The boost from output of 300,000cfd in March this year was due to the successful comingling of oil and gas production from the Price and C Sands. The well had previously been producing from just the C Sand.

The company said if the current production rates could be sustained, it would equate to a 30% increase in its revenue from all projects and underlines the importance of Raven's contribution to its income.

However, Pryme said flow rates from wells in the Cotton Valley formation usually decline and then flatten out after reaching stable production.

The next well in the Raven project is scheduled for drilling in mid-May.

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

Meanwhile, a recent major natural gas discovery in the Haynesville Shale in Northern Louisiana by Chesapeake Energy has sparked intense leasing activity in the area.

The potential of the discovery could range from 7.5 to 20 trillion cubic feet of gas.

Pryme managing director Justin Pettett said if the discovery develops towards Lincoln Parish, it would increase the value of area under lease for the Raven project.

"Our Raven project acreage is on trend with the discovery and contains the Haynesville formation although it is unknown yet if the Haynesville is productive on our acreage," he said.

"Time will tell and, if this play develops eastward toward Lincoln Parish, it could increase the value of the 4000 acres we have under lease for the Raven project."

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