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 continues to progress on schedule and is currently 25 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."
About Sun Resources NL
Sun Resources NL (ASX:SUR) is an Australian company, which is engaged in oil and gas exploration and investment. The Company operates in two segments: corporate administration and exploration. As of June 30, 2007, the Company participated in the drilling of seven oil and gas wells (six wells on South Texas Project Margarita prospects and one on a development project in the Lake Long Field area in Louisiana) and in a number of work overs and completions. Its exploration and production emphasis is on both oil and gas in conventional geological settings and within conventional reservoirs, principally located in Texas (Flour Bluff Gas Project, Project Margarita and Project Redback on the South Texas Gulf Coast), Louisiana (Lake Long Project) and California (Eagle Oil/Gas Development Project in the San Joaquin Basin). Its subsidiaries include Nieuport Pty Ltd, Sun Resources (New Caledonia) Pty Ltd, Sun Resources (NSW) Pty Ltd and Highland Petroleum Limited.
Sun Resources NL