HYDROCARBON DYNAMICS LIMITED — Capital/Financing Update 2010

Nov 22, 2010

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23 November 2010

Deshotels 20-H No.1 Completion and Corporate Update

T he Deshot e ls 20-H N o .1 well pr o duction liner (casing) has been s et and ce m ented in p lace and the d rilling cont r actor is demobilizing t he drill rig. Perforati o n and flow testing of the well ar e expected to c ommence in early De c ember.

W hilst it is e xpected th a t the Deshotels 20-H No.1 well w ill primaril y produce o i l, it is also expected t h at c ommercial quantities o f natural g a s will be p r oduced an d piped to m arket. Sur v eying of t h e route to the n atural gas s ales line, a distance o f approxim a tely 4 mile s , will com m ence this w eek.

P ryme has a 40% working interest (30% net r e venue interest (NRI)) in this well. Corporate Update

A tocha Proj e ct

F ollowing the poor res u lt from the re-entry of t he HM Bri a n No.1 well in the Atocha project and a revi e w o f prospecti v ity of the A tocha Proj e ct teneme n ts, the Bo a rd has det e rmined not to partici p ate directly in t h e further e xploration of the project. Prym e has assi g ned its in t erest, subj e ct to rete n tion of a 1% o verriding r o yalty and fees paya b le to Pry m e in resp e ct of futur e explorati o n, to Amelia Resour c es L LC. The b o ok value of the Atoch a project is approximately A$650, 0 00 which w ill be written off.

R aven Proj e ct

T he Comp a ny has as s igned a 5 % working interest an d its overriding royalt y interests in the Raven n atural gas project to Amelia R e sources L L C in settl e ment of o u tstanding c laims in t h e amount of U S$167,50 0 . Pryme w ill retain a 35% working interes t (26.25% N et Reven u e Interest) in Raven. A r e view of th e carrying value of the project will b e complet e d prior to y ear end.

F or further in f ormation pl e ase contact :

Justin Pettett	Ryan Messer
Managing Director	Chief Operating Officer
Pryme Oil and Gas Limited	Pryme Oil and Gas Limited
Telephone: +61 7 3371 1103	Telephone: +1 713 401 9806
Website: www.prymeoilandgas.com	ASX Code: PYMOTCQX Code: POGLY

P ryme Oil a n d Gas Limi t ed is an Au s tralian oil and natural g as produce r and explor e r with inter e sts in the G ulf S tates of the U.S. The c ompany ha s oil and ga s exploration projects fo c used on Lo u isiana, the fifth-largest o il- p roducing st a te in the U. S . These p r ojects are f u nded in pa r t by existin g cash flow. Pryme’s bo a rd of direct o rs a nd management team has over 1 0 0 years o f energy in d ustry exper i ence and h as uniquel y focused lo c al k nowledge, u nderscored b y the prov e n track reco r ds of its managers and d irectors. D i rectors of the company a re G eorge Lloy d (Non-Exec u tive Chairm a n), Justin Pettett (Mana g ing Directo r ) and Ryan M esser (Executive Direc t or) a nd Greg Sh o rt (Non-Executive Direc t or).

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