Pryme Energy Limited provides an operational update on its Capitola Oil Project located along the Eastern Shelf of the Permian Basin, Texas USA.
Current daily production is approximately 140 barrels of oil (105 barrels of oil net to Pryme) and 200Mcf of natural gas (150Mcf of natural gas net to Pryme) from the first 3 Capitola wells. Production from these wells is expected to increase as the McCain well cleans up and continuous production is established from the Hope Boles well.
The short term plans are to optimise production from producing wells; to fracture stimulate and complete our fourth well, the Shari Lynn No.1, which was drilled in February; and to drill and complete our fifth.
The Shari Lynn well is relatively close to the Mahaffey Bishop well and, when connected to pump and cleaned up, is expected to have similar production characteristics. The Mahaffey Bishop well is presently averaging 90 barrels of oil per day with no decline.