Fairbridge-1 has become McElvain’s – one of Sundance’s Ashland Prospect joint venturers – second entry into Australian oil and gas exploration, following its farmin last year to the company’s Kison-1 well, also in the Cooper Basin.

Sundance managing director Jayme A McCoy said the company hoped to build future exploration and development opportunities with McElvain.

“We continue to be very excited to be working with McElvain; it builds upon a valuable, longstanding relationship for our shareholders,” McCoy said.

Based in Denver, McElvain’s primary areas of interest have included Texas, New Mexico, Colorado, Utah and Wyoming since its inception in the 1920s.

On Friday, the joint venture announced that hydrocarbon shows have been recorded over three intervals in the Fairbridge-1 exploration well, which reached a total depth of 2520.8 metres.

This morning, drill stem test 1 on the well was unsuccessful due to mechanical tool failure.

The tools were recovered from the hole and the hole conditioned, partners Sundance and Cooper Energy said.

An additional wire-line log was then run in the hole to determine the condition and shape of the hole.

The test tools have been made up and are being run back in the hole to re-run the first test over a portion of the Upper Poolowanna section.

Two additional tests are still planned, the companies said.

Interests in Fairbridge-1 are now: Cooper Energy (operator) 38.33%, Sundance Energy 41.67%, Enterprise Energy 10%, McElvain 5% and US independent Liberty Petroleum 5%.