Pryme to Check Out Louisiana's Florida Parishes

Pryme Oil and Gas Limited has formed a joint venture with Amelia Resources LLC to develop regional exploratory prospects throughout an area of mutual interest covering 5,700 square miles in the "Florida Parishes" of eastern Louisiana called the Checkmate Project. The exploration targets will range in depth from 3,500 feet through 25,000 feet and will give Pryme an inventory of prospects to develop and drill for about the next 10 years.

The directors have been busy adding high-value, risk-diverse projects to the portfolio of the company in order to enhance the long-term viability, development and growth of Pryme into the future. The Checkmate Project will take advantage of Amelia's 16 years of direct evaluation of the hydrocarbon potential in the project area. Pryme, through Amelia, has already assembled 500 miles of 2-D seismic data and 16,200 stations of gravity data. This information, integrated with subsurface control, has been used to identify regional "areas of interest" and prospective leads. The company plans to license a dense grid of 2-D seismic to reprocess with the latest technologies and utilize for prospect definition. It will also seek to define multi-target prospective areas for shooting 3-D seismic.

Checkmate Project outline and existing production

It is believed that the Florida Parishes are one of the most under-explored regions in South Louisiana. The area is surrounded by very prolific fields to the north, east, and west: 2.3 Tcf have been produced from Lower Cretaceous reservoirs in the northeastern corner of the project area, 180 Bcf have been produced from the Mooringsport at the eastern edge of the project area, and the Tuscaloosa fields on the shelf range up to 8 million barrels of oil.

The project area presents a very large exploration frontier and has an abundance of commercial 2-D seismic data that can be reprocessed and utilized to define these opportunities. Multiple targets include the Miocene, Frio, Wilcox, Tuscaloosa, Paluxy, Mooringsport, James Lime, Hosston, and Cotton Valley.

Pryme Oil and Gas Limited is an Australian oil and natural gas producer and explorer with interests in the U.S., including a suite of exploration prospects in Louisiana.

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