http://www.24hgold.com/english/news-company-gold-silver-turner-ba...

http://www.24hgold.com/english/news-company-gold-silver-turner-bayou-chalk-project-farmout-completed.aspx?articleid=583390

Pryme has a 52% working interest (39% Net Revenue Interest NRI) in the Turner Bayou project, which comprises both deep and shallow prospects, and will retain a 40% working interest (30% NRI) in the Turner Bayou Chalk project.
Under the terms of the farm out agreement, Pryme will receive a cash payment of US$500,000 and a free carry on the first two wells drilled within the project area. The carry consists of a 25% back in after payout on the initial well and a 25% carry through to production on the second well proportionate to Prymes interest being farmed out (4% net carry to Pryme.) There are a number of Austin Chalk well locations within the project area and the parties will bear the costs of the third and subsequent wells in proportion to their working interests.
Based on analogous reservoirs and production from the Austin Chalk within the region of the project, initial production rates from a successful horizontal well are estimated to be between 1,500 and 3,000 barrels of oil per day (BOPD) with potential reservoir capacity in the range of 750,000 to 1,500,000 barrels of oil recoverable per well.
The first Turner Bayou Chalk project well is currently planned to be drilled to a depth of approximately 15,300 feet vertically from which a horizontal leg of approximately 4,500 feet will be drilled. Previously drilled vertical wells completed in the Austin Chalk, within and adjacent to the area of Prymes 3D seismic survey, have produced significant quantities of oil. Drilling of this well is planned to commence in late July or early August 2010.