Well unless something unfortunate has happened they should have reached TD, logged the well and hopefully (all things being as they wished for) they will have kicked off the horizontal.
Here's hoping all the renounceable rights issue shares will want to be exercised after tomorrow! From the sounds of things, completion and commercialisation will happen by approx november and if the intial flow rates are high the well could be cash flow positive by early next year.
Drilling on the Catahoula lake (one well per month for 4 months in an area where Pryme know there is oil because they found some already) should also be beginning very soon (sometime during September) so regardless of success or failure at Deshotels they should be kicking off a series of low risk drills shortly after, so they potentially get tow bites at offering people good reasons for taking up their 1 for 8's.
Back to Deshotesl.... The research I've done so far has said that what horizontal drilling in the Austin Chalk will ideally hit is a sweet spot where the fracturing at that location allows the production rates to stay higher for longer.
Not sure how they target said sweet spots and reasonably confident that the well will produce enough to payback Pryme's costs relatively quickly anyway, but high flow rates for longer would be excellent for Prymes cashflow!
Anybody out there know anything further about surrounding drill sites and likelihood of Pryme hitting a sweet spot??
Cheers,
theturtle
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