Pryme Secures Large Updip Tuscaloosa Project

Pryme Oil and Gas Limited on Thursday said that its first high-impact deep exploration project, Atocha, will be drilled to 17,700 feet in the prolific Tuscaloosa trend in Central Louisiana. The well is scheduled to be drilled late in 2007 and will target thick Tuscaloosa sands that offset an existing well drilled in the early 1980s that is believed to have 125 feet of bypassed gas. Prospective reserves for the project exceed 1 trillion cubic feet (TCF).

Two Targets Confirmed with 2D Seismic

The Atocha Prospect is located updip in the prolific Tuscaloosa trend that has produced in excess of 2.5 TCF of natural gas to date. The primary objective, the Tuscaloosa, is targeted at approximately 17,500 feet with additional secondary Lower Cretaceous targets as deep as 22,000 feet. The potential reserves of the Tuscaloosa sands in Atocha could exceed 1 TCF using an average sand thickness of 250 feet in the aggregate. Gross sand thicknesses are known to be up to 450 feet throughout this area. The primary target consists of multiple down-to-the-basin faults that occur in the Tuscaloosa defined on reprocessed 2D seismic data. These are believed to have been deposited in "stair-step" fashion and create thickening of the sand along with providing a trapping mechanism for the reservoir. The Morganza Field in the Tuscaloosa trend has produced in excess of 500 Billion Cubic Feet (BCF) from this exact type of reservoir structure.

Analogues to the Prolific Tuscaloosa Trend

The prospect exists updip to 2.5 TCF of natural gas produced to date in the deep Tuscaloosa Trend. A major depositional fairway creates the Atocha prospect in this target interval. This play resembles the deep gas basin in Canada where Elmsworth Field was discovered and 15 TCF was eventually proven years after 75 well bores had penetrated the section and the gas accumulation had not been recognized.