Sun Resources Says Cooper 1 to Spud by End of Year

Sun Resources says that the Ensco 56 is expected to spud the Cooper 1 on the Champion Prospect in EP325 offshore Australia well as soon as it finishes operations on the Boojum 1 well in permit TP-/18. The well will have a duration of 10 days with completion on or about 3 January 2005.

Cooper 1, a 2,040 meter deep well, will test the robust 4 way dip Champion anticlinal structure containing target Cretaceous Birdrong Sandstone reservoir sealed by the regional Muderong Shale. The prospect is on trend to the 20 billion cubic feet Rivoli Gas Field, 12 kilometers to the south, where hydrocarbons are present in the same reservoir as an 11 meter gas column on a 1 meter oil column.

Seismic attribute work suggests oil rather than gas is the possible outcome in the Cooper well test if hydrocarbons are present in the structure. Prospect potential ranges from 12 million barrels of oil recoverable (mean) to 24 million barrels of oil recoverable (P10).

Current participants in Cooper 1 are Victoria Petroleum as permit operator with 32.5%; Sun Resources with 10%; Strike Oil as well operator with 40%; Bow Energy with 10% and Black Rock Oil with 7.5%