The 80 square-mile (51,200 contiguous acres) project covers an onshore trend area that is highly prospective for oil and gas at several intervals between 2,000 feet and 16,000 feet and is on trend with major producing fields, including BP Plc's Port Hudson and Judge Digby fields, which combined have produced almost 1.5 trillion cubic feet of natural gas.
Work on the project will begin with topographic surveying and is set to start before the end of September. The shoot is on schedule from when the company began the project in April 2006. Pryme is the major shareholder in Turner Bayou with a 52% working interest.
"Based on what our geologists are seeing via 2-D seismic and log analysis, we're excited about the prospects of Turner Bayou and its potential to transform the company's production profile," Pryme Chief Executive Justin Pettett said. "We expect to have our data from the area early in 2007 in order to drill our first wells in the second quarter of 2007."
Weems Geophysical of Houston, Texas has been contracted to implement the survey and recover the 3D seismic data. 2D seismic lines were purchased and worked to confirm the Turner Bayou location.
The main oil and gas objectives at different depths are: the MioceneFrio sands; the Cockfield/Yegua and Sparta sands; Wilcox sands; Austin Chalk and the Tuscaloosa sands. Prospective reserves are in the vicinity of 150-180 billion cubic feet ("Bcf") of natural gas from all intervals.
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