Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 July 2013quarterly activities report● Neutral
June quarter report: Seale #1H's best rate was 61 bopd, restricted to seven stages by the stuck bit. T. Keeling #1H's first 5-stage frac is done, and Ellis #1H averaged 150 bopd over 90 days. The Petro-Hunt deal and Linsley's retirement are noted; mostly repeats.
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.
6 June 2013director officer appointment● Neutral
Non-executive director Dr Philip Linsley, a director for over 16 years, will retire from the Board effective 30 June 2013. He suggests the board could add a director with a US focus.
5 June 2013drilling progress report● Neutral
Seale #1H has flowed back 26 days, recovering about 9% of frac water, with a peak oil rate of 61 bopd. Ellis #1H averages 172 bopd. Sun cites 10 nearby peer Lower Woodbine wells with strong results as de-risking the play.
6 May 2013drilling progress report▼ BadMajor
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.
3 May 2013agm notice● Neutral
Shareholders approved 30M incentive options for MD van Ek and 15M for Matthew Battrick, plus retirement benefits for both. All four resolutions passed; this resolves the pending meeting on the MD's remuneration. VWAP was 3.8 cents.
30 Apr 2013quarterly activities report● Neutral
March quarter report: about 13,000 barrels of oil produced gross from the Richland wells, Ellis #1H above 250 bopd on a jet pump, and Seale #1H fracced in 23 stages. Mostly repeats known updates; new MD van Ek's appointment is noted.
19 Apr 2013drilling progress report● Neutral
Seale #1H frac is complete: 23 stages over 6,800 ft, with a week of clean-up before shut-in for the T. Keeling #1H frac, now expected by early May. John Beeler #1H jet pump installed; Beeler #1H awaiting its pump; Ellis #1H optimisation continues.
16 Apr 2013investor presentation● Neutral
Managing Director's symposium presentation restates the Woodbine tight oil focus, ~20,000 net acres and seven wells drilled since the late-2012 $20M raise. Cash was $5.3M (unaudited, 31 March 2013), down from $8.3M at December; 1.98B shares, $100M market cap at 5 cents.
15 Apr 2013other● Neutral
Administrative notice: Sun has moved its head office to Level 2, 30 Richardson Street, West Perth, from 15 April 2013. The postal address is unchanged.
5 Apr 2013drilling progress report▲ Good
Ellis #1H's jet pump lifted oil rates, with hourly peaks of 15-18 barrels of oil, equal to 360-432 a day if sustained, not yet stabilised. Seale #1H's 17-stage frac has begun, with T. Keeling #1H to follow. Both fracs are expected by end April.
21 Mar 2013drilling progress report▲ Good
Ellis #1H is back on oil production after a hot oil treatment, and a jet pump is installed and being commissioned. It flowed up to 700 barrels of fluid a day with up to 40% oil. Seale #1H lateral is drilled to 15,277 ft, with frac next.
20 Mar 2013director officer appointment● NeutralMajor
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.
15 Mar 2013half year report▼ Bad
Half-year to 31 December 2012 shows a net loss of $5.65M, against $2.65M a year earlier. It flags that unpaid contractors of the former Richland operator could lodge liens over the leases, a possible contingent liability for Sun's share.
5 Mar 2013joint venture update▼ BadMajor
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.
1 Mar 2013other● Neutral
S&P Dow Jones index rebalance notice. Sun Resources (SUR) is listed as an addition to the All Ordinaries index from 15 March 2013. No operational or financial change for the company.
19 Feb 2013drilling progress report● Neutral
Richland wells are being fitted with pumps: a jet pump on Ellis #1H, called the most successful well, and a rod pump on Beeler #1H, with John Beeler wells shut in. About 7,000 barrels of oil produced from the three laterals to end January (gross). Seale #1H is now first to be fracced.
31 Jan 2013quarterly activities report● Neutral
December quarter report: three Richland horizontals and a vertical were drilled and fracced; John Beeler #1H made up to 178 barrels of oil a day in one 24-hour period. Amerril wells drilled, with Seale #1H spudded 19 January. Footprint is 20,020 net acres. Largely repeats known updates.
24 Jan 2013drilling progress report● Neutral
Beeler #1H flow-back is suspended by paraffin build-up, with fluid recovery still about 10%. John Beeler #1H made roughly 178 barrels of oil a day in one 24-hour period (not stabilised). T. Keeling #1H reached 14,400 ft; Seale #1H spudded 19 January.
11 Jan 2013investor presentation● Neutral
Corporate briefing for Hartleys Perth and an AACC Houston conference restates the Woodbine footprint of 20,020 net acres (29,084 gross), ongoing flow-back and drilling, and talks with potential farm-in partners for Delta and Amerril. Cash was $8.3M (unaudited, 31 Dec 2012). Mostly known facts.
10 Jan 2013drilling progress report● Neutral
Beeler #1H fluid recovery is still only near 10%, so no initial flow rate yet; John Beeler #1H is at about 18%. Ellis #1H frac is underway, finishing by 18 January, with the other wells shut in. T. Keeling #1H is drilling at 13,976 ft.
24 Dec 2012asset acquisition disposition▲ GoodMajor
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.
21 Dec 2012drilling progress report● Neutral
Seale #1 is cased and T. Keeling #1H has spudded and is drilling toward its intermediate casing point. Completion of all three Amerril wells is now estimated late March 2013, from mid-February earlier.
20 Dec 2012drilling progress report● Neutral
Beeler #1H has recovered only about 10% of frac fluid; 20-25% is needed for a reliable flow rate, so still no result. John Beeler #1H (31 stages) and John Beeler #2 (6 stages) are fracced; Ellis #1H frac due by 12 January.
6 Dec 2012drilling progress report● Neutral
Beeler #1H is flowing oil at increasing rates during clean-up, but no initial production rate yet. John Beeler #1H's 37-stage frac has begun; Ellis #1H frac slips again to late December.
22 Nov 2012drilling progress report● Neutral
Beeler #1H frac finished (27 stages over 6,100 ft lateral); 12-16 days of flow-back to follow before a flow rate is known. John Beeler #1H frac starts next week; Ellis #1H frac slips to mid-December.
22 Nov 2012drilling result▲ GoodMajor
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.
