The Board of Sun Resources NLprovides an update on its Woodbine Oil Projects operations. After agreeing with Amerril Energy LLC in May 2015 to resolve a number of matters, Sun looked to secure a new capital partner over the past four months to fund future drilling and fracking operations across Sun's Lower Woodbine oil and gas leases.
Sun continues to negotiate with various parties in an effort to secure a new capital partner to progress the frack of the Jack Howe #1H well. Amerril and Sun are also seeking solutions to maximise the value of mutually held projects as a consequence of Amerril not assigning its lease interests to Sun within the agreed four month period.
The current 'land bank' net to Sun is summarised in the table below and the Woodbine play total is over 14,600 gross acres: