Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 May 2006drilling progress report● Neutral
Drilling at Eagle North-1 stopped at 4,386 m because running sands blocked further horizontal drilling and the slotted liner. A production test of 177 m of oil sand was being prepared, expected to take about four days, with no flow rate yet.
8 May 2006drilling progress report● Neutral
Operator repeats that drilling stopped at 4,386 m due to running sands, so the slotted liner was not run. A 177 m production test is being prepared, taking four to seven days. It reads the running sand as a sign of good reservoir.
27 Apr 2006drilling progress report● Neutral
Sun reports survey tool problems forced the Eagle North-1 lateral to restart from 4,285 m, delaying the well. Oil flowed into the hole at 4,303 m, so mud weight was being raised. Drilling rate rose from 8 to 70 ft per hour, which Sun reads as good porous sand.
27 Apr 2006drilling progress report▲ Good
Operator confirms oil flowed into the Eagle North-1 lateral at 4,303 m, with gas readings rising from 2 to 550 units and 11 m of good oil shows to 4,308 m. It admits the well ran longer than planned. Another seven days are planned.
27 Apr 2006drilling progress report● Neutral
Partner Lakes Oil (15%) relays the operator's 26 April report of oil inflow and good oil shows in the Eagle North-1 lateral to 4,308 m. Nothing new for Sun's 10%.
18 Apr 2006drilling progress report▲ Good
Sun reports the 2H sidetrack landed in the lower Gatchell oil sands at 4,255 m with about 30 m of good oil shows, after the 4½ inch liner was cemented. A 320 m lateral to 4,600 m and a drill stem test follow. No flow result yet.
18 Apr 2006drilling progress report● Neutral
Operator reports the 4½ inch casing set at 4,281 m after good oil shows from 4,255 to 4,285 m, with the 320 m lateral next. Repeats up to 1,000 bopd if successful. Seven days of work planned; largely repeats Sun's same-day update.
18 Apr 2006drilling progress report▲ Good
Operator Victoria Petroleum reports the Eagle North-1 horizontal hit good oil shows in the target Gatchell sand from 4,255 m, drilling at 4,272 m. A 4½ inch liner is next, then the 320 m lateral. Up to 1,000 bopd is still anticipated if successful.
31 Mar 2006drilling progress report▼ Bad
After continued mechanical problems and hole deterioration, the Eagle North-1 horizontal was abandoned and a new sidetrack (2H) begun, with a window milled at 4,028 m. A gentler curve will land at 4,252 m, then a 320 m lateral ending within 30 m of Mary Bellocchi-1.
31 Mar 2006drilling progress report● Neutral
Operator confirms a new horizontal sidetrack from 4,028 m at Eagle North-1 after earlier drilling difficulties, using a gentler curve and a 4½ inch liner. The curve, liner and lateral are planned to take 15 days; up to 1,000 bopd is still anticipated if successful.
29 Mar 2006investor presentation● Neutral
Sun presents at a Perth conference on its Texas Flour Bluff and Margarita projects. It repeats Flour Bluff's 210 Bcfe, ~6 MMcf/d production, and a nine-well Phase 2 targeting 40.9 Bcfe and possibly over 20 MMcf/d by 2007. Mostly known facts.
21 Mar 2006drilling progress report▼ Bad
Sun reports the Eagle North-1 horizontal is still at 4,131 m, delayed during the week by mud motor, MWD tool and mud circulation problems. Plan is now a roughly 300 m lateral then a drill stem test. No results.
21 Mar 2006drilling progress report▼ Bad
Operator Victoria Petroleum reports the same delay at Eagle North-1: down-hole equipment and mud circulation problems have held up the horizontal at 4,131 m. It repeats that up to 1,000 bopd is anticipated if successful.
13 Mar 2006drilling progress report● Neutral
Sun reports horizontal drilling resumed after rig mechanical matters were fixed, now at 4,131 m measured depth building the curve toward the Gatchell oil sands. A drill stem test will follow once the lateral is drilled. No results yet.
7 Mar 2006drilling spud● Neutral
Operator Victoria Petroleum starts a horizontal well from Eagle North-1 toward Mary Bellocchi-1, drilling about 1,000 ft through the oil sand with kick-off at 4,103 m. It says up to 1,000 bopd is anticipated if successful. Drilling of the sands is expected within about ten days.
7 Mar 2006well test result▼ BadMajor
The vertical test of Eagle North-1 failed: only about 400cc of oil was recovered and no fluid entered the well, so the oil sands are probably not connected to the well. Partners unanimously approved drilling a 90-150 m horizontal lateral to test instead.
3 Mar 2006well test result● Neutral
Eagle North-1 cleanup recovered only about 400cc of crude while nitrogen unloading began; flow had not yet been established. Testing of 3-5 days is planned if flow starts, then the 300 m horizontal. An update is due 7 March.
2 Mar 2006half year report● Neutral
Sun lodges its half-year financial report to 31 December 2005 with a cover letter. The excerpt available is truncated before the financial statements, so no results figures can be stated here.
28 Feb 2006drilling progress report● Neutral
Partner FAR relays the operator's 27 Feb update: Eagle North-1 is perforated and about five days of cleanup and nitrogen-assisted start-up remain before flow testing. Results are expected at the end of the week. Nothing new for Sun's 10%.
27 Feb 2006drilling progress report● Neutral
Sun reports the Eagle North-1 pay zone has been perforated and the well is being checked before unloading fluids to start oil flow, as was done at Mary Bellocchi-1 in 1986. Test results are promised at the end of the week.
27 Feb 2006drilling progress report● Neutral
Operator says Eagle North-1 casing was perforated at 4,142.8-4,152.3 m and 4,158.3-4,163.0 m, with about five more days of cleanup and nitrogen-assisted start-up before flow. Results are expected at the end of the week; no flow yet.
23 Feb 2006drilling progress report● Neutral
Sun says Eagle North-1 testing should start around 24-25 Feb. About 20 m (4,143.7-4,163.6 m) will be perforated for a five-day flow test, followed by a 300 m horizontal sidetrack if flow rates are adequate.
21 Feb 2006drilling progress report● Neutral
Operator repeats its 20 Feb update: casing at 4,217 m, preparing the blowout preventer, about four more days before flow testing. Up to 13.4 m net oil pay interpreted; no new results.
20 Feb 2006drilling progress report● Neutral
Partner FAR (15% of Eagle) relays that casing is run at Eagle North-1 and testing is being prepared, with up to 13.4 m net oil pay. Also reports a rig arriving for its separate Louisiana well; nothing new for Sun.
20 Feb 2006drilling progress report▲ Good
Sun reports 7-inch casing set at 4,217 m at Eagle North-1, with a five-day flow test to start after about four days of preparation. Further log work now gives up to 13.4 m net oil pay over 4,143-4,164 m, up from the earlier 7 m.
20 Feb 2006admin correction● Neutral
Re-release of the same Form 205 notice of resolutions passed at the 17 Feb 2006 meeting (remuneration report, ratification of the 32,446,000 share issue at 18c). No new information.
20 Feb 2006drilling progress report▲ Good
Operator confirms 7-inch casing cemented at 4,217 m at Eagle North-1 and flow-test preparation will take about four days. Repeats the revised interpretation of up to 13.4 m net oil pay over 4,143-4,164 m.
17 Feb 2006drilling result▲ GoodMajor
First look at the logs shows Eagle North-1 has about 7 m of net oil pay at 4,136-4,157 m, similar to the 1986 Mary Bellocchi-1 discovery well. Casing and a testing program follow next week; flow rates are still unknown.
17 Feb 2006drilling result▲ Good
Partner Lakes Oil (15% of Eagle) relays the operator's log result: oil saturation over 4,136-4,157 m with 7 m net pay, similar to Mary Bellocchi-1. Nothing new for Sun's 10% interest.
17 Feb 2006drilling result▲ Good
Operator Victoria Petroleum repeats that preliminary logs show oil in the Gatchell sands at Eagle North-1, with 7 m net pay over 4,136-4,157 m, similar to the 1986 Mary Bellocchi-1 well. Casing and a test over 8 days follow; up to 1,000 bopd is anticipated if a horizontal succeeds.
