(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).
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