, the Jack Allen No.7 in the West Catahoula Lake Prospect has commenced. The well will be drilled to a depth of 4,400 feet. Drilling and logging are expected to be completed early next week.
The Jack Allen No.7 well is an attempt to establish production in sands that were encountered by the Axis Onshore No. 3 & 4 Jack Allen wells in LaSalle Parish, Louisiana. These wells produced oil from multiple pay sands in the Middle Wilcox Trend with thicknesses averaging approximately 9 feet.

Project Description

Pryme has a 25% Working Interest (18.75 - 20% Net Revenue Interest (NRI)) in the Four Rivers project which extends from Winn, Concordia and Catahoula Parishes in Louisiana to Adams, Jefferson and Wilkinson Counties in Mississippi. The project is targeting multiple “stacked” oil zones throughout
the Middle-Wilcox formation and, to a lesser extent, shallow Frio natural gas zones, at depths ranging from approximately 4,000 to 7,000 feet. Wells drilled in the Middle-Wilcox exhibit long production lives with low decline rates after the initial flush oil is produced and relatively steady production is established. They are relatively inexpensive to drill and typically have low operating and on-going
maintenance costs.