Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 June 2013drilling progress report● Neutral
Seale #1H has flowed back 26 days, recovering about 9% of frac water, with a peak oil rate of 61 bopd. Ellis #1H averages 172 bopd. Sun cites 10 nearby peer Lower Woodbine wells with strong results as de-risking the play.
6 May 2013drilling progress report▼ BadMajor
Seale #1H hit trouble: the drill bit broke off while drilling out plug seven and could not be retrieved. Only the first seven of 23 frac stages can flow, so a proportionally lower rate is expected. MD called it disappointing; T. Keeling frac follows.
19 Apr 2013drilling progress report● Neutral
Seale #1H frac is complete: 23 stages over 6,800 ft, with a week of clean-up before shut-in for the T. Keeling #1H frac, now expected by early May. John Beeler #1H jet pump installed; Beeler #1H awaiting its pump; Ellis #1H optimisation continues.
5 Apr 2013drilling progress report▲ Good
Ellis #1H's jet pump lifted oil rates, with hourly peaks of 15-18 barrels of oil, equal to 360-432 a day if sustained, not yet stabilised. Seale #1H's 17-stage frac has begun, with T. Keeling #1H to follow. Both fracs are expected by end April.
21 Mar 2013drilling progress report▲ Good
Ellis #1H is back on oil production after a hot oil treatment, and a jet pump is installed and being commissioned. It flowed up to 700 barrels of fluid a day with up to 40% oil. Seale #1H lateral is drilled to 15,277 ft, with frac next.
19 Feb 2013drilling progress report● Neutral
Richland wells are being fitted with pumps: a jet pump on Ellis #1H, called the most successful well, and a rod pump on Beeler #1H, with John Beeler wells shut in. About 7,000 barrels of oil produced from the three laterals to end January (gross). Seale #1H is now first to be fracced.
24 Jan 2013drilling progress report● Neutral
Beeler #1H flow-back is suspended by paraffin build-up, with fluid recovery still about 10%. John Beeler #1H made roughly 178 barrels of oil a day in one 24-hour period (not stabilised). T. Keeling #1H reached 14,400 ft; Seale #1H spudded 19 January.
10 Jan 2013drilling progress report● Neutral
Beeler #1H fluid recovery is still only near 10%, so no initial flow rate yet; John Beeler #1H is at about 18%. Ellis #1H frac is underway, finishing by 18 January, with the other wells shut in. T. Keeling #1H is drilling at 13,976 ft.
21 Dec 2012drilling progress report● Neutral
Seale #1 is cased and T. Keeling #1H has spudded and is drilling toward its intermediate casing point. Completion of all three Amerril wells is now estimated late March 2013, from mid-February earlier.
20 Dec 2012drilling progress report● Neutral
Beeler #1H has recovered only about 10% of frac fluid; 20-25% is needed for a reliable flow rate, so still no result. John Beeler #1H (31 stages) and John Beeler #2 (6 stages) are fracced; Ellis #1H frac due by 12 January.
6 Dec 2012drilling progress report● Neutral
Beeler #1H is flowing oil at increasing rates during clean-up, but no initial production rate yet. John Beeler #1H's 37-stage frac has begun; Ellis #1H frac slips again to late December.
22 Nov 2012drilling progress report● Neutral
Beeler #1H frac finished (27 stages over 6,100 ft lateral); 12-16 days of flow-back to follow before a flow rate is known. John Beeler #1H frac starts next week; Ellis #1H frac slips to mid-December.
22 Nov 2012drilling result▲ GoodMajor
Seale #1 vertical on the Amerril project reached 9,938 ft; logs show potential pay in five stacked formations, about 670 ft gross, with strong oil in the Middle Woodbine. Sun holds 50%. Not a flow test; fracing planned mid-February 2013.
8 Nov 2012drilling progress report● Neutral
Beeler #1H's frac is now due to finish mid-November after remedial work, slipping from about 6 November. Ellis #1H reached 14,902 ft with over 7,500 ft of lateral; John Beeler #1H is cased awaiting a second frac crew. No flow rates yet.
5 Nov 2012drilling spud▲ GoodMajor
A three-well Woodbine program began on the Amerril Oil Project, with the Seale #1 vertical spudded 4 November. Sun holds 50% and pays about US$1M net for this first well. Completion of all three wells is estimated by mid-February 2013.
1 Nov 2012drilling progress report● Neutral
Beeler #1H's 26-stage frac is underway and due to finish next Tuesday, then flow-back. John Beeler #2 is cased ready to frac. Ellis #1H is drilling its lateral at 12,511 ft. John Beeler #1H completion is expected by 15 November. No flow rates yet.
29 Oct 2012farm in farm out agreement▲ GoodMajor
Carnarvon and Sun farmed out 100% of Thailand's L20/50 to Siam Moeco (Mitsui subsidiary) with no further commitments. They get US$8.5M on commercial production and a 2% royalty capped at US$10M. Carnarvon states Sun's interest is 45%, versus 42.5% earlier. Follows the two dry wells.
18 Oct 2012drilling progress report▲ GoodMajor
John Beeler #1H reached total depth with about 7,300 ft of lateral, and Ellis #1H pilot logs show the same three pay zones. The joint venture added a fourth well, the vertical John Beeler #2, to test the stacked zones. Beeler #1H frac still pending.
8 Oct 2012drilling progress report● Neutral
Beeler #1H is cased and its frac is due to start this week, with completion expected late October. John Beeler #1H is drilling its roughly 7,000-foot lateral (mid-November completion), and Ellis #1H spudded 7 October. No flow results yet.
27 Sept 2012drilling progress report● Neutral
Beeler #1H reached total depth of 12,756 feet with a lateral of about 6,100 feet; fracs are now about 32 stages and completion slips to late October. John Beeler #1H logs confirm all three pay zones, and third well Ellis #1H is due to spud around 7 October.
18 Sept 2012drilling spud● Neutral
John Beeler #1H, Sun's second Woodbine well, spudded 17 September 2012, about 2,000 feet west of Beeler #1H. Sun holds 16.67% WI at a cost of about US$1.26M. A roughly 7,000-foot lateral is planned, with completion expected late October.
3 Sept 2012drilling scheduled▲ GoodMajor
Richland JV partners committed to two more horizontal wells on the 1,360 acres, after the Beeler #1H logs. Sun holds 16.67% in each (12.5% NRI), costing about US$2.3M in total. John Beeler #1H is planned to spud 7 September, the third well on 1 October.
31 Aug 2012drilling result▲ GoodMajor
Logs from the Beeler #1H pilot hole show oil-bearing pay in three zones: Sub-Clarksville (100 ft), Woodbine A (100 ft) and Woodbine B (about 150 ft). Sun calls this in line with nearby producing wells. Horizontal drilling is next; no flow results yet.
27 Aug 2012drilling progress report▲ Good
Beeler #1H, Sun's first Woodbine well, drilled its vertical pilot hole to the planned 7,400 feet measured depth (7,180 feet true vertical depth), with elevated gas readings in the Woodbine at 6,400-6,750 feet MD. Logging began before the horizontal section is drilled; completion is expected by late September 2012.
20 Aug 2012drilling spud▲ GoodMajor
Beeler #1H, Sun's first Woodbine well, spudded on 18 August 2012. Sun holds a 16.67% earning interest at about US$1.26M. Planned depth is about 6,400 feet with a 5,475-foot lateral and 36 fracs; completion is expected late September.
8 Aug 2012farm in farm out completion● NeutralMajor
The farminors took up their right to join Beeler #1H through nominee Steadfast Resources, paying 50% of the cost. Sun's earning interest falls from 25% to 16.67%, and its cost from about US$1.9M to US$1.26M. Spud is now about 15 August.
25 July 2012farm in farm out agreement▲ GoodMajor
Sun signed a binding farm-in with Richland Resources and Amerril over 1,360 acres in Leon County, Texas, to drill the Beeler #1H horizontal Woodbine well. Sun pays 25% of about US$7.6M (about US$1.9M) for a 20.3% working interest; spud planned about 17 August 2012.
17 Mar 2011drilling result▼ BadMajor
Sun confirms Krai Thong-1 found only water in the tested zones and will be plugged and abandoned, with Chalawan deferred. Both L20/50 wells are now dry; Sun keeps 42.5% and the joint venture will reinterpret the seismic data.
17 Mar 2011drilling result▼ BadMajor
Carnarvon reports Krai Thong-1 wireline testing found water as the mobile fluid, so the well will be plugged and abandoned and the Chalawan well deferred. A second dry hole in the Thailand program; good reservoir and seals were noted.
14 Mar 2011drilling progress report● Neutral
Carnarvon reports Krai Thong-1 stopped at about 1,300m, short of the 1,425m plan, due to hard rock, after the target intervals were penetrated. Sandstone zones with elevated resistivity and minor oil shows need wireline testing. Cautiously encouraging, but unproven.
