21 Mar 2012asset acquisition disposition● Neutral
Duplicate of the 21 March announcement: sixth Delta Oil tranche completed, taking Sun's 100% working interest to 7,605 acres. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Mar 2012asset acquisition disposition▲ Good
Sun completed the sixth Delta Oil lease tranche, lifting its 100% working interest to 7,605 acres (from 6,803) in Leon County, Texas. The 10,000-acre target remains subject to due diligence; the company says it is funded from existing cash.
19 Mar 2012investor presentation● Neutral
Conference presentation restating Delta Oil: 6,803 acres held, next tranche to take it above 7,600, completion targeted for the June 2012 quarter. Shows cash of $4.9M at 29 February and a market cap of $21.7M at 1.9c.
13 Mar 2012half year report● Neutral
Half-year report to 31 December 2011 shows a net loss of $2.65M (versus $1.45M a year earlier). It restates the US shale oil strategy and 6,053 acres in Delta at period end; the vendor is named as Carina Energy LLC.
2 Feb 2012listing compliance notice● Neutral
Sun answered an ASX query on its cash burn, saying the large December-quarter spend reflected Delta acquisition costs and should fall. It says it complies with the listing rules, citing 30 June 2011 assets of $8.84M against liabilities of $100,506.
31 Jan 2012director officer appointment● Neutral
John Kenny joins the board as non-executive director from 1 March 2012. He is a lawyer and one of the Delta Oil Project vendors, which the chairman says will help add value. This is a vendor-linked board seat (related party).
23 Jan 2012asset acquisition disposition▲ Good
Sun completed the fifth Delta Oil lease tranche, lifting its 100% working interest to 6,803 acres (from 6,053) toward the 10,000-acre target. Further leases still depend on due diligence; the company says the purchase is funded by the $10.8M raising.
22 Dec 2011investor presentation● Neutral
General meeting presentation restating Delta Oil: 6,053 acres held, aiming to complete 10,000 acres around late December or early January. Shows cash $5.4M at 30 November (down from $8.7M a month earlier), 1.14 billion shares, market cap $20.5M at 1.8c.
16 Dec 2011joint venture update▼ BadMajor
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.
12 Dec 2011joint venture update● Neutral
The 9 December Malta injunction hearing was held in private and the judge reserved his decision. Sun's Malta position remains unresolved.
6 Dec 2011asset acquisition disposition▲ GoodMajor
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.
6 Dec 2011director officer appointment● Neutral
Damian Kestel, with 20 years in finance, law and securities analysis at CLSA, will join as non-executive director from 1 February 2012. He fills the seat of retiring director Peter Woods, linking to the new shale oil strategy.
1 Dec 2011joint venture update▲ Good
A Malta court issued an interim injunction preserving the status quo for the JV until a hearing on 9 December 2011. This follows the injunction application over the Government's bidding round. The Government has four days to reply.
30 Nov 2011director officer appointment● Neutral
Long-serving director Peter Woods will retire from the board on 31 December 2011 after over 22 years. He cites board renewal; the board says it is in talks with candidates and expects to name a replacement imminently.
18 Nov 2011joint venture update▼ BadMajor
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.
16 Nov 2011investor presentation● Neutral
AGM presentation framing Delta Oil as Sun's entry into US shale oil, with a plan to farm out early proof-of-concept drilling and monetise international assets. Shows 4,442 acres held, cash $8.7M at 31 October and no debt.
27 Oct 2011asset acquisition disposition▲ GoodMajor
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.
20 Oct 2011investor presentation● Neutral
General meeting presentation repeating Delta Oil terms: up to 10,000 acres, about 3,000 acquired, Ralph E. Davis 10M barrel unrisked resource. Shows cash of $10.7M at 30 September (including raising proceeds) and $0.75M Farrell debt; 1.07 billion shares, market cap $25.7M at 2.4c.
10 Oct 2011capital raising announcement▲ GoodMajor
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.
7 Oct 2011capital raising announcement● Neutral
The entitlement offer closed with $1,065,770 subscribed, short of the $1,888,571 target. Shareholders also asked for shares beyond their entitlements, and remaining allocations and the shortfall will be finalised shortly.
5 Oct 2011debt financing● Neutral
ASX waived a listing rule so Dr Brad Farrell, the retired chairman, can lift his secured loan to Sun from $750,000 to $2M without a shareholder vote. Sun plans to repay it by 24 February 2012 and is diligencing a further 1,562 acres.
22 Sept 2011annual report● Neutral
2011 annual report for the year to 30 June. It restates the Delta Oil acquisition, the dry Thailand wells, Lake Long #9 shut in, and the $8.9M placement. The AGM is set for 10 November 2011.
16 Sept 2011asset acquisition disposition▲ GoodMajor
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.
14 Sept 2011capital raising announcement● Neutral
Sun says entitlement documents were posted on 14 September. The offer opens 16 September and closes 4 October, raising up to about $1.9M. Administrative notice.
1 Sept 2011admin correction● Neutral
Sun issued a revised timetable for its entitlement offer. It shows the offer closing on 4 October 2011, new shares issued on 10 October and normal trading of them starting on 12 October.
1 Sept 2011admin correction● Neutral
Standard Corporations Act cleansing notice for the entitlement offer, stating Sun has met its disclosure obligations. Unsubscribed shares may be placed by Hartleys, diluting holders who do not take part. Compliance paperwork only.
1 Sept 2011capital raising announcement● Neutral
Offer document for the non-renounceable entitlement issue: 111,092,433 new shares at 1.7 cents, 1 for 4, raising up to $1,888,571. Not underwritten. Details already announced on 31 August.
What it means for a shareholder
111m new shares at A$0.017 to raise about A$1.9m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (58,824 at the issue price), your slice goes from 0.0106% to 0.00883% of the company. To keep it you'd need 11,765 more shares - about A$200 at the issue price.
Create a free account to see this worked out for your own holding.
1 Sept 2011capital raising announcement● Neutral
Letter to shareholders repeating the raising terms. It adds that 1.7 cents is a 22.7% discount to the pre-announcement price, and the entitlement proceeds will fund exploration and working capital. Shares would rise from 444.4M to 555.5M if fully taken up.
31 Aug 2011investor presentation● Neutral
Presentation on the Delta Oil acquisition, repeating known terms: up to 10,000 acres, Ralph E. Davis 10M barrel unrisked resource, and consideration including up to 58.8M shares, 50M options and up to US$8M cash. Market cap was $9.7M at 2.2 cents.
31 Aug 2011capital raising announcement▲ GoodMajor
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.