“The well is currently at 1100 feet with the target depth of 5100 feet expected to be reached late in the week,” Pryme said.

This project, in the southern portion of Catahoula Lake in LaSalle Parish, is targeting more than 2 million barrels of oil from the upper sands of the Wilcox formation.

It is near Catahoula Lake and South Catahoula Lake fields, which have produced 24 million and 4 million barrels of oil respectively to date.

Pryme has a 26.96% working interest (20.22% net revenue interest) in this project.

Typical drilling and completion costs rateable to Pryme’s interest for this depth well in LaSalle Parish is US$134,800 per well, which includes production facilities.