Sun Resources NL reported that the S.L. 328 #9 well (previously Long Lake #9) was expected to spud Friday on the Hollywood Prospect in Lafourche Parish, La. At press time, the barge rig Todco Rig 29 was being moved to the well site.
The S.L. 328 # 9 well on the prospect targets a faulted structural high with Lower, Middle and Upper Hollywood Sands objectives with cumulative potential of 21.7 billion cubic feet of gas ("bcf") and 760,000 barrels of condensate ("boc"). The Hollywood Sands objectives lie between 11,550 feet (3,520 meters) and the total well depth of 13,500 feet (4,115 meters).
The prospect is relatively low risk as there is good 3D seismic amplitude support of the multi-pay targets that are interpreted as indicating gas. In particular, the seismic is tied into the nearby producing Hollywood Sands Palace (SL 328) #1 well that was drilled in 2004 and came on line at a daily rate of 5.6 million cubic feet ("mmscf") of gas with 301 boc. Cumulative production to date from the Palace #1 well is 3.8 bcf of gas plus 114,916 boc. The well is still producing at a daily rate of 3.6 mmscf of gas with 60 boc.
Any resulting production from S.L. 328 # 9 can be run through Kriti's nearby production facilities based on a mutually agreeable Production Handling Agreement. Currently there is spare capacity for 6 mmscf per day with associated condensate.
The S.L. 328 lease has a 12 monthly continuous drilling option. Conditional on drilling success, the follow up potential of a further ~30 bcf and 1,085,000 boc in the Hollywood objectives within the 1,325 acre lease will be the subject of further drilling prior to June quarter 2008.
Participants' interests in the project on completion of the first well are:
- Sun Resources NL, 10.00000%
- First Australian Resources Limited, 10.18750%
- Amadeus Energy Limited, 21.90625%
- Kriti Exploration, Inc., 55.90625% (Operator)
- Parker Fannin Properties Ltd, 1.0000%
- JVR Petroleum, Inc., 1.0000%
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