Pryme Energy Limited says that the fourth well drilled in the Capitola Oil Project, the Shari Lynn No.1 in the Sweetwater acreage block, has been fracture stimulated in the Canyon Sand series interval.

The well was stimulated to plan and responded as expected. It is now cleaning up with frack fluid being produced to surface. The Initial Potential (IP) of the well will be determined following the establishment of steady oil production. Pryme has a 100% Working Interest (75% Net Revenue Interest) in the Shari Lynn well which was drilled to a total depth of 5,621 feet (1,713 metres).

'The Shari Lynn is located relatively close to the Mahaffey Bishop well, which continues to exceed production expectations, and could exhibit similar production characteristics,' said Justin Pettett, Pryme's Managing Director. 'The Mahaffey Bishop produced frack fluid back to surface for almost 2 weeks before the appearance of an oil cut. Oil production then continued to build over the following 3 to 4 weeks before reaching a steady flow. The Shari Lynn is in the early stages of this process and we expect to see the first oil cut around the end of next week.'

Tags: Pryme Energy Limited