(MENAFN- ProactiveInvestors)
() has raised $1 million at $0.0016 per share for the proposed multi-stage fracking operation at Jack Howe #1H well in the Normangee Oil Project within the Lower Woodbine lease position.
Adding to the prospectivity the Jack Howe #1H well confirmed a 250 feet net oil pay section and the well is being prepared to be fracked.
Previously Sun has said that the expected pay-back on the frack cost would be circa 12-18 months at US$50 oil price.
Other companies in the area have enjoyed success with EOG Resources Inc. (NYSE:EOG) - a US$48 billion market cap - having already successfully drilled and completed 11 ‘laterals’ in the Lower Woodbine target.
These are located to the east and west of Sun’s Normangee Oil Project and delivered a range of 30-day initial production rates of between 200-600 bopd.
The most recent EOG lateral completions Zeus #1H and #2H were drilled and completed only 6 kilometres east of Sun’s Jack Howe #1H lateral well.
Sun's potential comes not only from its Lower Woodbine assets but near-term planned activities across its asset portfolio.
The company also retains a 100% working interest in its new ‘Southern Woodbine’ leases acquired within the Normangee and SW Leona Areas.
Adding to the portfolio Sun currently controls 100% of its East Texas “Eaglebine” land position (over 14600 gross acres).
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.