(MENAFN- ProactiveInvestors - Australia) Pryme Energy (ASX: PYM) is preparing to announce flow test results from the Rosewood 21H No.1 well at the company's Turner Bayou project, with the ASX granting the company a trading halt this morning.
Turner Bayou comprises around 80 square miles (50,000 acres), which have been imaged by a proprietary 3D seismic survey, and is located in Louisiana.
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 Wilcox and Midway Shale intervals above the Austin Chalk and the Tuscaloosa Marine Shale (TMS) below the Austin Chalk.
The TMS is analogous to the prolific Eagle Ford Shale in South Texas.
Pryme recently raised $1.0 million through a private placement which was strongly supported by major shareholders and new strategic investors. This increased the company's cash position to over $3 million.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 7th March 2013.
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