Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Apr 2014director officer appointment● Neutral
Non-executive director Alexander Downer will resign from 17 April 2014 after being appointed High Commissioner to the UK. He joined the board on 23 September 2013. This is the second non-executive departure since November.
31 Mar 2014security holder rights change● Neutral
97.3 million unlisted options at 2.5 cents, issued to the Delta Oil Project vendor and brokers, lapsed unexercised on 31 March 2014. Shares on issue remain 2,644,944,710, so there is no new capital.
14 Mar 2014half year report▼ Bad
Half-year report to 31 December 2013 shows a net loss of $1,112,563 (versus $5,647,794 a year earlier). It discloses that Richland Resources is suing Sun and Beeler partners over a January 2013 lease assignment; the claim is unquantified and Sun calls it without merit.
14 Mar 2014flow test result● Neutral
F. Thompson #1H (Sun 18%) is now flowing through a jet pump at about 600 barrels of fluid a day, with oil at about 45 bopd gross (8% oil cut) and ~35% of frac fluid recovered. A proper production rate is still awaited.
12 Mar 2014investor presentation● Neutral
Conference presentation repeating known facts: the three-well Woodbine programme, Hancock as 19.53% holder, 2,645M shares and unaudited cash of $14.4M at 28 February 2014 (down from $15.9M at 31 December). No new results in the excerpt.
7 Mar 2014other● Neutral
S&P Dow Jones Indices' March 2014 rebalance of the S&P/ASX indices. The excerpt shown does not mention Sun Resources, so it carries no stated implication for the company's shareholders.
3 Mar 2014drilling scheduled● Neutral
Petro-Hunt's vertical pilot (Sun 25%) is now expected around end of Q1 2014, after a JOA amendment on 28 February lets the partners opt for a vertical well rather than a lateral. Jack Howe #1H (Sun 50%) slips to April 2014, pending land leasing matters. A US unconventional company has expressed interest in partnering at Normangee, with discussions continuing. Contango's nearby Lower Woodbine wells had 30-day rates of 463-810 boepd.
24 Feb 2014flow test result▲ Good
F. Thompson #1H has recovered about 21% of frac fluid, with the first crude oil and gas reported. Permanent facilities and a jet pump are still to be commissioned, so no initial oil rate yet. Drilling and completion were within budget and on time.
6 Feb 2014price query● Neutral
ASX queried a rise in the share price from 2.4c to an intra-day 3.1c with higher volume. Sun said it knew of no undisclosed information and suggested the rise may reflect support for the drilling programme (flow back began 4 February).
4 Feb 2014drilling progress report▲ Good
The 17-stage frac on F. Thompson #1H (Sun 18%) finished successfully, averaging over 330,000 lb of proppant per stage. Plugs are drilled out and flow back has started. No production rate is available until fluid recovery stabilises.
28 Jan 2014drilling progress report● Neutral
Completion work, including multi-stage fraccing, has begun at F. Thompson #1H (Sun 18%), which has ~5,000 ft of lateral in the Upper Woodbine. A further update is promised once the frac is finished. No production result yet.
13 Jan 2014admin correction● Neutral
1,300,000 unlisted employee options at 12 cents lapsed on 7 January 2014, with an updated Appendix 3B. Issued shares are 2,644,944,710. Administrative notice only.
19 Dec 2013drilling result● Neutral
F. Thompson #1H finished drilling at a revised 12,030 ft, shallower than the 13,807 ft planned, with ~5,000 ft of lateral cased and oil shows. Frac due in the new year. Petro-Hunt and Jack Howe #1H wells slip to Q1 2014 from the mid-December and year-end targets.
2 Dec 2013drilling progress report▲ Good
F. Thompson #1H (Sun 18%, ~US$1.2M net) is drilling its horizontal section at 9,846 ft toward 13,807 ft, with about 2,200 ft of lateral done and oil shows in the Upper Woodbine sand. Usable lateral now expected at 6,000-6,500 ft.
20 Nov 2013director officer appointment● Neutral
Non-executive director John Kenny resigned with immediate effect; he had served since 1 March 2012. No reason is given in the announcement.
18 Nov 2013drilling spud▲ GoodMajor
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.
6 Nov 2013capital raising announcement● NeutralMajor
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.
6 Nov 2013listing compliance notice● Neutral
ASX reinstated Sun's shares to quotation after the capital raising announcement. Administrative notice only.
4 Nov 2013listing compliance notice● Neutral
At Sun's request, shares were suspended from quotation pending an announcement on a placement to fund exploration and working capital. This follows the 31 October trading halt. An update was promised for 6 November.
31 Oct 2013investor presentation● Neutral
October investor presentation repeats the three-well programme and Hancock funding. Notes cash of $15M at 30 September, but US$3M has since been paid to Amerril for past well costs, and about US$3.8M is needed over 12 months for lease renewals absent farm-outs.
28 Oct 2013drilling scheduled▲ GoodMajor
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.
23 Sept 2013annual report● Neutral
Annual report for the year to 30 June 2013 released, with AGM set for 7 November 2013. Highlights restate the Amerril wells, Petro-Hunt deal, Thailand farm-out and the Hancock placement. Hancock is now the largest substantial shareholder and Amerril second.
3 Sept 2013investor presentation● Neutral
Managing Director's Good Oil conference presentation restates the Woodbine strategy and ~20,000 acres. Shows 2,435M shares, $16M unaudited cash at 26 August and a $102M market cap at 4.2 cents, reflecting the Hancock raise. Mostly repeats known facts.
3 Sept 2013director officer appointment● NeutralMajor
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).
26 Aug 2013drilling progress report▲ Good
T. Keeling #1H has now produced first oil after jet pump installation: 23.5% of frac fluid recovered, oil cut 11-19%, about 7-17 bopd. Seale #1H's best day was 35 bopd from six stages. Modest rates, but an improvement on the earlier trace-only flow.
9 Aug 2013capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
450m new shares at A$0.030 to raise about A$13.5m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.00137% to 0.00116% of the company. To keep it you'd need 6,160 more shares - about A$185 at the issue price.
Create a free account to see this worked out for your own holding.
9 Aug 2013capital raising announcement● Neutral
Formal notice that the 450M-share placement to Winform Nominees (Hancock) at 3 cents, $13.5M, is complete. Shares used the 15% and additional 10% placement capacity; 5% of funds raised was paid in advisory fees. Repeats ref 1 with compliance detail.
5 Aug 2013drilling progress report● Neutral
T. Keeling #1H's 5-stage test frac has recovered only about 20% of frac fluid after 8 days, with just a trace of hydrocarbons so far. Amerril says 30-35% must be recovered before appreciable oil is likely. A jet pump is next; Seale #1H returns to flow back.
22 July 2013drilling progress report● Neutral
Frac of T. Keeling #1H has started, initially 5 stages over 1,500 ft of the lateral, using a design similar to nearby successful wells and contractor Fractec. Seale #1H operations are suspended while the blocked wellbore waits.
12 June 2013farm in farm out agreement▲ GoodMajor
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.
