SUN Resources has plenty to feel warm about this Californian summer.A recent substantial find by a neighbour in the San Joaquin Basin has been good news for Perth-based Sun and other companies, one of which has now applied to drill 127 wells in the region touted as perhaps “the biggest oil and gas play west of the Rocky Mountains”.The Tri-Valley Oil & Gas Company find, nine kilometres east of the Kingfisher Prospect, suggests a three trillion cubic feet of gas reservoir from the Monterey/McClure formation.This formation is one of the target formations of the Kingfisher Prospect in which Sun has a 10 per cent interest. But before Kingfisher 1 is drilled, Sun’s other 10 per cent valley interest will have produced results.Eagle 1 has produced oil and gas in the past and oil has already been recovered from the drill pipe. As yet the company is unsure what quantity of commercial hydrocarbons are present.
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