Pryme Oil and Gas secures drill rigs to aid future growth
  by: OilOnline
  Thursday, October 19, 2006

Pryme Oil and Gas Limited has signed an agreement to secure the drilling rig services of Golden West Drilling (GWD), of Vidalia, Louisiana. The drill rigs will be for use in Louisiana and Mississippi at Pryme’s discretion.

“This is an important development for Pryme to help the company avoid the problems caused by the worldwide rig shortage”, Pryme Chief Executive Justin Pettett said.

“If our 3-D seismic shoot in central Louisiana’s Turner Bayou is successful, we hope to be drilling in the order of thirty Frio formation wells from March 2007 onwards. The GWD agreement means that one of these rigs can remain working as long as Frio drilling targets are made available on an uninterrupted basis,” Mr Pettett said.

GWD is a newly formed Louisiana company. Its supervisory management has a combined drilling industry experience and time-in-grade of 100+ years. GWD is currently refurbishing two rigs for Pryme’s use that will have a working range of 3,000 feet (914 metres) - 9,500 feet (2895 metres) in depth. The first rig is expected to be completed in mid-November and available for use by Pryme with the second rig to follow. The agreement with GWD is for a term of five (5) years and under its terms, GWD agrees to provide preferential drilling services to Pryme.