8 Nov 2012agm notice● Neutral
All four AGM resolutions passed on a show of hands: remuneration report, re-election of John Kenny and Damian Kestel, and the 10% placement facility. Administrative outcome only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Nov 2012drilling progress report● Neutral
Beeler #1H's frac is now due to finish mid-November after remedial work, slipping from about 6 November. Ellis #1H reached 14,902 ft with over 7,500 ft of lateral; John Beeler #1H is cased awaiting a second frac crew. No flow rates yet.
8 Nov 2012investor presentation● Neutral
AGM chairman's address and presentation restate the Woodbine focus, almost 28,000 gross acres and four deals in 15 months. Chairman says market cap rose from about $25M to about $140M since the last AGM. Mostly known facts.
5 Nov 2012drilling spud▲ GoodMajor
A three-well Woodbine program began on the Amerril Oil Project, with the Seale #1 vertical spudded 4 November. Sun holds 50% and pays about US$1M net for this first well. Completion of all three wells is estimated by mid-February 2013.
1 Nov 2012drilling progress report● Neutral
Beeler #1H's 26-stage frac is underway and due to finish next Tuesday, then flow-back. John Beeler #2 is cased ready to frac. Ellis #1H is drilling its lateral at 12,511 ft. John Beeler #1H completion is expected by 15 November. No flow rates yet.
30 Oct 2012asset acquisition disposition● NeutralMajor
Sun agreed to sell its 9.25% interest in the WA-47-R retention licence (Sage oil discovery) to a Hydra Energy subsidiary. Subject to joint venture and regulatory approvals; no price stated. Continues the exit from its older international assets in favour of the Woodbine.
29 Oct 2012quarterly activities report● Neutral
September quarterly report confirms the Amerril share issue completed, making Amerril the largest shareholder at 15.6%, and that the $20M raising is done. Footprint is 18,836 net acres. John Beeler #2 spudded 20 October. Mostly restates known events.
29 Oct 2012investor presentation● Neutral
Investor briefing restating the Woodbine strategy, 18,836 net acres, four deals in 15 months and the multi-well program. It shows cash of $15.4M, 1.87B shares and market cap $141.4M at 7.6c. Says a 26-stage frac is underway on Beeler #1H. Mostly known facts.
29 Oct 2012farm in farm out agreement▲ GoodMajor
Carnarvon and Sun farmed out 100% of Thailand's L20/50 to Siam Moeco (Mitsui subsidiary) with no further commitments. They get US$8.5M on commercial production and a 2% royalty capped at US$10M. Carnarvon states Sun's interest is 45%, versus 42.5% earlier. Follows the two dry wells.
29 Oct 2012quarterly activities report● Neutral
Appendix 5B for the September quarter shows cash of $15.435M after $18.8M of financing inflows, against $1.225M at the start of the quarter. Operating outflow was $4.6M. Forecast next-quarter outflow is $8.83M, mostly exploration. Amerril's 291.96M shares were issued.
22 Oct 2012asset acquisition disposition▲ GoodMajor
Sun bought a 50% interest in the 3,652-acre Normangee Oil Project (1,826 net acres) for US$3.3M from existing cash; Amerril took the other 50%. Sun's Woodbine footprint rises from 17,010 to 18,836 net acres, with a 20,000-25,000 net acre target.
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 2012quarterly activities report● Neutral
June quarter report restates the Delta holding of 8,347 acres, the Amerril share swap, and the Beeler #1H farm-in. It says the 10,000-acre Delta target is likely in the third quarter of 2012. Largely repeats earlier announcements.
30 July 2012quarterly activities report▼ Bad
Appendix 5B: June quarter operating outflow was $2.3M, leaving cash of $1.225M, down from $3.44M. Next-quarter outflow is forecast at $4.83M, including $4.5M exploration. Without new funds the forecast exceeds cash on hand (inference: hence the placement).