Perth, Feb 24, 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 3031m on 22 February 2009. The current activity is conditioning the hole prior to running intermediate casing.
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 operation is progressing on schedule and is currently 18 days into the planned 35 day drilling program. 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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