watch out Anadarko likes the area too and has taken a substantial lease position next to Pryme.
read todays announcement and then the previous one suggesting PYM might drill up to 30 wells on its lease.
Anadarko Petroleum Corporation (NYSE: APC) (?Anadarko?) has leased a large amount of acreage to the west and contiguous to leases held by Pryme and its partners in the Turner Bayou Chalk project. This interest in our immediate area from one of the world?s largest independent oil and gas exploration and production companies is encouraging and provides support for our strategy and interpretation of the Austin Chalk and deeper plays within our leases. The acreage map below illustrates the known Anadarko acreage position in relation to the approximate lease position of Pryme and its partners. It is possible that Anadarko?s acreage position is larger than is shown below as leases are not filed as public record. ?Whilst Anadarko?s lease position is significant, we believe that, based on our interpretation of our 3D seismic survey and the results from the Deshotels 20-H No.1 well, we have secured the heart of the play,? said Justin Pettett, Pryme?s Managing Director. ?We feel it?s possible that fracturing in the Austin Chalk is more likely to occur in the thinner parts of the formation and that, as a result, these sections of the formation exhibit greater prospectivity
PYM Price at posting:
16.7¢ Sentiment: LT Buy Disclosure: Held
