Sun Resources Says Cooper 1 Well Disappointing

Sun Resources reports that the Cooper 1 well was completed on the Champion Prospect in EP325 in the offshore Carnarvon Basin, Western Australia, over the Christmas-New Year holiday break. The Ensco 56 moved off site this morning to a new drill location in the basin after plugging and abandoning the well as planned.

Cooper 1 was drilled to a total depth of 2,103 meters MDRT to allow a comprehensive well logging program over the well stratigraphy inclusive of the target Birdrong Sandstone which was intersected higher to prognosis at 1,892 meters MDRT.

Regrettably hydrocarbons were absent in the target reservoir in structure. This is probably attributable to the unexpected lack of shale seal over the structure. The Muderong Shale which is a thick regional seal to many oil and gas fields in the Exmouth Sub Basin (including the nearby Rivoli Gasfield) was found to be thinner at the Cooper location and instead of being shale dominant was found to be mainly composed of siltstones with interbedded sandstones.

Participants in Cooper 1 were Strike Oil as well operator with 40%; Sun Resources with 10%; Victoria Petroleum as permit operator with 32.5%; Bow Energy with 105 and Black Rock Oil & Gas with 7.5%.