Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2014quarterly activities report● Neutral
December quarter report recapping the Eskom MoU, the Ibhubesi 76% transfer approval, Mopane's 644 Bcf (2C) contingent resource and the Springbok Flats West right. The extract shows no new results or figures; largely known facts.
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.
31 Oct 2013quarterly activities report● Neutral
September quarter report recapping known items: Ibhubesi transfer approval (76%), concept engineering completed in August, USTDA funding, a pipeline environmental application lodged 6 September, and the Springbok Flats West right. FID is still targeted for first half 2015. Largely known facts.
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.
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.
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.
1 Aug 2013quarterly activities report● Neutral
June quarter report recapping the 540 Bcf 2P certification and Ibhubesi studies (capex $1.2-1.4bn). It notes Eskom seeking gas from 2016 for Ankerlig and a 474 MW gas IPP round. Mopane drilling continues with second results expected Q3. Largely known facts.
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.
1 May 2013quarterly activities report● Neutral
March quarter report recapping the $5m placement (12.5m shares at $0.40), the Ibhubesi reserves audit due by June 2013, and Mopane results of up to 7.54 and 9.6 m3/t. Six remaining Mopane holes are piloted and coring has begun; resource booking is planned for Q3. Mostly known facts.
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.
