The partners have agreed to perforate and test this interval while the re-entry rig is still on site. Testing of this interval, which will be relatively inexpensive, will commence this weekend.
Ryan Messer, chief operating officer of Pryme Oil and Gas, said: “The re-entry of the HM Brian No.1 should remain under budget through the testing of this second zone of interest. This zone produces commercially from wells which are on trend with and have similar log characteristics to the HM Brian No.1, therefore we remain optimistic.”
The Atocha Project, located in East Baton Rouge and East Feliciana Parishes in Louisiana, covers 6,400 contiguous acres within the up-dip fairway of the Tuscaloosa Trend. The Tuscaloosa Trend was discovered in 1975 by Chevron. It has produced over 2.8 trillion cubic feet (TCF) of natural gas and 120 million barrels of condensate over the past 32 years.
Atocha is located five miles north of BP’s Port Hudson Field which is the best producing field in the trend and contains the HM Brian No.1 well which was drilled by Shell Oil in 1980 and cased to a depth of around 17,700 feet. Pryme Oil and Gas is the operator of the project and has a 25% working interest and a 3% overriding royalty on production. Working interest partners in this project are Future Corporation Australian Limited 50% and Promesa Limited 25%.
