The Grable-15-1 exploration well is targeting three primary formations – the ‘C’ sand, the ‘Price’ sand and a third deeper sand for the Cotton Valley formation.

Drilling is expected to take 21 days to reach a total planned depth of 11,000 feet (3352m).

“The drilling of the Grable-15-1 advances our strategy of building earnings and reserves, with the objective of a revaluation of the company,” Pryme’s managing director Justin Pettett said.

Pryme has a 40% working interest (30% net revenue interest) in this project.

The Raven project covers mineral leases in the prolific Cotton Valley and Hosston natural gas trends in Lincoln Parish, Louisiana.

About 10 drilling locations have been identified in the project with the leasing of acreage continuing, Pryme said.

In other company news, the company plans to start drilling the first well in the Turner Bayou 3D seismic project later this week.

Five wells will be drilled back-to-back through to the beginning of January 2008.

The primary formations to be targeted in this first phase are the Frio and Miocene sands.