Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Apr 2007farm in farm out agreement▲ GoodMajor
Sun farms into the Hollywood Prospect at Lake Long, Louisiana, earning a 10% interest from operator Kriti by paying about 13.3% of the US$7.76M dry-hole cost. The Lake Long #9 well targets 21 bcf and 760,000 barrels of condensate, drilling mid May to late July 2007.
26 Apr 2007farm in farm out agreement● Neutral
Amadeus Energy, a partner, announces it has acquired 21.9% of the same Lake Long Hollywood Prospect, with the same well, targets and timing. It confirms Sun holds 10% on completion of the first well. Partner-side repeat of Sun's farm-in.
19 Mar 2007drilling result● NeutralMajor
The first three Margarita shallow wells are called technical successes: El Viejito #1 and Dos Dedos #1 gas, Milagro #1 oil. But El Viejito will not be connected to sales because water coned into the thin gas zone. Rains delay the others; the last three wells start mid to late April.
28 Feb 2007drilling progress report● Neutral
Victoria Petroleum repeats Sun's status update: El Viejito flow test results in 4-5 days, Milagro testing from 28 February, Dos Dedos rig on location, and the rig leaving for other work after the third well.
27 Feb 2007drilling progress report● Neutral
El Viejito flow test preparations have begun, with results expected in 4-5 days. Milagro testing rig is due 28 February. Dos Dedos rig has arrived; after it, the rig leaves for another operator before returning for the last three wells.
22 Feb 2007drilling result▲ Good
Milagro #1 reached total depth, and logs suggest 4.3 m of potential oil pay. The well will be cased for testing. El Viejito #1 is still waiting on testing equipment. Early log reading only, not a confirmed discovery.
22 Feb 2007drilling result▲ Good
Victoria Petroleum repeats that Milagro #1 reached total depth with 4.3 m of potential oil pay from initial log interpretation, and will be cased for testing. Same content as Sun's release.
12 Feb 2007drilling spud● Neutral
Milagro #1, the second Margarita shallow well, spudded 9 February, with drilling toward 1,585 m. Winter rains blocked the rig from Dos Dedos, so the order changed. El Viejito #1 still awaits a workover rig for testing.
2 Feb 2007drilling result▲ Good
El Viejito #1 reached 1,932 m; logs show possible gas in Frio sands (1.2 m net pay) and Vicksburg sands (11 m net pay), both unconfirmed until tested. Casing is being run for testing. The rig moves to Dos Dedos next.
2 Feb 2007drilling result▲ Good
Victoria Petroleum confirms El Viejito-1 reached 1,932 m with possible gas in a 1.2 m Frio interval and an 11 m Vicksburg interval. Production testing expected in about 14 days. Matches Sun's release.
9 Jan 2007drilling progress report● Neutral
El Viejito #1 is at 1,129 m, heading for 1,920 m, after an extended Christmas break and crew change. Wells are drilled at a fixed turnkey price, so delay costs fall on the contractor. No result yet.
9 Jan 2007drilling progress report● Neutral
Operator partner Victoria Petroleum repeats the 9 January update: El Viejito #1 at 1,129 m, fixed-price turnkey drilling, final depth 1,920 m. Nothing new beyond Sun's own release.
21 Dec 2006drilling spud● NeutralMajor
Drilling began on El Viejito #1, the first of six shallow Margarita gas wells, with surface casing run to 192 m. Drilling resumes 26 December toward 1,920 m. Sun holds 20%. No result yet.
21 Dec 2006drilling progress report● Neutral
Victoria Petroleum repeats that El Viejito #1, first of six shallow Margarita gas wells, is running surface casing at 192 m. Drilling resumes 26 December toward 1,920 m. Sun holds 20%. Duplicates Sun's own 21 December spud notice; no result yet.
6 Dec 2006farm in farm out agreement● Neutral
Operator Victoria Petroleum confirms the 5 December Empyrean farm-in on Margarita and a three-plus-three shallow well program from about 18 December. Victoria holds 20%. The first three wells target 5 Bcf combined; the second three depend on success.
5 Dec 2006farm in farm out agreement▲ GoodMajor
Empyrean Energy farms into six shallow Margarita wells, with an option on three deep ones. Final interests become Sun 20%, Victoria 20%, Wandoo 16%, Empyrean 44% (Sun was 37.5%). Drilling starts about 15 December; first three wells target 1.2-2.0 Bcf each.
18 Oct 2006drilling result▼ BadMajor
Sun confirms Eagle North-1 workover failed: the damaged production valve at 3,963 m could not be passed, so the well is suspended pending a future side track. Sun will seek a new operator and partner and is weighing keeping or farming down its 10%.
18 Oct 2006drilling result▼ BadMajor
Operator Victoria Petroleum says the workover could not retrieve the production valve and guns in Eagle North-1, so it is abandoning the effort. Partners will plan a future re-entry and side track to the 177 m target. The June retest is not completed; no oil flow result.
19 Sept 2006drilling progress report▼ Bad
Operator says a workover rig arrived at Eagle North-1 on 15 September. A coiled tubing rig found the perforating guns appeared not to have fired in the first test. The rig will retrieve them over about 14 days before a retest.
19 Sept 2006drilling progress report▼ Bad
Sun reports the workover rig began on Eagle North-1 on 19 September Perth time, confirming the perforating guns appeared not to have fired. A further delay is expected while the cause is found before the 177 m is retested.
4 Sept 2006drilling scheduled▼ BadMajor
Sun says Eagle North-1 testing resumes late September after a June perforating attempt failed with mechanical problems. Flour Bluff Phase 2 slips to mid October (planned for February). Only FB #1 and D-26 are firmly scheduled; 8 wells target 40.9 Bcfe.
8 June 2006drilling progress report▼ Bad
Sun says Eagle North-1 testing is waiting for a completion rig and coiled tubing unit to be available together, delayed by heavy equipment demand in the Bakersfield area. Still no flow result for Sun's 10%.
8 June 2006drilling progress report● Neutral
Operator repeats that Eagle North-1 testing is waiting on a completion rig and coiled tubing unit because of Bakersfield equipment shortages. No test result; background history and the 1,000 bopd hope are restated.
23 May 2006drilling progress report● Neutral
Operator reports 'encouraging results' from Eagle North-1 testing, but the large drilling rig was released on 20 May so a cheaper completion rig and then a coiled tubing unit can continue. No flow rate given; testing is delayed.
23 May 2006drilling progress report● Neutral
Operator Victoria Petroleum repeats that Eagle North-1 testing continues with results 'providing encouragement', and a completion rig is being secured. It restates the up to 1,000 bopd hope and 34 MMbbl upside; no test result.
16 May 2006drilling progress report● Neutral
Sun reports the Eagle North-1 horizontal is being production tested over 177 m after perforating the cased section, using a slow conventional method because no coiled tubing unit or nitrogen is available. No flow rate yet; results promised at completion.
16 May 2006drilling progress report● Neutral
Operator says production testing of the 177 m Eagle North-1 horizontal section continues, with no results given. Results will be released when the test ends, so shareholders are still waiting for a flow rate.
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.
