oil wells spudded. should runs up Just announces message below...

oil wells spudded. should runs up Just announces message below and is there a mistake in this paragraph ?

“If successful, oil produced from the NWR No.17 and NWR No.16 will add to Pryme’s monthly net oil
production and subsequent cash flow into the company in order for us to achieve our target of A$2.0 in
net operating income per annum into the company by the end of 2006 as indicated to shareholders
earlier in the year,” Pryme Chief Executive Officer Justin Pettett said.



Third Development Well Spudded in LaSalle Parish Project
Atlanta, Georgia, December 19, 2006 - Pryme Oil and Gas Limited (ASX: PYM / OTC: POGLY), an oil
and natural gas producer and explorer operating on shore in the U.S. with interests and focus in the Gulf
States and Texas, is pleased to announce that it has spudded the Northwest Rogers No.17 development
oil well in the LaSalle Parish Project. A second development well (NWR No.16) is expected to be drilled
before the end of December 2006.
The NWR No.17 well was spudded on Monday the 18th of December (US Central time) by the operator
Belle Oil (Belle). The well will be drilled to a depth of 1,700 feet (518.16 metres) in an effort to establish
oil production in the Cockfield formation. Surface casing has been set, with drilling continuing to the
target depth which is estimated to be reached within 48 hours. Production from the present six Petro-
Hunt NWR wells is averaging approximately 105 barrels of oil per day. This field produces low gravity oil
combined with the high permeability and porosity of the sand which typically results in a very long life of
the wells in excess of 25-30 years. This low gravity characteristic restricts the drainage patterns to within
150-200 feet of the well bores. Therefore several additional infield locations such as the NWR No.17 and
No.16 are necessary to adequately drain this reservoir.
The NWR No.17 will be drilled approximately 250 feet south of the NWR No.4 and 250 feet northwest of
the No.1 (see attached survey plat.) The location for the No.16 is staked approximately 250 feet
northeast of the NWR No.6 and 250 southeast of the No.7. Pryme owns a 21.85% working interest
(16.39% net revenue interest) in the North West Rogers No.17 and No.16.
“If successful, oil produced from the NWR No.17 and NWR No.16 will add to Pryme’s monthly net oil
production and subsequent cash flow into the company in order for us to achieve our target of A$2.0 in
net operating income per annum into the company by the end of 2006 as indicated to shareholders
earlier in the year,” Pryme Chief Executive Officer Justin Pettett said.
The directors and management team at Pryme are actively working on other oil projects in the LaSalle
Parish area to add shareholder value. Details of this effort should be announced early in 2007.
For further information please contact:
Justin Pettett Chief Executive Officer Ryan Messer President
Pryme Oil and Gas Limited Telephone: +61 7 3371 1103 Pryme Oil and Gas Inc Telephone: +1 404 429 9939
Email: [email protected] Email: [email protected]
Pryme Oil and Gas Limited is an Australian oil and natural gas producer and explorer with interests in the U.S., the
world’s biggest oil market. The company has an exceptional suite of exploration projects focused on Louisiana, the
fifth-largest oil-producing state in the U.S. These projects are funded in part by existing cash flow. Pryme’s
management team has a total of almost 50 years of energy industry experience and has uniquely focused local
knowledge, underscored by the proven track records of its managers and directors. Directors of the company are
John Dickinson (Non Executive Chairman), Justin Pettett (Managing Director), Ryan Messer (Executive Director),
Ananda Kathiravelu (Non Executive Director) and Philip Judge (Non Executive Director).