Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2012drilling progress report▲ GoodMajor
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.
8 Oct 2012drilling progress report● Neutral
Beeler #1H is cased and its frac is due to start this week, with completion expected late October. John Beeler #1H is drilling its roughly 7,000-foot lateral (mid-November completion), and Ellis #1H spudded 7 October. No flow results yet.
27 Sept 2012drilling progress report● Neutral
Beeler #1H reached total depth of 12,756 feet with a lateral of about 6,100 feet; fracs are now about 32 stages and completion slips to late October. John Beeler #1H logs confirm all three pay zones, and third well Ellis #1H is due to spud around 7 October.
26 Sept 2012annual report● Neutral
Annual report for the year to 30 June 2012 was released, highlighting 17,010 net Woodbine acres, the $20M placement and the first two Richland wells. The AGM is set for 8 November 2012. The excerpt shows no new financial figures.
20 Sept 2012investor presentation● Neutral
Interview with the managing director restating the Woodbine strategy and 17,010 net acres. He gives an illustrative case: if Beeler produces 600 barrels a day, payback would be about 4 months. This is a management illustration, not a result.
18 Sept 2012drilling spud● Neutral
John Beeler #1H, Sun's second Woodbine well, spudded 17 September 2012, about 2,000 feet west of Beeler #1H. Sun holds 16.67% WI at a cost of about US$1.26M. A roughly 7,000-foot lateral is planned, with completion expected late October.
12 Sept 2012asset acquisition disposition▲ Good
Sun bought another 748 Delta acres, taking Delta to 10,636 net acres (100% WI), past the original 10,000-acre target. Its Leon County footprint is now 17,010 net acres (24,248 gross) across Delta, Amerril and Richland. Targets remain 15,000 net Delta acres and 35,000 gross overall.
12 Sept 2012agm notice▲ GoodMajor
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.
5 Sept 2012investor presentation● Neutral
Conference presentation lodged with a cover letter, restating the Woodbine strategy, acreage and recent announcements. It shows 1.84B shares, market cap $134.5M at 7.3c and pro-forma cash of $17.8M including the $20M raising. Mostly known facts; the meeting date is now 12 September.
3 Sept 2012drilling scheduled▲ GoodMajor
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.
31 Aug 2012drilling result▲ GoodMajor
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.
27 Aug 2012drilling progress report▲ Good
Beeler #1H, Sun's first Woodbine well, drilled its vertical pilot hole to the planned 7,400 feet measured depth (7,180 feet true vertical depth), with elevated gas readings in the Woodbine at 6,400-6,750 feet MD. Logging began before the horizontal section is drilled; completion is expected by late September 2012.
20 Aug 2012drilling spud▲ GoodMajor
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.
14 Aug 2012asset acquisition disposition▲ Good
Sun secured its eighth Delta lease tranche of 1,541 acres, lifting Delta to 9,888 net acres and its Leon County total to 16,262 net acres. The Delta target is now 15,000 net acres, subject to due diligence.
8 Aug 2012farm in farm out completion● NeutralMajor
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.
31 July 2012capital raising announcement▲ GoodMajor
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.
30 July 2012asset acquisition disposition▲ GoodMajor
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.
30 July 2012investor presentation● Neutral
Investor briefing restating the Woodbine strategy: 22,000 gross acres, the Beeler #1H well due to start in August, and the performance option milestones. It shows cash of $1.2M at 30 June 2012 and market capitalisation of $64.9M at 5.7c. Mostly known facts.
27 July 2012asset acquisition disposition● NeutralMajor
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.
25 July 2012farm in farm out agreement▲ GoodMajor
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.
12 June 2012price query● Neutral
Answering an ASX query on a rise from 4.8c to 6.4c, Sun says it has no unannounced information. It points to reported Halcón's US$378M purchase of an adjacent Woodbine asset as the likely explanation.
12 June 2012regulatory community update▲ Good
Sun notes press reports that Halcón will buy 75% of the adjacent Petromax Woodbine asset for US$378M, with about 2,000 boe/day output. Sun's management calls it an endorsement of its Delta leases; it does not change Sun's own holdings.
21 May 2012asset acquisition disposition▲ Good
Sun finished title due diligence and paid US$768,313 for an initial 2.5% working interest in 12,293 gross Amerril acres next to Delta. This is the first step toward the 50% interest, which would give 14,494 net acres in total.
11 May 2012investor presentation● Neutral
Investor briefing restating the Amerril acquisition (US$15M consideration, US$750K due by 21 May, balance by 5 August, subject to a minimum $9M raising and approvals) and Delta's 8,347 acres. Shows cash of $3.4M and market cap of $55.9M at 4.9c. Targets drilling in Q3 2012 via farm-out.
7 May 2012asset acquisition disposition▲ GoodMajor
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.
1 May 2012asset acquisition disposition▲ Good
Sun secured the seventh Delta Oil lease tranche, lifting its 100% working interest to 8,347 acres (from 7,605) in Leon County, Texas. The 10,000-acre target still depends on due diligence.
20 Apr 2012asset acquisition disposition▲ Good
Sun says it is doing due diligence on a seventh Delta Oil lease tranche that would lift its 100% holding past 8,000 acres from 7,605, toward the 10,000-acre target. It also cites strong nearby Eaglebine well results and industry leasing interest.
20 Apr 2012price query● Neutral
Responding to an ASX query on a share price rise from 2.5c to 3.1c, Sun says it knows of no unannounced information explaining the trading and is complying with listing rules. No new information.
13 Apr 2012security holder rights change● Neutral
ASX granted Sun a waiver from Listing Rule 14.7 so it could issue the remaining Delta acquisition securities to Carina Energy more than three months after the 22 December 2011 approval. This was because lease transfers and due diligence were delayed, and the securities had to be issued by 20 May 2012.
26 Mar 2012investor presentation● Neutral
Notice of a webcast of the managing director's conference presentation on 26 March 2012. Administrative notice with no new information.
