(MENAFN- ProactiveInvestors - Australia) Pryme Energy (ASX: PYM) is confident of replicating earlier successes with its latest horizontal oil well at the Turner Bayou project in Louisiana.
The Rosewood Plantation 21H-1 well has reached its total vertical depth of 4,540 metres at the top of the target Austin Chalk Formation and preparations are underway to drill the 1,524 metre lateral.
Pryme said the horizontal leg of the well is expected to intersect a number of oil bearing fracture systems, similar to those encountered in the Deshotels 13H and 20H wells.
Both wells had encountered more than 12 oil and gas bearing fracture zones along with oil and gas shows and oil produced to surface during drilling.
Rosewood Plantation 21H-1 is being drilled with the benefit of lessons learned from the previous wells, both of which were damaged and produced oil at restricted rates.
Deshotels 20H encountered mechanical problems during completion and stimulation while mechanical failures with the installation of Packers Plus production liner affected production at Deshotels 13H.
Both wells currently produce more than 50 barrels of oil per day.
Pryme has a 61.53% working interest (46.15% net revenue interest) in Rosewood Plantation 21H-1 and 40% working interest in the two Deshotels wells.
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