Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 Apr 2012quarterly activities report● Neutral
Appendix 5B: quarter operating outflow $2.1M; cash $3.44M at 31 March 2012, down from $5.46M. Next-quarter outflow forecast $1.63M. Carina's Delta vendor was issued 44.7M shares and 38.0M options on 21 March 2012. Routine filing.
27 Apr 2012quarterly activities report● Neutral
March quarter report restates Delta Oil growth to 7,605 acres, the pending seventh tranche, the Ralph E. Davis 10M barrel unrisked prospective resource, and ongoing talks with potential joint venture partners. Mostly restates known facts.
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.
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.
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 2012quarterly activities report● Neutral
Appendix 5B cash-flow statement: quarter operating outflow $4.0M, cash $5.46M at 31 December 2011 (up from $1.13M after raising proceeds), and forecast outflow next quarter of $3.8M, mostly exploration. Routine quarterly filing.
31 Jan 2012quarterly activities report● Neutral
December quarterly report restating Delta Oil progress (6,053 acres at quarter end, 6,803 by 23 January) and board changes. Appendix 5B figures in the same batch show cash of $5.46M at 31 December, with a forecast $3.8M outflow next quarter.
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.
