Exploring and developing the Turner Bayou Project has always been Pryme’s main objective since its ASX listing with the project having the capability to produce substantial value for shareholders, according to Pryme managing director Justin Pettett.
“Bordelon 25-1 is the inaugural well of the first group of prospects to be drilled within this project that targets the Frio and Miocene formations,” Pettett said.
“Our strategy is to drill a number of these shallower Frio targets focusing on building reserves, earnings and a gas-gathering infrastructure to deliver the gas to market.”
Pryme has a 52% working interest (39% net revenue interest) in this project, which covers about 205 square kilometres of proprietary 3D seismic.
Primary targets consist of six prospective formations ranging from the Frio formation at 900m through to the Tuscaloosa at 4900m.
