If only Atocha paid off who knows where this could be??Pryme...

If only Atocha paid off who knows where this could be??

Pryme shares soar as Catahoula drill beginsDecember 30, 2009 - 12:30PM .
Pryme Oil and Gas says an exploration well at its Hawg Pen prospect in the United States has the potential for several hundreds of thousands of barrel of oil.

Stock rose sharply on the news and by midday was up 18.06 per cent, or 1.3 cents, at 8.5 cents.

The company said today it had begun an exploration test at a well at its Catahoula Lake Project in Louisiana.

The objective was to test the Middle Wilcox sands which had been identified from offset production, Pryme said.

Drilling and logging were expected to be completed late next week.

Pryme said mapping of two locally productive Middle Wilcox sands "infers a potential reservoir for development".

"The Hawg Pen prospect has potential for production of several hundred of thousands of barrels of oil from these sands," the company said in a statement lodged with the Australian Securities Exchange.

Pryme managing director Justin Pettett said there were 12 wells scheduled for drilling at Catahoula Lake in 2010.

"Our goal is for the project to become self-funding in the short term," Mr Pettett said.