Beeler-1H well to spud next week

Richland oil project: a map showing the Beeler-1H well location

SUN RESOURCES

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Danica Newnham

 08 August 2012 03:20 GMT

Steadfast Resources, the nomniee company for a new partner in the Richland oil project in Leon County, Texas, has exercised its right to participate in the Beeler-1H horizontal well, which is due to spud next week.

Sun Resources, a participant in the project, announced to the Australian Securities Exchange on Wednesday that Steadfast would pay half of the cost of drilling and completing the well to earn about a 40.63% working interest in the project.

As a result, the earning interest of Sun and the other two farminee parties - Richland Resources (operator) and Amerril Energy –will now be diluted to about 16.67%

The companies' working interests have also reduced to about 13.54%.

The total cost of Beeler-1H has been estimated at about $7.6 million.

The spudding of the well…

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