Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Mar 2015debt financing▲ GoodMajor
The A$2.65m White Swan loan was repaid with interest using Vandasia equity funds, and its security released. Sunbird took new 12-month South African loans of A$1,257,800 at 20% interest, convertible at A$0.25 or lower. The Gas Market Development Period was extended three years to September 2017.
18 Mar 2015material agreement▲ GoodMajor
Sunbird and PetroSA signed a non-binding Gas Sales Agreement term sheet with Eskom: 30 Bcf a year for up to 15 years to Ankerlig power station. This advances the Eskom talks running since 2013; a binding agreement is still to be negotiated during 2015.
17 Mar 2015debt financing▲ Good
Green Rock Energy confirmed Sunbird repaid its A$400,000 loan with interest, A$462,500 in total. This closes the Green Rock tranche of the White Swan-linked facility, announced in June 2014.
16 Mar 2015half year report● Neutral
Half-year to December 2014 net loss was $3,140,271, against $5,872,163 a year earlier. The report recaps the Eskom term sheet, the finished draft field plan, and the CBM relinquishments; the extract shows no other new information.
11 Mar 2015listing compliance notice● NeutralMajor
Sunbird requested a voluntary trading suspension from 11 March 2015, pending an announcement about gas offtake with a South African customer, expected by 18 March. The customer is not named in the text.
1 Dec 2014capital raising announcement▼ BadMajor
Stage 2 of Vandasia's investment did not complete by 30 November and will not proceed in the form announced, because conditions precedent were delayed. Only the US$5m Stage 1 is in; the parties intend a further investment. This undercuts the A$25m headline.
24 Nov 2014capital raising announcement▼ Bad
Sunbird said Stage 2 of the Vandasia investment (US$18.5m in total, via options conversion and new shares) is likely to complete after the 30 November 2014 target, as conditions precedent are still outstanding.
29 Oct 2014annual report● Neutral
2014 annual report. The chairman's letter says Stage 1 of Vandasia completed 7 October (US$5m, 20.37m shares), and Eskom term sheet talks are advanced. Mostly recaps known facts; the extract shows no new financial detail.
1 Oct 2014capital raising announcement● Neutral
Sunbird has now received US$3.5m of Vandasia's US$5m Stage 1 payment. Completion is still pending, with terms unchanged from the earlier update (about A$0.274 a share, 14.9% for Vandasia).
30 Sept 2014annual report● Neutral
Full-year accounts to 30 June 2014. The extract is mostly contents and the corporate directory; it shows CFO Carla Mackay resigned on 12 September 2014. No financial figures appear in the extract.
24 Sept 2014capital raising announcement▲ Good
Sunbird received US$3m of Vandasia's US$5m Stage 1 payment, with the final US$2m due later that week. Shares will be issued at about A$0.274, a 44.3% premium, giving Vandasia 14.9%.
11 Sept 2014investor presentation● Neutral
Good Oil Conference presentation restating the Vandasia deal and known figures (Ibhubesi 540 Bcf 2P, Mopane 644 Bcf 2C). It shows cash of $1.0m and a $0.20 share price on 8 September, with Stage 2 due by 30 November 2014.
9 Sept 2014capital raising announcement▲ GoodMajor
Vandasia Investments agreed to buy 43.9% of Sunbird in two stages, bringing over A$25m at about A$0.34 a share, a 79% premium. Stage 1 is US$5m for 20.37m shares; Stage 2 (about US$18.2m) needs shareholder approval and an Eskom-type gas sales term sheet.
21 July 2014director officer appointment● Neutral
Mark Balfour resigned as Company Secretary (11 July) and General Counsel (31 July 2014); Richard Barker, a solicitor who has consulted for Sunbird, was appointed Company Secretary.
20 June 2014asset acquisition disposition▲ GoodMajor
Sunbird completed its 76% Block 2A (Ibhubesi) acquisition from Forest Oil after Treasury exchange control verification on 16 June 2014, ending the process begun by the December 2012 agreement. US$1.029m was paid to Forest Oil; US$5m is due on a gas sales deal, US$10m on FID or first gas.
13 June 2014debt financing● Neutral
Green Rock Energy disclosed a A$400,000 investment within Sunbird's A$5m loan facility. Terms: 12 months from 10 March 2014 drawdown, 20% annual interest capitalised, convertible at the lesser of $0.25 or any raising price, subject to shareholder approval.
12 June 2014debt financing● NeutralMajor
The White Swan loan was varied so interest can be capitalised monthly and lenders may convert debt to shares at $0.25 (or a lower later raising price). Conversion needs shareholder approval, as lenders are related parties; otherwise it stays debt.
14 Mar 2014half year report▼ Bad
Half-year to December 2013 net loss was $5,857,885, versus $1,604,343 a year earlier. The report recaps Ibhubesi approval, the Eskom MoU and USTDA funding; the extract shows no other new information.
11 Mar 2014resource reserve update▲ GoodMajor
Independent certification booked a best-estimate 7.8 Tcf (Sunbird 76%: 5.9 Tcf) of prospective, undiscovered gas in Block 2A, with low 4.5 Tcf and high 13.3 Tcf. This delivers the planned exploration-upside certification; targets will be high-graded in 2014.
7 Mar 2014investor presentation● Neutral
Corporate presentation to advisers in Sydney, Melbourne, Singapore, London and South Africa, restating Ibhubesi 540 Bcf (2P) and Mopane 644 Bcf (2C). It shows cash of $1.5m and a $0.30 share price, down from $4.0m cash in September 2013.
5 Mar 2014debt financing● Neutral
ASX granted the Listing Rule 10.1 waiver for the A$5m White Swan loan, drawn in $1m tranches and secured over the subsidiary holding a 22.8% Block 2A interest. Repayment is expected from other debt or equity. FID is now stated as late 2014, versus early 2015 in the 26 February release.
26 Feb 2014debt financing● NeutralMajor
Sunbird signed a secured loan facility of up to A$5m with White Swan Nominees, a related party, arranged by Cygnet Capital and repayable within 12 months of first drawdown. It funds Ibhubesi work toward a gas sales deal with Eskom, and ASX waiver is pending.
23 Jan 2014joint venture update● Neutral
2014 Ibhubesi plan: field development plan due Q2 2014, FEED from mid-2014, FID early 2015 (previously first half 2015). Also gas sales talks with Eskom, farm-out or financing options, and certification of exploration upside. Mostly a restatement of milestones.
13 Jan 2014security holder rights change● Neutral
46.3m shares and options (37.75m, 12.25m and 40m in the listed tranches) are released from escrow on 19 January 2014, two years after listing. This could increase shares available for trading, which is an inference rather than stated.
7 Jan 2014other● Neutral
Notice that broker Argonaut has released a research note following the 24 December Eskom memorandum of understanding. No new company information in the announcement itself.
24 Dec 2013material agreement▲ GoodMajor
Sunbird signed a non-binding memorandum of understanding with state utility Eskom to jointly investigate Ibhubesi gas supply to the 1,300 MW Ankerlig power station. Sunbird will complete the field development plan and FEED; Eskom will set the procurement process. No gas sales agreement yet.
19 Nov 2013other● Neutral
Notice that broker Argonaut has released a further research note following progress at Ibhubesi. No new company information in the announcement itself.
4 Nov 2013resource reserve update▲ GoodMajor
Independent certification gave Mopane a first contingent resource of 644 Bcf (2C), with 351 Bcf 1C and 1,018 Bcf 3C. It covers only about 124 km2, under 10% of the 1,577 km2 licence. Pilot production is planned for 2014. This delivers the Q4 2013 certification target.
1 Nov 2013annual report● Neutral
2013 Annual Report with the Chairman's letter recapping the Ibhubesi transfer approval, USTDA funding and early Mopane results. The letter restates previously announced facts; the extract shows no new figures.
17 Oct 2013regulatory community update▲ GoodMajor
Sunbird was granted a 747.5 km2 exploration right at Springbok Flats West, giving contiguous rights over 1,198 km2. The project's combined best-estimate gas-in-place is 0.62 Tcf. A further 1,423 km2 application is still pending; Mopane resource certification is still planned for Q4 2013.
