Pryme strikes gas at Louisiana's Raven prospect

Australia’s Pryme Oil & Gas is set to run production casing and test strong gas bearing zones on the third hole at the Raven project in Louisiana of the US. Brisbane-based Pryme said that the two primary objective zones, the C-sand and Price-sand, unveiled strong gas shows.
“Based on the information gained from logging it compares favourably to the recently completed Raven well, the Grable 15-1, which is currently producing at a rate of approximately 850 mm cf of gas and 20 barrels of condensate per day," the outfit’s managing director Justin Pettett said.

The completion phase is expected to take about 45 days with the first sale of products planned to start in August. The company said it would install a natural gas discharge pipe and build surface facilities before fracturing the well. Pryme holds a 40 % working interest in the project.
Pryme said separately it would farm out its Updip Tuscaloosa project in central Louisiana to newly formed Australian explorer Promesa. Under the terms of the deal, Promesa will reimburse Pryme's costs at the project to date, estimated at A$ 1.8 mm ($ 1.7 mm).

Pryme said it would retain a 25 % interest through to production in the first two wells drilled on the project's Atocha prospect in the first well drilled on each other prospect on the lands.
It will also retain an overriding royalty interest of 5 % in the Atocha prospect and other assets in the project's 1,800-sq-km area of mutual interest, and would contribute to future leasing and development work.