“The project offers Sun Resources a unique opportunity to grow with gas reserves in the 3P category of 92.5 BCF and a realistic upside to 300 BCF,” said Sun managing director Brad Farrell.
The operator, Texas Crude Energy Inc, is currently finalising contracts for an initial three-well exploration and development program with two rigs over March-August 2005 and workovers on three wells beginning in January 2005.
These programs in 2005 are aimed at bringing project gas production from the current level of 3.2 MMCF/day to 40 MMCF/day on the 3P reserve base. If strong exploration upside is confirmed, production could reach to an eventual 90 MMCF/day, according to Sun.
Tony Barlow Australia recently announced it was farming into the project, which Peter Allchurch was using to springboard himself back into the Australian listed energy sector.
