21 Feb 2006drilling progress report● Neutral
Operator repeats that Eagle North-1 is cased at 4,217 metres and being prepared for flow testing in about four days. Log-interpreted net oil pay remains up to 13.4 metres. No new result; FAR holds 15%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Feb 2006drilling progress report▲ Good
Sun Resources says 7-inch casing is set at 4,217 metres on Eagle North-1 and testing should start late Thursday. Refined log analysis now shows up to 13.4 metres of net oil pay over 4,143-4,164 metres, up from 7 metres. FAR holds 15%.
20 Feb 2006drilling progress report▲ Good
Operator confirms 7-inch casing cemented at 4,217 metres on Eagle North-1, with about four days to prepare for flow testing. Refined logs show up to 13.4 metres net oil pay over 4,143-4,164 metres. Same figures as Sun's release; FAR holds 15%.
17 Feb 2006drilling result▲ GoodMajor
Sun Resources reports first-pass logs on Eagle North-1 show about 7 metres of net oil pay between 4,136 and 4,157 metres, similar to the 1986 Mary Bellocchi-1 discovery well. Testing follows after casing. Resolves the earlier no-oil-show concern positively; FAR holds 15%.
17 Feb 2006drilling result▲ Good
Lakes Oil, another 15% partner, repeats the operator's log result: oil saturation over 21 metres with 7 metres net pay in Eagle North-1, similar to Mary Bellocchi-1. No new information beyond the operator's release.
17 Feb 2006drilling result▲ GoodMajor
Operator's preliminary log analysis indicates oil saturation over 21 metres (4,136-4,157 metres) with 7 metres net pay, similar to Mary Bellocchi-1. The well will be cased and tested over about 8 days, then possibly sidetracked 300 metres. Duplicates Sun's result; FAR holds 15%.
16 Feb 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 reached final depth of 4,219 metres and electric logging is under way to assess the 4,167-4,175 metre gas show. Log results are expected within 24 hours, so the partners can decide on testing. FAR holds 15%.
16 Feb 2006drilling progress report● Neutral
Operator says Eagle North-1 reached final depth of 4,219 metres and is running wireline logs, with results expected in 12-18 hours. The gas show at 4,167-4,175 metres had no oil fluorescence, which the operator attributes to drilling conditions. FAR holds 15%.
15 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 4,184 metres preparing to drill ahead, repeating the Gatchell gas show and no oil fluorescence. Wireline logs still expected within 24-48 hours to judge oil potential. FAR holds 15%.
14 Feb 2006drilling result● NeutralMajor
Eagle North-1 hit the target Gatchell sand at 4,162 metres as predicted, with a gas show but no visible oil, which the operator says drilling conditions would suppress. Logs in 24-48 hours will decide. Total depth moved to 4,220 metres and time to 28 days. FAR holds 15%.
14 Feb 2006drilling result● Neutral
Sun Resources gives the same Gatchell sand intersection at 4,162 metres with a gas peak of 42 units and no oil fluorescence, attributed to mud and bit conditions. Wireline logs due within 24-48 hours; final depth revised to 4,218 metres. FAR holds 15%.
13 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 4,136 metres, close to the target now quoted at 4,148 metres. Planned total depth stays 4,206 metres. No result yet; FAR holds 15%.
13 Feb 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 is at 4,136 metres and should reach the 4,145 metre target within 5-6 hours, after which logging and coring follow. No result yet; FAR holds 15%.
13 Feb 2006drilling progress report● Neutral
FAR's own update puts Eagle North-1 at 13,570 feet (4,136 metres), drilling ahead toward the Gatchell target. It restates the 15% interest and the plan to test then drill a 300 metre horizontal. No result.
10 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 3,848 metres, drilling ahead, with the 4,145 metre target expected by the weekend. Repeats known reserve ranges. No result; FAR holds 15%.
10 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 3,836 metres, drilling ahead toward the 4,145 metre target. Planned time to total depth is still 24 days from 12 January. No result yet; FAR holds 15%.
9 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 3,696 metres in the sidetrack, drilling ahead toward the 4,145 metre target. Planned time to total depth is unchanged at 24 days from 12 January. No result yet; FAR holds 15%.
9 Feb 2006drilling progress report● Neutral
Sun Resources repeats that Eagle North-1 is at 3,696 metres, drilling ahead to the 4,145 metre target, with total depth expected by the end of the week. Repeats the 13.5 million barrel mean reserve range. No result; FAR holds 15%.
8 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 3,627 metres, running back in with a new bit to drill ahead toward the 4,145 metre target. No result yet; FAR holds 15%.
8 Feb 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 is at 3,627 metres after removing the directional motor, with drilling ahead expected to reach the 4,145 metre target by the end of the week. No result yet; FAR holds 15%.
7 Feb 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 is at 3,564 metres in the sidetrack, with a trip planned at 3,627 metres to remove the directional motor. Target depth is expected at the end of the week. No result; FAR holds 15%.
7 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 drilling ahead in the sidetrack at 3,565 metres toward the 4,145 metre target. No result yet; FAR holds 15%.
6 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 at 3,407 metres in the new sidetrack, running back in to resume drilling toward the 4,145 metre target. Repeats the 13.5 million barrel mean reserve range. No result; FAR holds 15%.
6 Feb 2006drilling result▼ BadMajor
Schwing A-1 (FAR 18.3%) reached 11,650 feet; logs and cores show its three Upper Bolmex sands hold no oil, so the well will be plugged and abandoned. This resolves the 3-5 million barrel prospect as a dry hole. The 40-1 well is being considered next.
6 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 at 3,407 metres in the new sidetrack, running back in the hole to resume drilling. Planned time to total depth is unchanged at 24 days from 12 January. No result; FAR holds 15%.
3 Feb 2006drilling progress report● Neutral
Operator reports Eagle North-1 pulling out of hole to pick up a new assembly, with sidetrack drilling to start from 3,407 metres. No new result; FAR holds 15%.
2 Feb 2006drilling progress report● Neutral
Schwing A-1 (FAR 18.3%) is drilling ahead at 11,547 feet, with oil shows in the Upper Bolmex called inconclusive until logged later this week. Lake Long SL 328#8 (1.375%) should start within 10 days; Eagle North-1 is preparing a new sidetrack.
2 Feb 2006drilling progress report● Neutral
Operator says Eagle North-1 is waiting on cement to set before returning to sidetrack drilling toward the 4,145 metre target. Time to total depth stays at 24 days from 12 January. No result yet; FAR holds 15%.
1 Feb 2006drilling progress report▼ Bad
Sun Resources confirms the Eagle North-1 sidetrack deviated into the original junked hole at 3,598 metres and must be repeated. Target depth is now expected about 7-8 February, later than earlier guidance. No result yet; FAR holds 15%.
1 Feb 2006drilling progress report▼ Bad
The Eagle North-1 sidetrack drilled back into the original wellbore, so a new cement plug and a second sidetrack are needed. Time to reach total depth is now stated as 24 days from 12 January, versus the original 14. Another setback; no result.