Thursday, February 16, 2012

Pryme Energy Announces 3rd Failed Austin Chalk Attempt

Pryme Energy announced this today about Anadarko's Rabalais 35 #1 Austin Chalk well that they hold a 8.8% working interest in: "it is our view that the well is unlikely to produce commercial quantities of oil and natural gas".  This represents Pryme's third failed attempt in the Austin Chalk in Avoyelles Parish in the past year.  On 12/9/11, Pryme announced an initial potential of 1,167 bopd for the Deshotels 13H #1 well.  In today's announcement, they report that the well is currently producing 60 bopd representing a 95% decline.  They reported that their third well, the Deshotels 20H #1 is currently producing 75 bopd. 

They may have proven that drilling horizontal wells at 15,000' is a "big boys game".  The company's stock on the Australian Stock Exchange has plummeted over 80% in the past year and is currently trading at "four and a half Australian pennies".

Stock Chart: Pryme Energy (ASX)
On a positive note, rumor has it that Atinum plans four wells near Anadarko's Lacour well.

Press Releases:
http://www.prymeenergy.com/IRM/Company/ShowPage.aspx/PDFs/2069-43667184/TurnerBayouChalkProjectWellUpdates

http://www.prymeenergy.com/IRM/Company/ShowPage.aspx/PDFs/2052-45055310/Deshotels13HrecordsInitialPotentialof1167BOPD

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