pryme energy expects good result

Pryme Energy expects good result from Texas oil and gas well

Pryme Energy (ASX: PYM) expects testing of its Rosewood Plantation 21H-1 well in Texas this weekend to achieve a positive result.

The company pointed to the naturally occurring oil and gas bearing fractures the well had intersected while drilling the lateral portion of the well.

Pryme has a 61.53% working interest in the well and a 40% interest in Turner Bayou Project.

The Turner Bayou project covers 50,000 acres which have been imaged by a proprietary 3D seismic survey.

In addition to the Austin Chalk potential, exploration drilling within the leases has intersected the Wilcox and Midway Shale intervals above the Austin Chalk and the Tuscaloosa Marine Shale below the Austin Chalk.

http://www.proactiveinvestors.com.au/companies/news/40056/pryme-energy-expects-good-result-from-texas-oil-and-gas-well-40056.html

The Tuscaloosa is analogous to the prolific Eagle Ford Shale in South Texas.