Prominence Energy NL

PRM's subsidiaries finalised negotiations and are ready to sign a Native Title agreement (ILUA) with the Arabana Aboriginal Corporation. It is a key step toward awarding four Northern Hinge applications covering 19,888.84km². Licence grant still needs signing and government approval.

material agreement

PRM sets a pathway to drill helium and hydrogen targets in June/July 2027: Eyre resource review by end August, Northern Hinge by end September, drilling costs in October. Initial costing is about $5m for three wells; farm-out is being considered. 2026 work is covered by existing cash.

drilling scheduled

Independent lab analysis of 63 soil gas samples confirms helium up to 63ppm and hydrogen up to 3,427ppm (air corrected); 64% of samples showed elevated hydrogen. Backs up the May field results; next step is integrating with geophysics toward seismic and drill targets.

drilling result

Initial PEL 803 soil gas results confirm helium (up to 36ppm), hydrogen (up to 1,105ppm instantaneous, a figure the company says may be a sampling artifact) and methane (up to 5,000ppm). Early-stage; lab results on 63 samples still pending. Resolves the pending survey thread.

drilling result

PRM raises $1.56m via placement of 709.1m shares at $0.0022, a 26.67% discount to last price, with 1 free option per 3 shares (exercisable at $0.004, 3 years). Tranche 2 (284.9m shares, incl. $60k from directors) needs shareholder approval. Funds go to Gawler licences and geophysics.

capital raising announcement

The Gawler Hydrogen Project acquisition is completed and all consideration securities issued, giving PRM PEL 803 plus eight applications (~64,000km²). Dr Mike Fischer joins the board as non-executive director from 1 January 2026, with 15m options at $0.007.

asset acquisition disposition

PEL 803 (2,799km², Eyre Project) has been awarded to Gawler's operating entity, one of four natural hydrogen licences in South Australia. It has a five-year term with low work commitments. Completion of the acquisition is scheduled for late in the September quarter, with drilling decisions in 2026.

regulatory community update

PRM signed a binding agreement to buy 100% of Gawler Group Holdings, giving nine South Australian hydrogen and helium licence applications covering 63,663km². It has firm commitments for a A$1.75m placement, including A$95,000 from directors, and Dr Mike Fischer is to join the board on completion, with his options subject to shareholder approval.

asset acquisition disposition

Alex Parks retires as Managing Director at close of business 29 November 2024, following the AGM. This completes the departure announced on 6 September when Hartshead came in.

director officer appointment

Hartshead Resources takes a 19.99% stake via a A$389,000 placement of 77.8m shares at 0.5c, with 1-for-2 free options at 1c (approval needed). Hartshead's Bevan Tarratt joins as Executive Director, Quinton Meyers joins the board, and MD Alex Parks will retire by the AGM.

capital raising announcement

The board relinquishes the Bowsprit lease. Bowsprit-1 will be abandoned and the site remediated over the next 12 months. This ends the Bowsprit sidetrack plan and farm-in search, with the lease due to expire in March 2024.

asset acquisition disposition

PRM has firm commitments to raise A$1.55m in a placement. About US$200,000 (~A$300k) buys a 20% stake in Umine LLP, a Kazakh company planning to remediate a former uranium site and sell the uranium. Remaining funds go to Big Apple farm-out and working capital. Price not shown in the text.

capital raising announcement

PRM raises A$650,000 via 32.5m shares at 2c with a free 3c option expiring March 2025 per share. A$600,000 is placed now; A$50,000 from directors/CFO needs shareholder approval. First raise since December 2021; funds go to Big Apple farm-out preparation and working capital.

capital raising announcement

Netherland Sewell assesses Big Apple at 1.37 Tcf unrisked mean net prospective gas resources and 426 Bcf risked, net to PRM's 80.25% NRI. Chance of success is 28-32% per sand. These are undiscovered volumes; farm-out is planned for early 2024.

resource reserve update

PRM is awarded the two Big Apple Gulf of Mexico leases it bid on in March, 100% interest, 80.25% NRI, five-year term, no minimum work program. It will buy remaining seismic and have resources independently reviewed, then may seek a farm-in partner.

asset acquisition disposition

Timetable for a share consolidation to be voted on at an EGM on 2 June 2023, with the effective date also 2 June. The ratio is not stated in this text. Shareholders' holdings would be reduced in number by the consolidation.

security holder rights change

PRM is apparent high bidder at US$145,000 per block on two Gulf of Mexico blocks off Texas (100% interest), holding the 'Big Apple' gas prospect. Award is subject to BOEM review of up to 90 days. A farm-in partner is likely to be sought for drilling.

asset acquisition disposition

Ian McCubbing returns as non-executive Chairman from 9 December 2022. Jaap Poll, chairman only since May, steps down from the board but will consult on technical matters for three months. This reverses the May handover.

director officer appointment

After the Sasanof dry hole, PRM reports A$2.8m cash at 30 June 2022. It took a 10.9% stake in salt-cavern explorer ECOSSAUS for A$100,000 and bid jointly 50/50 on a Malaysian Petronas discovered-resource project. It is also pursuing Bowsprit and other new ventures, including hydrogen and helium.

other

Netherland Sewell reaffirmed Bowsprit T1 reserves at 30 June 2022: 2P 330.7 Mbbl oil and 254.7 MMscf gas, worth US$15.35m (A$22.25m) at US$85.82 oil. 1P is 106.9 Mbbl and 3P 643.5 Mbbl. Sidetrack planning continues, with decisions after hurricane season.

resource reserve update

Sasanof-1 reached 2,390m total depth and found no commercial hydrocarbons. The well will be plugged and abandoned. This is a dry hole for the prospect that carried 7.2 Tcf of 2U prospective gas, and PRM's managing director said he was disappointed.

drilling result

Sasanof-1 has spudded, with the 36-inch conductor jetted in 1,068m of water. The well targets 2,500m total depth, and the reservoir is expected to be drilled through 2-5 June. PRM holds 12.5%; the result will decide the Sasanof bet.

drilling spud

Jaap Poll, an experienced geologist and company chairman, joins as independent chairman from 16 May on A$50,000 a year. Ian McCubbing, chairman since 2017, resigns that day, as he had earlier signalled he would after the Sasanof deal completed.

director officer appointment

PRM completed the acquisition of 12.5% of Western Gas (519P), holder of the Sasanof permit, issuing 90m shares and 30m options to Western Gas. This completes the deal announced in December; drilling expected May 2022.

farm in farm out completion

Western Gas secured funding commitments for the remaining 25% of Sasanof-1, so the well is fully funded. This meets the condition on PRM's participation; PRM's 12.5% working interest can now complete. Drilling expected May 2022.

joint venture update

PRM signed a binding term sheet for 12.5% of the Sasanof gas prospect (WA-519-P), paying 25% of the well (US$5-6.25m) plus 90m shares and 30m options. It also secured a A$12m placement at 1c. After the Bowsprit dry hole, this is the new project sought.

farm in farm out agreement

Bowsprit-1 found no commercial hydrocarbons in the vertical section; the shows were residual. This ends the T2 exploration bet. The well will be suspended and the horizontal T1 re-entry (2P 330,000 bbl) planned after winter, while PRM seeks new oil, gas or green hydrogen projects.

drilling result

PRM raises A$750,000 through unsecured convertible notes to fund evaluation and contingent drilling costs for Bowsprit-1. Notes carry a 10% coupon and are repayable 31 January 2022, or convert at a 20% discount to the 10-day VWAP. Up to 7.5m 2c options are also planned.

debt financing

PRM completes the Pinnacle buyout, moving to 100% of the Bowsprit leases (from 50%) effective 1 August 2021. Pinnacle receives 20,524,144 PRM shares and a 5% royalty, payable only on the first US$12m of gross revenue. This resolves the long-pending buyout.

asset acquisition disposition

PRM will not buy 20% of Patriot Hydrogen: unresolved issues remained after due diligence and terms could not be agreed. This ends the hydrogen deal announced 31 May. The company says it will keep reviewing green energy options and is focused on Bowsprit-1.

asset acquisition disposition

Rig contract signed with Parker Drilling (Rig 55B) for Bowsprit-1, with drilling expected around 15 August 2021. Well depth rises from 8,000ft to 8,600ft to test six sands, at about US$2m for 10-12 days. T2 target remains 1.8-4.1 MMbbl prospective, 25% chance.

contract award

Signed a Master Services Agreement with Completion Specialists Inc. to manage drilling of Bowsprit-1 in July-August 2021, with a vertical well to about 8,000ft targeting the T2 sand (1.8-4.1 MMbbl prospective, 25% chance). It moves the planned drilling forward.

contract award

GTT Ventures has committed to raise A$3.2m before costs. It funds a Bowsprit vertical well in July-August 2021 to about 8,000ft, targeting the T2 sand (1.8-4.1 MMbbl prospective, 25% chance). It also funds a 20% stake in Patriot Hydrogen for 25m shares, $250,000 and 3m options, a new direction.

capital raising announcement

Louisiana extended the Bowsprit leases by 12 months to 14 March 2022, and Pinnacle extended the buyout completion date to the same date, with completion before drilling. Management says it is reasonably confident of a farm-out and drilling this year, citing oil near US$65.

regulatory community update

Placed 114.3m shares at 0.7c to raise A$800,000, a premium to the 0.5c rights issue. Funds go to working capital, the Bowsprit farm-out and new asset reviews. Company expects over A$1.2m cash and no debt; GTT gets A$36,000 and 5m options.

capital raising announcement

Shortfall closed and filled by existing holders: 81.9m shortfall shares placed on top of 158.9m taken up, so the full 240.8m shares (about A$1.2m at 0.5c) are issued. 202 holders took part and excess funds are refunded.

capital raising announcement

Rights issue results: holders took up 158.9m shares (A$795k, 66% of entitlements). A further A$812k of shortfall was applied for against 81.9m shares available, so some applications will be scaled back.

capital raising announcement

Announces a rights issue: 1 new share per 1 held at 0.5c to raise up to A$1.2m, with a free option per 2 shares (2c, expiring 1 September 2023). The price is a 37.5% discount to the last close. Proceeds fund the Bowsprit farm-out, the Winform note cash settlement, and overdue pay and debts.

capital raising announcement

Placed 30m shares at 0.5c to raise A$150,000, with attaching options (2c, expiring 1 September 2023) subject to approval. A$300,000 of convertible notes converted at 0.4c. A rights issue is planned. GTT earns a 6% fee and 7.5m options.

capital raising announcement

Board sets a plan to fund the company to 30 September 2020: a 1-for-10 share consolidation, then a raise of about A$350,000. A$200,000 is committed by shareholders, and A$75,000 in short-term loans from the chairman and GTT covers this quarter. A binding farm-out letter of intent was delayed by COVID-19.

capital raising announcement

Independent auditor NSAI booked Bowsprit T1 2P reserves of 330,000 bbls, up from contingent resources, worth US$6.4m (NPV10). T2 prospective resources are 1.8 MMbbls mid case, 25% chance of success. Drilling is expected Q2 2020, still needing a farm-out partner.

resource reserve update

Now named Prominence Energy, the company raised A$250,000 via a short-term convertible note from existing shareholders, 10% coupon, repayable 31 March 2020. Conversion is at a 20% discount. GTT's half needs shareholder approval. It funds working capital while farm-out talks continue.

capital raising announcement

All three permits to drill Bowsprit-1 are now granted, ahead of schedule and valid 12 months. Two operators offered tie-in processing at under US$2/bbl, with a pipeline under US$1m. Drilling is still Q1 2020, subject to farm-out or funding.

regulatory community update

Louisiana's coastal office granted the first of three permits to drill Bowsprit 1. The other two (St Bernard Parish/Port Authority and Corps of Engineers) are expected in 30-45 days. The well still needs farm-out or funding, targeted Q1 2020.

regulatory community update

Sun has firm commitments to place 307.5m shares at A$0.002 to raise A$615,000, via GTT Ventures (6% fee plus 50m options). Funds cover lease rental and permitting. GTT's Patrick Glovac is to join the board. First well still Q1 2020, subject to funding or farm-out.

capital raising announcement

Sun agreed to buy Pinnacle's 50% of Bowsprit for US$250,000 (payable before drilling) plus a 5% gross royalty on the first US$12m of revenue, taking it to 100%. First well is now estimated for Q1 2020, subject to funding. The deal lapses if not completed by 1 March 2020.

asset acquisition disposition

Sun placed 75m shares at A$0.002 to raise A$150,000, with two free options per three shares (A$0.004, expiring 31 Dec 2020). Directors may take 45m more shares, converting A$70,000 of loans and adding A$20,000. The price is half the November 2018 placement price of A$0.004.

capital raising announcement

The Share Purchase Plan closed with valid applications for 31,875,000 shares at A$0.004, raising A$127,500 before costs, well short of the A$500,000 the company was prepared to accept. The company described it as additional to a successful A$220,000 placement, with funds for well planning, permitting and working capital.

capital raising announcement

Sun picked the first Bowsprit well location after 3D modelling and began permitting (4-6 months, US$45,000). Its internal oil-in-place estimate rose toward the top of RISC's range. Drilling is targeted for Q2 2019 at about US$3.5m, still needing a farm-in partner or funding.

drilling scheduled

Sun placed 80m shares at A$0.004 to raise A$320,000, and plans a Share Purchase Plan of up to A$500,000 at the same price. Directors would convert A$100,000 of loans into 25m shares, subject to shareholder approval. Funds cover well planning and permitting, not drilling.

capital raising announcement

RISC's independent estimate for Sun's 50% of Bowsprit: 0.38 MMbbls oil (2C contingent) plus 0.42 Bscf gas, and best-case prospective 0.86 MMbbls (20% chance of success). No reserves yet. Contingent on a horizontal well flowing commercially.

resource reserve update

Sun and Pinnacle won a contiguous 155-acre lease covering a possible Bowsprit field extension, held 50/50, with Sun paying about A$45,000. Together with the 1,000-acre lease this secures the full field; the acreage delayed plans. Resource results and farm-out approaches are due in coming weeks.

asset acquisition disposition

The 88.5m-share shortfall (A$354,155) was placed, completing the full A$1,296,742 rights issue at $0.004 per share. Shares and free options to be allotted 18 December. This resolves the open funding thread for Bowsprit evaluation.

capital raising announcement

Director Alex Parks becomes CEO and Managing Director, ending the vacancy since November 2016. Sun launches a Patersons-underwritten rights issue of 3 new shares per 4 held at $0.004 to raise up to $1,296,742, to fund Bowsprit seismic, reserves certification and farm-out. Lease signed.

capital raising announcement

Winform (Hancock) extended the A$957,806 converting loan repayment from 18 Feb 2018 to 31 March 2021, allowing a raise of up to A$10m for Bowsprit. Repayment comes from 67% of Bowsprit net cash flow for the first 24 months. Directors defer fees and lend A$150,000.

debt financing

Sun and Pinnacle Exploration won a 1,000-acre Bowsprit lease in Breton Sound, Louisiana, 50/50, with Sun paying the initial ~A$300,000 cost. This answers the long US asset search. First well could start as early as March 2018, subject to funding. Directors lent A$110,000.

asset acquisition disposition

March quarter: Sun ceased to be operator of Seale #1H on 3 March 2017 after a court ruling and has no further interest in SW Leona, its only producing asset. Net cash A$518,320. Texas land now 2,251 net acres; US asset search continues.

quarterly activities report

The rights issue shortfall of 69.7M shares ($696,900) was fully placed, so the full $1,320,528 is raised. The shortfall was oversubscribed, and Sun will take up to a further $317,900 on the same terms using its placement capacity.

capital raising announcement

Managing Director and CEO Matthew Battrick resigned at the end of his two-year contract, effective 10 November 2016. He had led Sun since November 2014 and earlier from 2008 to 2013. Text gives no reason beyond contract expiry.

director officer appointment

Ian McCubbing becomes Chairman and Bill Bloking joins as non-executive director; Dr Jaap Poll retires. Both previously worked together at Eureka Energy. This is the second chair change in 2016, following the February reshuffle. The new chair says the board is committed to revitalising Sun.

director officer appointment

Prospectus for a rights issue of one share per two held at 1 cent, raising about $1,320,528, with a free 4-year 1c option per share, plus a $23,000 placement of 230M options. Fully underwritten by Fast Lane Australia; closes 12 October 2016. Raise size is larger than the $1,193,724 announced.

capital raising announcement

Sun plans a $1,193,724 rights issue at 1 cent per post-consolidation share, with a free 4-year 1c option, underwritten by Fast Lane Australia. It also plans a $23,000 option placement and a Fast Lane loan of up to $100,000. New board member and conventional oil focus flagged. Replaces stalled LUVV placement (inference).

capital raising announcement

Sun extended the Winform (Hancock) convertible loan, now A$1,023,180 at 5%, from August 2016 to repayment by 18 February 2018. Conversion into shares needs shareholder approval. Security over the Badger leases continues, and the loan becomes non-current.

debt financing

Sun announced a 25-to-1 share consolidation, cutting shares from 5,968.6M to 238.7M, subject to a 12 July 2016 shareholder meeting. Options are consolidated too, with the 2.5c listed options becoming 62.5c.

security holder rights change

Sun announced a $1.2 million placement of 1,200M shares at 0.1 cents to LUVV Capital Management Partners. The first 300M shares ($300,000) were issued that day. The second 900M depend on documentation and agreement on board and management composition, which implies possible leadership change (inference).

capital raising announcement

Board reshuffle: Dr Jaap Poll becomes Chairman and Alex Parks joins, both former Otto Energy executives. Plimer steps down as Chairman, staying about three months, and Martinick retires. Hancock may nominate a replacement director. The board is refocused on US and international oil and gas.

director officer appointment

Sun raised $699,000 through a placement of 699M shares at $0.001, with Bell Potter as lead manager. That is below the earlier $0.0016 raisings. Funds go to frac planning, geological review and working capital while it seeks a partner.

capital raising announcement

Sun could not pay Amerril the US$2m within the agreed four months, and Amerril did not assign its lease interests, so the two are seeking other solutions. Sun now states a 50% interest in Normangee, not 100%, and is still seeking a partner for the Jack Howe #1H frac.

joint venture update

Sun raised a further $1,000,000 through a placement of 625M shares at $0.0016, the same price as the earlier share purchase plan. Bell Potter was lead manager. Funds are for Jack Howe frac planning, exploration review and working capital while it seeks a partner.

capital raising announcement

Sun signed the binding Amerril agreement, converting the April term sheet: 100% of Normangee, Jack Howe #1H, SW Leona and Centerville, with JVs and AMIs ended. Sun will tender US$2m on a sale or partner, over about four months. Amerril accepted a 90-day share standstill.

asset acquisition disposition

The share purchase plan raised $927,500, topped up by Patersons' shortfall to the $1m underwritten amount, plus a $95,000 placement, totalling $1,095,000. About 684.4M new shares are issued at $0.0016. Funds go to frac planning, exploration review and working capital.

capital raising announcement

Under a non-binding term sheet, Amerril will assign its interests so Sun holds 100% of Normangee including Jack Howe #1H, SW Leona and Centerville. Sun owes Amerril US$2m deferred, payable if a new partner joins or the interests are sold. This resolves the Amerril issues; a definitive agreement is still needed.

asset acquisition disposition

Sun will offer a $1m share purchase plan, fully underwritten by Patersons, at a 20% discount to the five-day average price. Eligible holders can apply for up to $15,000. Funds are for frac planning, exploration review and working capital. Directors will each take $15,000.

capital raising announcement

Half-year to 31 December 2014 shows a net loss of $44.9m, including a $43.9m exploration impairment attributed to the sharp oil price fall and expired leases. This writes down the Texas assets built up earlier. Also repeats the Hancock convertible loan.

half year report

Sun entered a A$957,806 convertible loan from Winform, a Hancock Prospecting subsidiary (Hancock is the largest shareholder). Interest is 5%, repayable within 18 months or on a raising of $5m or more. It may convert to shares with shareholder approval. Secured over Sun's Badger leases.

debt financing

Sun cut its Badger Oil Project interest from 50% to 10%, with Ursa keeping 90%. Sun exits the initial well's drilling unit, so it has no cash obligation for that well, expected to spud before end 2014. This replaces the earlier plan for Sun to fund 50%, freeing cash for its operated Woodbine acreage.

farm in farm out completion

Matthew Battrick was appointed Managing Director and CEO on 12 November 2014, after acting as CEO since Dr van Ek resigned on 9 July. He held the role previously from 2008 to 2013. Salary is A$390,000 on a two-year term. This resolves the permanent CEO search.

director officer appointment

Rights issue closed with only 118.4M of 608.7M shares taken up ($1.18m); placement plus rights raised $5.1m versus about $10m targeted. Underwriting was terminated by a breached termination event, so up to $4.9m shortfall is at directors' discretion until 3 Jan 2015. Sun is also discussing bringing in a joint venture partner for the frac.

capital raising announcement

Jack Howe #1H reached total depth of 14,740 feet with a 6,240-foot lateral and strengthening oil and gas shows throughout. Logs and core confirm about 250 feet of oil pay. An independent resource report will follow; frac planned October. No flow rates yet.

drilling result

Drilling began on 11 September at Jack Howe #1H, Sun's first operated horizontal well (50%). The rig re-enters the vertical pilot to drill about 5,500 feet of lateral in the Lower Woodbine, expected to take three weeks. Delivers the September spud previously targeted.

drilling spud

Sun is raising $10m: a $4.0m placement of 398 million shares at 1.0 cent and a 1-for-5 rights issue for up to ~$6m, underwritten to $5.25m. Each has a free 1-for-2 option at 2.5c. Hancock will keep ~19.5%. Funds the Jack Howe lateral and frac, leases and Amerril matters.

capital raising announcement

Sun secured leases over about 1,980 gross acres in southern Leon County, near its Normangee and SW Leona areas, at under US$1,000 per net acre from existing cash. Sun is operator with 100% WI. The Jack Howe lateral is targeted for September, subject to capital and rig.

asset acquisition disposition

Davis #1 (Sun 25%) found only 8-12 feet of net Dexter sand, with minor oil and gas shows, too thin for a lateral. It was plugged and abandoned. This ends the long-awaited Petro-Hunt well without a result; Sun will look for other AMI locations.

drilling result

Managing Director and CEO Dr Govert van Ek resigned for personal reasons on 9 July 2014, after serving since March 2013. GM Technical Matthew Battrick, Sun's former CEO (2008-2013), becomes interim CEO on A$390,000 a year while a permanent replacement is sought.

director officer appointment

Sun bought a 50% non-operated interest in the Badger Oil Project, Bastrop County (10,028 gross acres, 5,014 net), from Ursa, paid from existing cash. A first well is expected before end November 2014. This extends Sun beyond the Woodbine into the Eagle Ford and Austin Chalk.

asset acquisition disposition

Jack Howe #1H reached 8,523 ft, recovering 167 ft of Lower Woodbine core, with hydrocarbon indications in the Lower Woodbine and Buda. The well is being plugged for possible re-entry. Core analysis will decide whether and where to drill the lateral; no flow rates yet.

drilling result

Jack Howe #1H, Sun's first operated well (50%), spudded on 15 April 2014 and had reached 4,653 ft with intermediate casing set. The vertical pilot targets ~8,550 ft and the Lower Woodbine and Buda, with a 5,000 ft+ lateral to follow if results support it.

drilling spud

Amerril spudded F. Thompson #1H, the first of the three new wells, targeting the Upper Woodbine at Centerville (Sun 18%, ~US$1.2M net of US$6.7M). It aims for a ~7,000 ft lateral and about three weeks to reach 13,807 ft. Executes the plan announced in October.

drilling spud

Sun will raise about $6.3M by placement at 3 cents to fully fund the three-well programme, with Hartleys and Bell Potter as managers. Hancock takes $2M, and Amerril converts US$1M owed to it into 35M shares. This comes only three months after the $13.5M raise.

capital raising announcement

Sun plans three new Woodbine horizontal wells: a Petro-Hunt Lower Woodbine well (Sun 25%) around mid-December, Sun's first operated well, Jack Howe #1H at Normangee (50%), before year-end, and Amerril's F. Thompson #1H (~18%, ~$1.3M net) in mid-November. Sun takes over as Normangee operator.

drilling scheduled

Alexander Downer and Prof. Ian Plimer join the board from 23 September 2013. Plimer becomes chairman at the 7 November AGM, with Martinick staying as a non-executive. Battrick leaves the board but stays as General Manager, Technical. Fills the US-style board renewal thread only partly (no US-focused director named).

director officer appointment

Sun raised $13.5M from a Hancock Prospecting subsidiary: 450M shares at 3 cents, giving Hancock 18.48% of the company. Proceeds go to proving up the Texas Woodbine acreage. This addresses the funding need flagged as cash fell to $5.3M.

capital raising announcement

Sun signed a binding joint venture with Petro-Hunt over a 7,832-acre area in northern Leon County. Sun contributes 810 net acres from Delta; the combined 3,240 acres are 75% Petro-Hunt (operator) and 25% Sun. First Lower Woodbine well is planned for Q4 2013.

farm in farm out agreement

Seale #1H hit trouble: the drill bit broke off while drilling out plug seven and could not be retrieved. Only the first seven of 23 frac stages can flow, so a proportionally lower rate is expected. MD called it disappointing; T. Keeling frac follows.

drilling progress report

Dr Govert van Ek, formerly CEO of Spyker Energy, is appointed Managing Director on a A$390,000 salary and 30 million options. Matthew Battrick moves to Executive Director (Technical). Board says Sun is evolving from explorer to producer.

director officer appointment

Amerril replaces Richland Resources as operator of the Richland project to finish pump installations; all four wells are shut in awaiting pumps. Seale #1H is being sidetracked after hole instability below about 7,400 ft, delaying its frac by about two weeks.

joint venture update

Sun bought a further 1,184 acres for the Delta project from existing cash, lifting Delta to 11,820 net acres (100% WI) and total Woodbine footprint to 20,020 net acres, reaching the low end of its 20,000-25,000 target. No price stated.

asset acquisition disposition

Seale #1 vertical on the Amerril project reached 9,938 ft; logs show potential pay in five stacked formations, about 670 ft gross, with strong oil in the Middle Woodbine. Sun holds 50%. Not a flow test; fracing planned mid-February 2013.

drilling result

A three-well Woodbine program began on the Amerril Oil Project, with the Seale #1 vertical spudded 4 November. Sun holds 50% and pays about US$1M net for this first well. Completion of all three wells is estimated by mid-February 2013.

drilling spud

Sun agreed to sell its 9.25% interest in the WA-47-R retention licence (Sage oil discovery) to a Hydra Energy subsidiary. Subject to joint venture and regulatory approvals; no price stated. Continues the exit from its older international assets in favour of the Woodbine.

asset acquisition disposition

Carnarvon and Sun farmed out 100% of Thailand's L20/50 to Siam Moeco (Mitsui subsidiary) with no further commitments. They get US$8.5M on commercial production and a 2% royalty capped at US$10M. Carnarvon states Sun's interest is 45%, versus 42.5% earlier. Follows the two dry wells.

farm in farm out agreement

Sun bought a 50% interest in the 3,652-acre Normangee Oil Project (1,826 net acres) for US$3.3M from existing cash; Amerril took the other 50%. Sun's Woodbine footprint rises from 17,010 to 18,836 net acres, with a 20,000-25,000 net acre target.

asset acquisition disposition

John Beeler #1H reached total depth with about 7,300 ft of lateral, and Ellis #1H pilot logs show the same three pay zones. The joint venture added a fourth well, the vertical John Beeler #2, to test the stacked zones. Beeler #1H frac still pending.

drilling progress report

All 10 resolutions passed at the 12 September general meeting. They cover the placement (167M ratified and 221.4M approved at 5c), 291,959,077 shares to Amerril, Carina's Delta securities and new options, and a director fee cap rise to $400,000. This resolves the pending approvals.

agm notice

Richland JV partners committed to two more horizontal wells on the 1,360 acres, after the Beeler #1H logs. Sun holds 16.67% in each (12.5% NRI), costing about US$2.3M in total. John Beeler #1H is planned to spud 7 September, the third well on 1 October.

drilling scheduled

Logs from the Beeler #1H pilot hole show oil-bearing pay in three zones: Sub-Clarksville (100 ft), Woodbine A (100 ft) and Woodbine B (about 150 ft). Sun calls this in line with nearby producing wells. Horizontal drilling is next; no flow results yet.

drilling result

Beeler #1H, Sun's first Woodbine well, spudded on 18 August 2012. Sun holds a 16.67% earning interest at about US$1.26M. Planned depth is about 6,400 feet with a 5,475-foot lateral and 36 fracs; completion is expected late September.

drilling spud

The farminors took up their right to join Beeler #1H through nominee Steadfast Resources, paying 50% of the cost. Sun's earning interest falls from 25% to 16.67%, and its cost from about US$1.9M to US$1.26M. Spud is now about 15 August.

farm in farm out completion

Sun is raising up to $20M through a share placement via Hartleys, with directors taking $580,000 subject to approval. Funds go to the remaining 1,653 Delta acres, Beeler #1H and possibly two more wells. Up to 167M shares come first, then up to 233M after the meeting around 11 September.

capital raising announcement

Amerril agreed to take 91,959,077 Sun shares at 5c instead of the outstanding US$4,597,953 cash for the remaining 47.5% of the Amerril leases. This changes the May deal's cash component. Settlement is extended to 15 September 2012, subject to shareholder approval around 11 September.

asset acquisition disposition

Sun resolved to grow its Woodbine acreage to at least 35,000 gross acres, beyond the 10,000-acre Delta target, and amended the Carina agreement. Remaining 1,653 Delta acres are due by 31 October 2012 at up to US$1,200 per acre; new Class G, H and I performance options are subject to shareholder approval.

asset acquisition disposition

Sun signed a binding farm-in with Richland Resources and Amerril over 1,360 acres in Leon County, Texas, to drill the Beeler #1H horizontal Woodbine well. Sun pays 25% of about US$7.6M (about US$1.9M) for a 20.3% working interest; spud planned about 17 August 2012.

farm in farm out agreement

Sun agreed to buy a 50% interest in about 12,000 adjacent acres from Amerril Energy for US$5M cash plus 200M shares at 5c. Amerril would become the largest shareholder. Farm-out talks are under way; per the investor deck, completion also needs a minimum $9M raising.

asset acquisition disposition

The Malta court refused the JV's injunction application, so the Government's bidding round over areas including the JV's claimed agreement area is not blocked. This is a setback for Sun's 20% Malta interest. Pancontinental will review options.

joint venture update

Sun completed the fourth Delta Oil lease tranche, taking its 100% working interest to 6,053 acres (from 4,442) toward a 10,000-acre target. It also states the Farrell loan has been fully repaid. Remaining tranches await due diligence.

asset acquisition disposition

Operator Pancontinental, for the JV with Sun, has started Malta court proceedings seeking an injunction. The Government called for bids over offshore areas that partly overlap the JV's exploration agreement, which it says has expired; the JV says it is suspended by force majeure.

joint venture update

Sun completed the third Delta Oil lease tranche, lifting its 100% working interest to 4,442 acres (up from 2,922). Leasing continues toward 10,000 acres; the company says the acquisition is fully funded by the $10.8M raising. Balance still needs due diligence and a formal purchase agreement.

asset acquisition disposition

The roughly 48.4M-share entitlement shortfall has been placed, so the entitlement offer raises about $1.9M. Together with the placement, Sun raises about $10.8M in total. The tranche-two placement still needs shareholder approval.

capital raising announcement

Sun has completed the first two lease tranches of the Delta Oil Project, adding 1,238 acres for 100% working interest in 2,922 acres in total. The balance, up to 10,000 acres, still needs due diligence, shareholder approval and a formal purchase agreement.

asset acquisition disposition

Sun will raise up to about $10.8M at 1.7 cents a share: an $8.9M placement plus a $1.9M 1-for-4 entitlement offer. Proceeds settle the Delta Oil acquisition and repay Dr Farrell's loan. Tranche two ($7.8M) needs shareholder approval.

capital raising announcement

Sun signs a binding term sheet to buy up to 10,000 acres at 100% working interest in the Delta Oil Project, in Texas's Eaglebine oil play. Ralph E. Davis estimates unrisked net prospective resources of 10M barrels, with a possible further 10-20M. The vendor's shareholders will subscribe at least $500,000.

asset acquisition disposition

Sun gives notice it will redeem the 5,680,300 convertible notes at $0.55 each (total $3,124,165) on 30 June 2011. Holders may instead convert at 9.16 shares per note (about $0.06 each) by 23 June. Shares last traded at $0.028.

security holder rights change

Sun confirms Krai Thong-1 found only water in the tested zones and will be plugged and abandoned, with Chalawan deferred. Both L20/50 wells are now dry; Sun keeps 42.5% and the joint venture will reinterpret the seismic data.

drilling result

Carnarvon reports Krai Thong-1 wireline testing found water as the mobile fluid, so the well will be plugged and abandoned and the Chalawan well deferred. A second dry hole in the Thailand program; good reservoir and seals were noted.

drilling result

Sun reports Krai Thong-1, the second L20/50 well with a 37M barrel target, has spudded and drilled to 132m after the rig moved from the dry Tapao Kaew-1. Major objectives are expected within 9-12 days. Sun holds 42.5%.

drilling spud

Dr Wolf Martinick, a director since 1996, is appointed Non-Executive Chairman from 1 March 2011, replacing the retiring Dr Brad Farrell. This resolves the open chairman succession; Farrell remains available as a consultant.

director officer appointment

Carnarvon reports Tapao Kaew-1 reached 1,792m and failed to find hydrocarbons. The sands were not oil-bearing, though failed logging tools left the deepest section inconclusive. The well will be plugged and abandoned. This is a dry hole for the first Thailand well.

drilling result

Sun confirms Tapao Kaew-1 (the 21M barrel target) was drilled to 1,792m and will be plugged and abandoned, as the joint venture consensus is that it found no hydrocarbons. The rig moves to Krai Thong-1. Peak has completed its free carry of Sun's share; Sun keeps 42.5%.

drilling result

Tapao Kaew-1, the first well of Sun's Thailand programme, has spudded, targeting about 21M barrels to 1,715m. Drilling is at 112m, and total depth is planned about 12 days after spud. This begins the exploration campaign Sun has been building towards.

drilling spud

Chairman Dr Brad Farrell, a director for over 18 years, will retire from the board on 28 February 2011 and stay as a substantial shareholder. A replacement chairman will be announced separately.

director officer appointment

Sun signed a binding agreement letting Peak earn a capped 7.5% of L20/50, replacing the earlier term sheet for up to 20%, after Peak pursued a different deal to its IPO. Sun keeps 42.5% and is free-carried through the first well; drilling targets January 2011.

farm in farm out agreement

The share purchase plan closed fully subscribed, raising A$2M. Sun says cash is over A$8M, which it states fully funds the up-to-four-well Thailand and NW Europe programme. This completes the November raising; new shares are allotted around 9 December.

capital raising announcement

Sun and Carnarvon agreed to make two wells firm, with a third contingent, to test over 80M barrels of speculative potential. Tapao Kaew-1 (21M barrels) is first, spudding mid-January 2011, then Krai Thong (37M barrels). This is up from one firm well previously planned.

drilling scheduled

Sun is raising up to A$5.025M through a placement of up to 75M shares at 6.7c, plus up to A$2M from a share purchase plan at the same price. The money funds the Thailand drilling and the proposed NW Europe gas farm-in. The second 25M-share tranche needs shareholder approval around 13 Dec 2010.

capital raising announcement

Sun signed a non-binding term sheet to earn 15% of a 720 bcf gas prospect onshore North-West Europe, paying about €1.645M (A$2.3M) of past and future costs. Drilling is targeted for Q2 2011. Counterparty is undisclosed; a definitive agreement is due by 31 Dec 2010. This is a new venture beyond Thailand.

farm in farm out agreement

Peak Oil & Gas finished due diligence, so all conditions for its first-well obligation are met. Peak will carry Sun through the first well for A$1.3M, earning 7.5% of L20/50. A second-well carry depends on Peak's IPO. Resource target is now quoted as over 80M barrels, up from 60M.

farm in farm out completion

Thai authorities approved all nine environmental impact assessments for L20/50, so environmental approval is in place for the late-2010 campaign of one firm and two contingent wells. Well designs still need approval. Sun's 50% falls to at least 30% after Peak's farm-in.

regulatory community update

Peak Oil & Gas signed a binding term sheet to earn up to 20% of L20/50 by carrying up to US$3.43M of Sun's well costs. Sun keeps at least 30%. This addresses the drilling-cost question; it is subject to JV, due diligence and government approvals.

farm in farm out agreement

Operator Carnarvon finished interpreting the L20/50 seismic: 23 leads in five play types, with nine drill locations going to environmental approval. One firm and two contingent wells are planned for Q4 2010, subject to approvals.

drilling scheduled

September 2009 quarter: the Meek AHGU#1 well (Sun 12.5%) failed to deliver sustained commercial flow and was plugged and abandoned, ending months of testing. Thailand L20/50 seismic is finished (548 km) and processing started, with 1 to 4 wells possible in 2010.

quarterly activities report

Meek AHGU#1 (Sun 12.5%) deepest zone, 3,606-3,611 m, has not flowed commercially. A peak of 805 mcf/d fell to 78 mcf/d within a day despite fracture stimulation. The operator plans to plug it and test 3,530-3,539 m next.

well test result

Carnarvon and Sun mapped seven leads on L20/50 (Sun 50%) from old seismic; Sun estimates the largest two could each hold over 50 million barrels in place. A 500 km2 2D survey starts July 2009, with drilling in 2010. Nong Bua-1 twin deferred.

drilling scheduled

Wireline logs at Meek indicate potential pay of 9 m in the Upper Meek Sands and 13 m in the Middle Meek Sands, plus two zones in the Upper Wilcox. Management says this supports the pre-drill model; production casing and testing come next.

drilling result

Meek well reached total depth of 3,786 m with multiple gas shows, the strongest in the target Middle Wilcox Meek Sands (8.6% total gas against 1.8% background). Encouraging but commercial potential is unknown until logging and testing.

drilling result

The Meek prospect well (Ammann Heirs Gas Unit #1, Sun 12.5%) spudded on 6 February 2009, targeting about 18 bcfe to roughly 3,780 m. The long-awaited spud is delayed from late 2008; TD is expected in about 30 days.

drilling spud

F1 gas discovery (37.5%) began sales on 28 November 2008, and the Lake Long #9 and Milagro workovers are done. Net production is now above 0.8 mmcfd gas and 16 bopd, resolving the earlier F1 start-up and Lake Long outage threads.

production update

The F1 well at Margarita flowed almost 300,000 cubic feet a day of gas from 2 m of a 6 m Frio interval and will be completed as a producer. Worth about $600,000 a year to Sun at its 37.5%. The deeper Vicksburg zone flowed mostly water and was plugged.

flow test result

Sun raises about A$4M through convertible notes, mainly for its 50% of Thailand block L20/50. Notes are $0.55 each, convert at 11c (22% premium, subject to reset), pay 12% quarterly and mature 31 March 2011. Aeromagnetic survey and a late-2008 well are planned.

capital raising announcement

Sun plans up to four US Gulf Coast wells by end 2008, aiming to double US revenue. Margarita F#1 and TB#18 (37.5%) are firm; Meek (12.5%) and Redback #1 (20%) depend on farm-outs. Targets are 0.6 to 18 bcfe.

drilling scheduled

Both Yegua zone tests at Raun #1 failed, producing only minor gas-cut fluids, and the well will be plugged and abandoned. This ends the first Bondi-Coogee farm-in well with no result for Sun's 15%, following the Wilcox disappointment in December.

drilling result

Sun and Carnarvon signed the L20/50 concession in Bangkok, finalising the 50% interest awarded earlier this month. Carnarvon has begun work: seismic reprocessing and an aeromagnetic survey over the next 12 months, with the old shut-in Nong Bua-1 well a possible quick cash-flow target.

material agreement

Sun and Carnarvon have been formally notified of, and accepted, the award of Thailand's 3,947 km² onshore block L20/50 in the Phitsanulok Basin. This confirms the bid reported in December; contract signing is expected later in January, with Carnarvon as operator.

farm in farm out completion

Bondi's Raun #1 found only thin gas sands in the Wilcox target, too small to test, and the well proved out of structural closure at 12,500 ft. It is suspended while two 50 ft Yegua gas pays are evaluated. A disappointing result for Sun's 15% farm-in.

drilling result

Sun places up to 25.88M shares at 9.5c to Hartleys' clients, raising A$2.46M, so it can fund its half of a US$4.25M bond for Thailand block L20/50 on award. Follows the 7c entitlement issue weeks earlier.

capital raising announcement

Bondi's Raun #1 has spudded, drilling at 333 ft on 7 November. Targets are expected in about 40 days, with weekly updates. Sun holds 15% with a 30-76 bcfge target, the first of its Bondi-Coogee farm-in wells.

drilling spud

Matthew Battrick, 26 years in oil and gas and most recently General Manager at Pancontinental, joins the board and becomes Managing Director from 1 February 2008. This fills the vacancy left by Ashby's October resignation. Farrell reverts to non-executive chairman at financial year end.

director officer appointment

Sun launches a fully underwritten entitlement issue of about 28.46 million shares at 7 cents, one for six, raising about $1.99 million. Hartleys underwrites for a 6% fee. Funds go to US production cash flow and Thailand. Directors will take up their entitlements.

capital raising announcement

Sun farms into Texon's Bondi-Coogee prospect complex in Wharton County, Texas, earning 15% by paying 20% of Bondi #1's dry hole cost. Bondi targets 30-76 bcfe, with drilling in November-December. Sun has a 90-day option on Coogee (28-62 bcfe).

farm in farm out agreement

Managing Director Bill Ashby has resigned as director and executive. Sun has started recruiting a replacement through a consultancy and expects no undue short-term operational effect. It leaves a senior gap just as Thailand bids and US drilling advance.

director officer appointment

Flour Bluff D-13 now flows up to 1.86 million scfe a day, and Smith #1 is producing 306,000 scfe a day. Lake Long #9 has started production at 1.74 million cubic feet of gas a day on restricted choke, with a planned 4 million. Sun holds 10% of Lake Long.

production update

Sun says it bid in Thailand's 20th round for two blocks: offshore G3/50 with Adelphi (8 bidders) and onshore L20/50 with Carnarvon (sole bidders), each 50%. Winners are expected around October 2007. This is the SE Asia move flagged in May.

other

Partner Carnarvon says it has bid for onshore Thailand Block L20/50 (3,947 km²) for a joint venture with Sun, each applying for 50%, with Carnarvon as operator. They are the only applicants; the outcome is pending. Continues Sun's SE Asia strategy.

other

Operator advises the second-phase Margarita shallow program is finished: Dona Carlota and Agavero are gas discoveries (1.3 bcf gross recoverable), while Climaco was plugged and abandoned as non-commercial. This confirms Climaco's earlier no-pay result. Partner Victoria's release; Sun holds 20%.

drilling result

Sun confirms the three-well Margarita shallow program is complete: Dona Carlota and Agavero are gas discoveries awaiting or on sales, and Climaco was plugged and abandoned as non-commercial. Dona Carlota is on sales at 500 mscfd, targeting about 1 million. Sun holds 20%.

drilling result

Lake Long #9 flowed 2,364,000 cubic feet of gas and 55 barrels of condensate a day with no water on restricted test. Sales are expected late August at about 4 million cubic feet a day. Sun holds 10%.

flow test result

Partner FAR reports electric logs confirm gas pay at Lake Long #9: 13 feet net in the Upper Hollywood and 29 feet in the Middle, now behind casing for future production. Drilling continues to the Lower Hollywood. Sun holds 10%.

drilling result

Agavero #1 reached 1,341 metres and logs suggest 5.5 metres of gross gas pay with no water, a second Margarita gas show. Testing is planned back to back with Donna Carlota, which is still delayed by flooding. Sun holds 20%.

drilling result

Donna Carlota-1 at Margarita reached 1,524 metres with 5.6 metres of net gas pay, estimated at 0.62 bcf recoverable (below the 0.8 bcf pre-drill mean). Casing run for testing. Rig moved to Agavero. Sun holds 20%.

drilling result

Sun forms a new Redback joint venture with Wandoo in South Texas, targeting prospects below 10,000 feet; Sun 37.5%, Victoria 37.5%, Wandoo 25%. Sun and Victoria fund a US$360,000 six-month seismic review; first well targeted late December quarter 2007.

joint venture update

Sun farms into the Hollywood Prospect at Lake Long, Louisiana, earning a 10% interest from operator Kriti by paying about 13.3% of the US$7.76M dry-hole cost. The Lake Long #9 well targets 21 bcf and 760,000 barrels of condensate, drilling mid May to late July 2007.

farm in farm out agreement

Sun confirms the final three Margarita shallow wells (Agavero, Dona Carlota, Climaco) go ahead from mid May after Empyrean triggered its funding; Sun keeps 20%. Milagro #1 is producing about 348,000 scfd; Dos Dedos is being connected; El Viejito is suspended as a water disposal well.

joint venture update

The first three Margarita shallow wells are called technical successes: El Viejito #1 and Dos Dedos #1 gas, Milagro #1 oil. But El Viejito will not be connected to sales because water coned into the thin gas zone. Rains delay the others; the last three wells start mid to late April.

drilling result

El Viejito #1 flowed gas at up to 210 mscfd, stabilising at 175 mscfd, choked at surface. Dos Dedos #1 reached depth with 3.5 m of gas pay over 3 zones, in line with pre-drill expectations. First sign of gas flows from the Margarita shallow program.

well test result

Drilling began on El Viejito #1, the first of six shallow Margarita gas wells, with surface casing run to 192 m. Drilling resumes 26 December toward 1,920 m. Sun holds 20%. No result yet.

drilling spud

Empyrean Energy farms into six shallow Margarita wells, with an option on three deep ones. Final interests become Sun 20%, Victoria 20%, Wandoo 16%, Empyrean 44% (Sun was 37.5%). Drilling starts about 15 December; first three wells target 1.2-2.0 Bcf each.

farm in farm out agreement

Bill Ashby, Executive Director and General Manager since 1 July 2006, becomes Managing Director from 9 November 2006, filling the role left vacant. Dr Farrell stays Executive Chairman, as far as the text shows.

director officer appointment

Sun completed its placement of 22 million shares at 10 cents, raising $2.2 million before expenses, with no shortfall. It also issued 12.5 million free options at 20 cents expiring 30 December 2008, taking shares on issue to 170,755,785.

capital raising announcement

Sun confirms Eagle North-1 workover failed: the damaged production valve at 3,963 m could not be passed, so the well is suspended pending a future side track. Sun will seek a new operator and partner and is weighing keeping or farming down its 10%.

drilling result

Operator Victoria Petroleum says the workover could not retrieve the production valve and guns in Eagle North-1, so it is abandoning the effort. Partners will plan a future re-entry and side track to the 177 m target. The June retest is not completed; no oil flow result.

drilling result

Sun lodged a prospectus under the shareholder approval of 27 July 2006 to raise $2.2M via up to 22M shares at 10c with 11M free 20c options (to 30 Dec 2008). Funds go to Project Margarita and Flour Bluff. Resolves the earlier unexplained 30M-share approval.

capital raising announcement

Sun says Eagle North-1 testing resumes late September after a June perforating attempt failed with mechanical problems. Flour Bluff Phase 2 slips to mid October (planned for February). Only FB #1 and D-26 are firmly scheduled; 8 wells target 40.9 Bcfe.

drilling scheduled

From 1 July 2006 Dr Brad Farrell becomes Executive Chairman and the Managing Director role is left vacant. Bill Ashby, formerly Director Exploration at Conoco-Phillips Australia, joins as Executive Director and General Manager.

director officer appointment

The vertical test of Eagle North-1 failed: only about 400cc of oil was recovered and no fluid entered the well, so the oil sands are probably not connected to the well. Partners unanimously approved drilling a 90-150 m horizontal lateral to test instead.

well test result

First look at the logs shows Eagle North-1 has about 7 m of net oil pay at 4,136-4,157 m, similar to the 1986 Mary Bellocchi-1 discovery well. Casing and a testing program follow next week; flow rates are still unknown.

drilling result

Eagle North-1 hit the target Gatchell sand at 4,162 m as the seismic predicted, with a gas show peaking at 42 units over 8 background. No oil fluorescence was seen; the operator attributes this to drilling conditions. Logs are needed to confirm oil.

drilling result

Sun confirms the $1.5 million LinQ mezzanine facility at 10% a year, drawable 28 February to 31 August 2006, expiring 28 February 2008. It depends on shareholder approval of a placement refresh at an EGM. Sun holds 20 to 24.17% of Flour Bluff.

debt financing

Lender LinQ Resources Fund confirms it signed a $1.5 million mezzanine facility for Sun, for working capital at the Flour Bluff Gas Project in Texas. Term is 2 years at 10% a year, with 6 million options issued to LinQ, subject to shareholder approval.

debt financing

Eagle North-1 spudded on 11 January and was drilling at 252 m toward a first casing point near 914 m. It is the appraisal well Sun joined in the Eagle Oil Pool, which flowed oil in 1986; Sun holds 10%.

drilling spud

Sun and Victoria Petroleum signed a Texas Gulf Coast joint venture with Wandoo Energy: Sun 37.5%, Victoria 37.5%, Wandoo 25%. They fund US$360,000 of seismic evaluation, with first right to earn 75% of prospects. Early work shows gas leads of 5 to 100 BCF.

joint venture update

Form 484 filing records the listing of 32,446,000 new shares at 18 cents, raising $5,840,280 before expenses under the 18 November 2005 prospectus. The shares were listed on or about 9 December 2005, so this is a notice of an already completed raising.

capital raising announcement