Earlier this month, PetroSun announced that it completed the initial funding requirements of the EP 417 Farmin Agreement. PetroSun was assigned a 75% working interest in the Canning Basin permit as the sole funder of the drilling, testing and completion costs of the initial two test wells.
The EP 417 property contains many seismic generated geological features including the Lanagan, Lawford and Spinifex which is expected to be tested during Phase Two of the Farmin Agreement. The company plans to initiate its first test by drilling a well on the Lanagan A Prospect later this year. The Lanagan A Prospect contains 10,000 acres and potential to hold 50 million barrels in recoverable oil reserves.
The 40,000-acre Lawford Prospect is graded at 100 million barrels of potential recoverable crude oil, and the seismic closure, known as the Spinifex Prospect, could offer over 100 million barrels of recoverable oil. There are also many other structural highs in the EP 417, but they are not as large or complex as the Spinifex and Lawford. The Spinifex and Lawford Prospects are schedule to be tested during 2008.
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