Pryme Energy Limited (ASX:PYM) Rosewood Plantation 21H No.1 Drilling Update  

Pryme Energy Limited's (ASX:PYM) Rosewood Plantation 21H No.1 well has been successfully deviated at a depth of approximately 4,000 feet and is drilling ahead at 6,280 feet (1,914 metres) towards the top of the Austin Chalk formation.

"The deviation procedure commenced late last week and work has progressed efficiently towards re-drilling the vertical section of the well. We expect drilling of the lateral section of the well to commence in the coming weeks," said Justin Pettett, Pryme's Managing Director. "Geologically we expect similar results from the Rosewood Plantation 21H to those from the recently drilled Deshotels 20H which was located approximately one mile to the west. Twelve major oil and gas bearing fracture zones, with many smaller fractures filled with hydrocarbons, were intersected in the 20H well. Drilling through these fractures was accompanied by significant quantities of oil produced to the surface and flaring of natural gas."

About Turner Bayou

The Turner Bayou project comprises approximately 80 square miles (50,000 acres) which have been imaged by a proprietary 3D seismic survey. Pryme has a 40% working interest in 25,029 acres (10,011 net acres) in the Turner Bayou project and is initially targeting development of the Austin Chalk horizon. In addition to the Austin Chalk potential of the Turner Bayou project area, exploration drilling within Pryme's Turner Bayou leases has intersected the Tuscaloosa Marine Shale which is analogous to the prolific Eagle Ford Shale in South Texas.