Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
1 Feb 2013quarterly activities report● Neutral
December quarter report recapping the Ibhubesi acquisition (US$1.5m initial, 76%), early Mopane coring results and new exploration acreage at Ermelo and Springbok Flats. Next Ibhubesi steps include a gas sales agreement and converting contingent resource to reserves. Mostly known facts.
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.
30 Oct 2012quarterly activities report▼ Bad
September quarter report: Mopane drilling is delayed by contractor operational problems. The first two holes, drilled to about 350m without coring, will be plugged and redrilled, and a second contractor will bring rigs to up to four. Cash was about $6.581m.
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.
31 July 2012quarterly activities report● Neutral
June 2012 quarterly cash flow statement: cash at quarter end was $7.58m, down from $8.374m. Next quarter's planned outflows are $1.44m, including $1.16m for exploration. No borrowings are recorded.
31 July 2012quarterly activities report▼ BadMajor
Ermelo drilling finished in June. Early results show gas contents lower than expected, so the existing Ermelo right may not support commercial development; focus shifts to Ermelo West. Mopane's program was expanded from three to up to eight holes, and Springbok drilling moved to Q4. Cash was $7.58m.
24 May 2012director officer appointment● Neutral
Sophie Raven became Company Secretary from 18 May 2012, replacing Jerry Monzu who resigned. Suzana Makuljevic was appointed Chief Financial Officer from the same date.
3 May 2012other● Neutral
Notice that 687,054 shares will be released from escrow on 17 May 2012. Administrative notice with no new substance.
30 Apr 2012quarterly activities report● Neutral
March 2012 quarter report: first Ermelo well spudded 20 March, a TCP for 125,700 ha at Springbok Flats lodged, and cash of $8.374m. Appeals have been lodged against the Ermelo and Springbok Flats exploration rights; the DMR is still deciding them.
16 Apr 2012investor presentation● Neutral
Corporate presentation given to investment advisers in Melbourne on 16 April 2012. Repeats known facts, including the five projects and 5.3 Tcf best estimate gas-in-place.
27 Mar 2012regulatory community update▲ Good
Sunbird applied for a 125,700 ha Technical Cooperation Permit next to its Springbok Flats licences, which would raise its South African holdings by 28%. The regulator has accepted the application; a decision is expected within 6 months.
21 Mar 2012drilling spud▲ GoodMajor
First well spudded 20 March 2012 at the Ermelo project in South Africa, the start of a nine-hole core drilling program across three projects. Ermelo is held 74% by Sunbird; results are due 60 to 90 days after the final well.
14 Mar 2012half year report● Neutral
First half-year report (17 May to 31 December 2011) showed a net loss of $868,124. It restates the IPO and the post-period completion of the Pretzavest (74%) and Greatways (100%) acquisitions.
19 Jan 2012other▲ Good
Sunbird announced its ASX listing (code SNY) after an oversubscribed $9m IPO of 45m shares. It plans drilling in the first half of 2012 across its five coal bed methane projects, with best estimate gas-in-place of 5.3 Tcf.
18 Jan 2012other● Neutral
Policy restricting directors and executives from dealing in company securities, to avoid insider trading. Administrative listing document with no new substance.
18 Jan 2012other● Neutral
ASX circular confirming quotation of 50,249,998 shares under code SNY from 19 January 2012. It also lists escrowed securities, including 46,312,948 shares held for 24 months. Administrative notice with no new substance.
18 Jan 2012other● Neutral
Corporate governance statement showing the company does not follow several ASX recommendations, such as a majority-independent board and an audit committee. It cites its size and early stage. Administrative.
