great placement at 35c

Very positive ann :)

The Board of Pryme Oil & Gas Limited (Pryme) is pleased to announce the completion of a placement of 18,800,000 fully paid ordinary shares in the capital of Pryme at $0.35 per share to raise $6.58 million.

The placement was made to Messrs Ian McCauley and John Rawlins based in Queensland and Mr George Lloyd of Sydney.

“The further investment in Pryme by Messrs McCauley and Rawlins strongly supports the Company’s US growth strategy,” said Justin Pettett Pryme’s Managing Director.

“I would also like to welcome Mr Lloyd as a shareholder of the Company.” The placement is subject to shareholder approval, having regard to the share issue limits imposed by ASX Listing Rule 7.1.

Accordingly, the Board of Pryme intends to convene a general meeting of shareholders on 5 March 2008 at 10.30am in the Oak Room, The Brisbane Club, 241 Adelaide Street, Brisbane Queensland to seek shareholder approval of the transaction. A notice of meeting will be dispatched to shareholders next week.

RMM Capital, of Brisbane, facilitated the placement for Pryme and will provide ongoing financial advisory support and assistance to the Company. The additional working capital will allow Pryme to further its drilling campaign in the Turner Bayou and Raven Projects in Louisiana and to expand its exploration program into additional high impact areas in central Louisiana and Southern Texas.