PYM 0.00% 0.0¢ pryme energy limited

News: Pryme Energy (ASX:PYM) CEO Justin Pettett on ABN Newswire

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    Pryme Energy Limited (ASX:PYM) (OTCMKTS:POGLY) recently announced that the first well drilled in the Capitola Oil Project, the Mahaffey Bishop PU1 in the Sweetwater acreage block, had been fracture stimulated in both the Cline Shale and the Canyon Sand intervals.

    "The fracking went very smoothly and as designed with both fracks staying in zone and constant pressure being maintained throughout the propant injection phases of the stimulation process," said Justin Pettett, Pryme's Managing Director. "The pumping unit will be installed this week and will allow the well to produce into production facilities which are already in place."

    In an interview with Tim Mckinnon from ABN Newswire, Mr Pettett outlined that production was imminent from the new wells.

    This is a turning point for the company, which has more cash in the bank than market capitalization, a potential field of 200 more targets, and producing oil and gas from the new wells within weeks.

    About the Capitola Oil Project

    The Capitola Oil Project is located in an active region of the Eastern Shelf of the Permian Basin just north of the town of Sweetwater, Texas. The project contains a number of shallow, "stacked" formations to depths of 6,000 feet, with established production history from vertical wells. These overlie the Cline Shale formation which is the subject of an emerging resource play of national significance.
 
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