Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2014drilling result▲ Good
Jack Howe #1H lateral is cased and cemented (5.5-inch casing, about 6,100 feet lateral), with core and logs confirming about 250 feet of oil pay. Frac planning is under way for October. Rights issue closes 3 October. No flow rates yet.
29 Sept 2014annual report● Neutral
Sun released its annual report for the year to 30 June 2014, with the AGM set for 6 November 2014. The excerpt shows only the directory and highlights, repeating known events such as the Badger deal and Jack Howe pilot. No financial figures are visible.
25 Sept 2014drilling result▲ GoodMajor
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.
23 Sept 2014drilling progress report▲ Good
Jack Howe #1H lateral reached 12,950 feet measured depth, about 4,500 feet of lateral drilled, after a bit change. Strong oil and gas shows continue; completion and casing expected within about a week.
19 Sept 2014drilling progress report▲ Good
Jack Howe #1H lateral is drilling at 10,262 feet measured depth with significant hydrocarbon indications in the Lower Woodbine. Planned lateral lengthened to about 6,100 feet, with 7-10 more days expected.
18 Sept 2014capital raising announcement● Neutral
Rights issue closing date extended by 8 business days to 3 October 2014; shares to be issued 9 October. Terms unchanged at 1.0c. Inference: the extension gives holders more time to take up entitlements.
15 Sept 2014flow test result▲ Good
EOG reported Zeus #1H, adjacent to Sun's Jack Howe, at an estimated 30-day rate of at least 500 boepd (Sun's estimate from EOG data). Resolves the open Zeus result; encouraging for Sun's Lower Woodbine target, though it is a neighbour's well.
11 Sept 2014drilling spud▲ GoodMajor
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.
10 Sept 2014investor presentation● Neutral
RIU Good Oil Conference presentation repeating known facts: up to 38,697 gross (23,217 net) acres across Woodbine and Eagle Ford, Jack Howe lateral scheduled for September, and 1-2 proposed wells on new leases. No new results seen in the excerpt.
4 Sept 2014contract award▲ Good
Sun signed a drilling contract with Nabors Drilling USA for a rig to drill the Jack Howe #1H lateral (Sun 50%, operator). About 5,500 feet horizontal, roughly three weeks to drill; frac planned for October, subject to equipment. Progresses the September lateral target.
1 Sept 2014capital raising announcement● Neutral
Letter to shareholders restating the rights issue terms (1-for-5 at 1.0c, about $6.09m). Funds: Jack Howe #1H frac $2.0m, lease bonuses $2.0m, joint venture working capital $1.0m, corporate overheads $1.09m. Foreign holders are excluded; a nominee sells their entitlements.
1 Sept 2014admin correction● Neutral
Revised rights issue timetable only: record date moved to 8 September, offer opens 10 September, closes 23 September, new shares trade 1 October. No change to terms or size.
29 Aug 2014capital raising announcement● Neutral
Prospectus lodged for the 1-for-5 renounceable rights issue at 1.0c to raise about $6.09m, with free 1-for-2 options at 2.5c (3-year). Patersons partially underwrites up to $5.25m. Follows the 28 August placement announcement; 608.7M new shares offered.
What it means for a shareholder
609m new shares at about A$0.010 to raise about A$6.1m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (99,951 at the issue price), your slice goes from 0.00378% to 0.00307% of the company. To keep it you'd need 23,002 more shares - about A$230 at the issue price.
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28 Aug 2014listing compliance notice● Neutral
ASX notice that the trading suspension will lift immediately after Sun releases its capital raising announcement. Administrative only.
28 Aug 2014capital raising announcement● NeutralMajor
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.
What it means for a shareholder
398m new shares at A$0.010 to raise about A$4.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00378% to 0.00329% of the company. To keep it you'd need 15,048 more shares - about A$150 at the issue price.
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27 Aug 2014listing compliance notice● Neutral
Sun's shares were suspended at its request on 27 August, following a trading halt on 25 August, while it undertakes a capital raising. An update was expected on 28 August.
11 Aug 2014price query● Neutral
ASX queried a rise in the share price from 1.4 cents to an intraday 2.0 cents. Sun said it knew of no unannounced information and suggested the move may be a response to its 1 and 5 August announcements.
5 Aug 2014investor presentation● Neutral
August presentation promoting the recently announced ~1,980-acre southern Woodbine lease purchase, taking holdings to ~38,000 gross (~23,000 net) acres, near EOG and Encana activity. Excerpt shows mainly repeated information.
1 Aug 2014asset acquisition disposition▲ GoodMajor
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.
31 July 2014quarterly activities report● Neutral
June quarter report mostly repeats known items: Badger acquisition, Jack Howe pilot, the failed Davis #1 and van Ek's resignation. New: F. Thompson #1H averaged 22 bopd oil in June, up 45% on May. Net acreage was about 21,237 at 30 June.
14 July 2014drilling result▼ BadMajor
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.
10 July 2014director officer appointment▼ BadMajor
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.
8 July 2014drilling spud● Neutral
Petro-Hunt spudded the Davis #1 vertical pilot (Sun 25%) in Leon County, after repeated delays. Sun's share of the cost is about US$258,000, with 7-10 days to drill. Then a decision on vertical completion or a lateral.
5 June 2014investor presentation● Neutral
June corporate update restating strategy: Woodbine plus Eagle Ford, ~24,000 net acres, Jack Howe drilled as operator. Notes the Davis #1 rig originally selected was contracted elsewhere, so Petro-Hunt is seeking another. Unrisked valuations are management's; no new results.
29 May 2014investor presentation● Neutral
Presentation on the Badger Oil Project (Sun 50%, 10,028 gross acres), repeating the known purchase and a first lateral by November 2014. It adds management estimates: ~8 million barrels net to Sun in a success case, well cost under US$8m (50% Sun), and 64 laterals. Valuations are unrisked.
27 May 2014asset acquisition disposition▲ GoodMajor
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.
19 May 2014drilling scheduled▼ Bad
Petro-Hunt's Davis #1 vertical pilot (Sun 25%) has slipped again, now expected in the first half of June 2014. It depends on the rig contractor finishing work for another operator. Site construction and rig selection are complete.
6 May 2014drilling result▲ GoodMajor
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.
30 Apr 2014quarterly activities report● Neutral
March quarter report: Jack Howe #1H spudded 15 April and reached 8,523 ft. The Petro-Hunt well has slipped to May, and F. Thompson #1H is producing 15-45 bopd. It also records Downer's resignation and the lapse of 97.3M options. Mostly repeats known updates.
22 Apr 2014drilling spud▲ GoodMajor
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.
