"This is an exciting time for the company as we target a 100 percent increase in our US revenue stream over the next 12 to 18 months to deliver the cash we need to reinvest in other exploration opportunities within our portfolio," Sun managing director Matt Battrick said.
"The [four] wells… are only a portion of the planned program through to June 30, 2009, with the larger impact Margarita Cook Mountain and Wilcox targets (to 200 billion cubic feet of gas) to follow the completion of leasing and farm-out processes."
At the Margarita project, Sun Resources is partners with Victoria Petroleum and operator Wandoo Energy, which aim to drill two wells in the area this calendar year.
The Margarita F-1 well is targeting 600 million cubic feet of gas while the Margarita TB-8 well is aiming for nearly triple that amount at 1.7 billion cubic feet.
The joint venture, which was established in December 2005, owns 530 square kilometres of 3D seismic data covering portions of four main producing trends.
Technical work on this data has identified 45 leads and prospects in prospective stratigraphic/structural settings at depths ranging from 1000-5000m, according to Sun, which holds a 37.5% working interest in the project area.
The Margarita partners are also partners in the Redback project, which is based on a 393sq.km 3D seismic data base covering a small portion of a "highly productive" onshore Gulf Coast oil and gas trend in southern Texas, Sun said.
Here the partners plan to drill the Redback-1 exploration well, which is targeting 18Bcf of gas reserves.
"This is a particularly exciting area due to the potential for a significant liquids stream to flow with any gas production from successful wells," Sun said.
"Individual wells on trend have produced up to 10 billion cubic feet of gas plus 250,000 barrels of oil at high initial daily well production rates of up to 10 million cubic feet of gas per day with 300 barrels of oil per day."
Elsewhere in the region, Sun Resources has farmed-in to a new joint venture with Mueller Exploration to take a 12.5% working interest in the Meek prospect - an undeveloped extension of the gas-condensate New Taiton field.
The partners intend to drill an exploration well on this prospect some time this year, targeting 18Bcf of gas equivalent.
The Meek Prospect has been defined by 3D seismic and lies adjacent to a producing field at the same reservoir level (Upper Meek Sands of the Middle Wilcox Formation), which Sun said meant it was considered a relatively low-risk prospect.
