11 Oct 2013other● Neutral
Notice that broker Argonaut has released a further research note after the Ibhubesi transfer approval. No new company information in the announcement itself.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Oct 2013other● Neutral
Link to an interview with the Managing Director on the government approval of the 76% Ibhubesi transfer. No new company information in the announcement itself.
9 Oct 2013asset acquisition disposition▲ GoodMajor
South African regulators approved the transfer of Block 2A, including the Ibhubesi gas project, to Sunbird, giving it a 76% operating interest (PetroSA 24%). This completes the December 2012 acquisition. Field development planning has begun, with a final investment decision targeted for early 2015.
1 Oct 2013annual report● Neutral
Full-year statutory accounts to 30 June 2013 for Sunbird, the formal financial report. The extract shows only the contents and directory, with no financial figures readable, so no results are stated here.
9 Sept 2013investor presentation● Neutral
September 2013 Good Oil Conference presentation repeating known facts: Ibhubesi 210 Bcf 1P and 540 Bcf 2P reserves, the two gas market routes and Mopane drilling. Cash is shown as $4.0m, with 112.5m shares at $0.35.
26 Aug 2013material agreement▲ GoodMajor
US Trade and Development Agency will fund 80% (about A$800,000) of an A$1m work program for the Ibhubesi field development plan, carried out by MHA. Based on the current schedule, a final investment decision is targeted for the first half of 2015, with first gas in late 2017/early 2018.
4 July 2013other● Neutral
Link to an interview with the Managing Director discussing the recent Ibhubesi independent study results and future plans. No new information in the announcement itself.
28 June 2013investor presentation● Neutral
June 2013 roadshow presentation repeating known facts: 210 Bcf 1P and 540 Bcf 2P reserves at Ibhubesi, Mopane drilling, and gas sales talks. It adds FEED planned for Q1 2014 and Mopane contingent resource certification planned for Q4 2013, later than the earlier Q3 target. Cash $5.0m.
24 June 2013resource reserve update▲ GoodMajor
Independent studies confirm Phase 1 development of Ibhubesi's 210 Bcf 1P reserves is viable, with plateau output of 40 MMscf/d for 12 years or 80 MMscf/d for 6 years. Estimated Phase 1 capital cost is $1.2-1.4 billion (±40%). Gas sales talks are progressing.
11 June 2013director officer appointment● Neutral
Nathan Rayner, formerly COO of Dart Energy, is appointed to the new post of Technical Director to deliver the Ibhubesi field development plan. Mark Balfour becomes General Counsel and Company Secretary, replacing Sophie Raven, who resigned effective 9 May 2013.
6 June 2013other● Neutral
Notice of a further Argonaut research note following the reserve certification, and a webcast interview with the Managing Director on Ibhubesi. No new company information in the announcement itself.
4 June 2013resource reserve update▲ GoodMajor
Independent audit by MHA certified Ibhubesi reserves of 210 Bcf proved (1P) and 540 Bcf proved plus probable (2P), upgrading the earlier contingent resource to reserves. The 1P figure supports Phase 1 development; gas marketing talks are underway. This delivers the June 2013 reserves audit.
27 May 2013other● Neutral
Notice that broker Argonaut has started research coverage of Sunbird, with a link to its first note. No new company information in the announcement itself.
3 Apr 2013resource reserve update▲ GoodMajor
An independent RPS Energy review of Ibhubesi confirmed the 201 Bcfe 1C and 869 Bcfe 2C resources, consistent with 2009 estimates. It says Phase 1 development of the 1C resource needs no further drilling. A reserves audit is due by June 2013 and a feasibility study by May 2013.
26 Mar 2013capital raising announcement▲ GoodMajor
Sunbird raised $5m through a placement of 12.5m shares at $0.40, led by Cygnet Capital. Funds go to Ibhubesi reserves work and studies, and to finishing the Mopane eight-hole program and its resource booking.
What it means for a shareholder
12.5m new shares at A$0.400 to raise about A$5.0m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.00466% to 0.00378% of the company. To keep it you'd need 582 more shares - about A$233 at the issue price.
Create a free account to see this worked out for your own holding.
20 Mar 2013drilling result▲ Good
Second Mopane hole (MOP001A) shows gas content up to 9.6 m3/t, consistent with the first hole's results and above the 2.83 m3/t best estimate. Residual gas is still to be measured. Six holes remain, with a resource booking planned for Q3.
18 Mar 2013half year report● Neutral
Half-year to 31 December 2012: net loss was $1,604,343, versus $868,124 a year earlier. The extract mainly recaps the Ibhubesi acquisition terms (76%, US$1.5m initial).
7 Mar 2013drilling result▲ GoodMajor
First gas desorption results from MOP002A show gas content up to 7.54 m3/t, well above the independent best estimate of 2.83 m3/t. Six more holes are piloted, and coring is due to start shortly. A contingent resource booking is planned for Q3.
5 Mar 2013investor presentation● Neutral
March 2013 corporate presentation repeating known facts: five CBM projects, Mopane results and Ibhubesi acquisition. It sets the Mopane timeline of eight holes by June 2013 and a contingent resource booking in August-September. Cash was $4.0m at 31 December 2012.
28 Feb 2013other● Neutral
Notice that Cygnet Capital published a research report on the company on 27 February 2013, with a link. No new company information in the announcement itself.
23 Jan 2013investor presentation● Neutral
January 2013 corporate update repeating known facts: Mopane coring results, the Ibhubesi acquisition agreement, and 2013 plans to book a Mopane resource. It shows cash of $4.5m at December 2012, down from about $6.6m in September.
21 Dec 2012asset acquisition disposition▲ GoodMajor
Sunbird signed to buy a 76% interest in the Ibhubesi offshore gas project (870 Bcf 2C contingent resource) for an initial US$1.5m, with PetroSA keeping 24%. Up to US$16m more is payable on milestones, plus a 1% sales fee. It moves the company beyond coal bed methane exploration.
10 Dec 2012drilling result▲ GoodMajor
Second Mopane core hole (MOP002A) hit 38.2m of net coal in a 128m package, over double the 15m behind the 1.9 Tcf best estimate. Gas readings are described as excellent; full gas content and permeability results are still pending.
3 Dec 2012regulatory community update▲ GoodMajor
Sunbird was formally awarded the Ermelo West Exploration Right, covering 797 km2 (79,724 ha) next to its existing Ermelo licence. It gives deeper-coal targets for 2013 drilling after the shallower eastern coals disappointed.
29 Nov 2012drilling result▲ GoodMajor
Initial coring of the first redrilled Mopane hole (MOP001A) found gassy coals at 422m depth. Desorption analysis over about two months will confirm gas content; this is an early field indication, not a resource figure.
20 Nov 2012regulatory community update▲ GoodMajor
PASA granted the Springbok Flats Technical Cooperation Permit (125,700 ha) on 12 November 2012, lifting South African holdings by 28%; it confirms the March application. Mopane redrilling is progressing, with Geoserve starting the third hole in late November and results due by year end.
29 Oct 2012annual report● Neutral
Inaugural annual report. The chairman's letter recaps the January listing, the Ermelo drilling start in March, and the Mopane program expansion from three to eight holes. It repeats known facts.
5 Oct 2012other● Neutral
Notice that 2,750,000 restricted shares will be released from escrow on 19 October 2012. Administrative notice with no new substance.
28 Sept 2012annual report● Neutral
Financial report for the year to 30 June 2012. The extract shows only the contents and corporate directory, so no figures can be reported. Directors and Sophie Raven as Company Secretary are listed.
16 Aug 2012drilling spud▲ GoodMajor
First core hole of the expanded eight-hole Mopane program was spudded on 14 August 2012, to about 550m depth. Mopane's independent best-estimate gas-in-place is 1.9 Tcf (high 13.66 Tcf); the program aims to allow pilot drilling in 2013.