Sun Resources Takes Stake in Bondi-Coogee

Sun Resources farmed into the exploration and development of the high potential Bondi-Coogee Prospect complex, in Wharton County, Gulf Coast, South Texas, last month. This complex is a 58 to 138 bcfge target contained in a number of prospects, principally Bondi and Coogee. These prospects have been generated from 3D seismic and have stacked Upper Wilcox sands objectives that are analogues of nearby production. In particular, the sand objectives have associated Direct Hydrocarbon Indicators conforming to structural closure.

The Operator, Texon Petroleum has advised the status of the first well, Raun #1, on the Bondi Prospect at the weekend. Patterson deep rig #131 has been mobilized to site and is currently rigging up on a precollared hole drilled to 60-foot depth. Drilling operations are expected to be underway latter in the week.

The Bondi Prospect is a large 3 way closure with a 4 way dip component to the trap containing stacked Upper Wilcox sands objectives with associated DHIs that conform to structural closure and tie directly to Upper Wilcox sands in the adjacent productive Cottonmouth Field, 2.2 miles to the northwest. Wells in the Cottonmouth Field had initial production rates of 7 to 12 million cubic feet of gas per day with up to 200 barrels of oil as condensate. The prospect targets 30 to 67 bcfge in the multiple Upper Wilcox objectives within closure, which are expected between 11,000 feet and total well depth of 13,500 feet.