Page 4 - Sun Resources 2014 Annual Report

HIGHLIGHTS
ADJACENT ACTIVITY
DE-RISKS LOWER
WOODBINE OIL PLAY
NEW CORNERSTONE
INVESTOR
NORMANGEE OIL
PROJECT
CAPITAL RAISING
Recent success in the Lower Woodbine by
Sun’s peers include excellent oil flow results after
fraccing, with 30 day IPs of at least 200 barrels
of oil equivalent per day (‘Boepd’) and up to 600
Boepd, and 90 day oil production per well of
up to 50,000 barrels of oil (‘Bo’), particularly by
EOG Resources Inc., adjacent to Sun’s Southern
Woodbine Leases.
Sun announced in August 2013 the successful
capital raising of $13.5 million via a placement
to a wholly-owned subsidiary of Hancock
Prospecting Pty Ltd, representing an 18.48%
interest in Sun’s share capital upon completion
of the placement.
Sun (50% WI) completed its first operated well
during May 2014 in the Normangee Oil Project;
successfully drilling the Jack Howe #1H vertical
pilot well to a measured total depth of 8,523 feet
(2,598 metres). A total of 167 feet (50 metres) of
conventional core with oil shows was recovered
from the target Lower Woodbine section.
2014
In November 2013, Sun raised $6.3 million via
a placement of ordinary shares to sophisticated
investors, including Sun’s two substantial
shareholders, a subsidiary of Hancock
Prospecting Pty Ltd and Amerril Energy LLC.
2  SUN RESOURCES ANNUAL REPORT 2014