Sun Resources (ASX:SUR) and Petro-Hunt LLC, one of the world's largest privately held companies, expect to spud their Davis-1 Lower Woodbine oil exploration well in Texas during the first half of June 2014.
The vertical pilot well will be drilled and logged through the target Lower Woodbine sand prior to a decision on how to proceed.
This includes a decision on whether to complete the well as a vertical producer or sidetrack to drill a lateral well bore within the target sands.
Sit construction and rig selection have been completed and the joint venture is currently waiting on the rig contractor completing operations for another operator.
The Petro-Hunt AMI area consists of approximately 7,832 acres in northern Leon County.
Sun has a 25% interest in the AMI. It also retains over 10,000 net acres elsewhere in the wholly-owned Delta Oil Project that may be the subject of future activity, by way of farm-out, joint venture or direct drilling activity.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.