Perth, Feb 17, 2009 AEST (ABN Newswire) - Sun Resources NL (ASX:SUR)(PINK:SNRDF) has been advised by the operator, Mueller Exploration Inc ("MEI"), that the Ammann Heirs Gas Unit #1 well (AHGU #1) on the Meek Prospect, in Wharton County of Southern Texas, was at 2326m on 15 February 2009. The current activity is drilling ahead below 2326m.
Background
In July 2008, Sun Resources, successfully negotiated a farm-in with MEI to acquire a 12.5% Working Interest (10%NRI) in the Meek Prospect that lies within the regionally productive Wilcox trend of the onshore Gulf of Mexico in south Texas. The Meek Prospect is relatively low risk because it has been keyed off an adjacent Middle Wilcox (Meek sands) producing field using 3D seismic. Seismic attributes indicate the presence of hydrocarbons conforming to the prospect structure in stacked, Middle Wilcox (Meek) sands below 3,500m depth. The AHGU #1 well on the prospect targets gas and condensate potential of 16 bcfg with 269,000 bo (18 bcfge). Nearby production wells in Meek sands are good analogues and have produced similar order of reserves to that being targeted by Sun Resources at the Meek Prospect in 4 to 5 year production periods.
Commenting on the Meek Prospect, Mr Matt Battrick, Managing Director of Sun Resources stated; "The Meek Prospect lies adjacent to a producing field at the same reservoir level and has 3D seismic attributes indicative of the presence of hydrocarbons in the structure. It is therefore considered a relatively low risk prospect. If successful, this well has the potential to significantly add to the Company's reserves, production and importantly revenue stream from the USA."
Contact
Matt Battrick
Managing Director
Sun Resources NL
Tel: +61-8-9388-6501
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