Brisbane, Australia (ABN Newswire) - Pryme Energy Limited (ASX:PYM) (OTCMKTS:POGLY) is pleased to provide an update on its projects and reserves through the enclosed investor presentation.
A copy of this presentation is available at the ASX and can be viewed on the Company's website www.prymeenergy.com.
Pryme is cash flow positive at current oil prices and production rates
- Cash position A$3.4 million
- Underpinned by net daily production of 130 BOE/day
- 4.1 million BOE (proved and probable) reserves net to Pryme
- Demonstrates US$25 million NPV 10 to Pryme based on recent reserves report
To view the presentation, please visit:
About Pryme Energy Limited:
Pryme Energy Limited (ASX:PYM) (OTCMKTS:POGLY) is an Australian listed company engaged in oil and gas exploration, development and production. Pryme's project portfolio includes liquid rich producing assets together with substantial oil development and exploration acreage in the United States.
The Company's Exploration and Production focus is on high growth oil and gas projects offering scalability of production, cash flows and reserves. Pryme currently has several producing projects together with a significant acreage position. The Company's immediate focus is the development of its Capitola Oil Project located in an active region of the Cline Shale resource play along the Eastern Shelf of the Permian Basin, Texas. The project's core development and exploitation opportunities are shallower multiple "stacked" sandstones and limestones to depths of 7,000 feet which are effectively produced from vertically drilled wells. Pryme's value driven model is executed through exploiting shallower, well defined intervals with advanced completion and stimulation technology within known produced oil fields together with exposure to the emerging Cline Shale resource play.
Pryme's shares are publicly traded on the Australian Securities Exchange (ASX ticker: PYM) and also as American Depositary Receipts on the OTCQX (ADR ticker: POGLY).
Pryme Energy Limited
Telephone: +61 7 3371 1103
Chief Operating Officer
Telephone: +1 713 401 9806
Source: ABN/Asia Business Newswire
(September 17, 2015 - 8:33 PM EDT)
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