Drilling Operations Delayed at Vesta 1 Well

Sun Resources reports that drilling operations at the Vesta 1 well located offshore Australia in permit WA-261-P in the Carnarvon Basin has been delayed until mid to late first quarter 2004. The delay has been caused by changes in well scheduling of the Ensco 56 jackup.

The Vesta Prospect is a shallow buttress-statigraphic trap lying west southwest of the Stag Oilfield. The C halosa sand of the Athol formation is targeted in the trap. Propsect potential ranges in size from 11.5 (mean) to 23.2 (P10) million barrels of oil recoverable. If drilling is successful the nearby Chamois oil accumulation 2.4 (mean) to 3.9 (p10) million barrels of oil recoverable cold also be included in a development to tie back to the Stag Oilfield.

Participants in Vesta 1 are Apache as operator with 57.07%; Tap Oil with 12.65%; Victoria Petroleum with 12.5%; Arrow Energy with 10% and Sun Resources with 7.78%.