Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
17 Nov 2011agm notice● Neutral
Proxy results for the 16 November AGM: all six resolutions passed on a show of hands. Administrative disclosure only.
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.
31 Oct 2011quarterly activities report● Neutral
September quarterly report restating Delta Oil progress (three tranches secured) and the $10.8M raising, with vendor shareholders taking $550K. Flour Bluff production continued. It cites 4,482 acres, differing from 4,442 in the 27 October announcement.
27 Oct 2011quarterly activities report● Neutral
Cash fell $834K to $1.132M in the September quarter after $2.65M of operating and investing outflows, partly offset by $1.065M of share proceeds and a $750K loan. Sun forecast $6.805M of outflows next quarter, including $6.5M for exploration and evaluation.
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.
31 Aug 2011listing compliance notice● Neutral
ASX says the suspension of Sun's shares will be lifted once the company releases its capital raising announcement. Procedural notice; the raising terms are not stated here.
30 Aug 2011listing compliance notice● Neutral
Sun's shares are suspended at the company's request, pending an announcement about a material capital raising. This follows the Delta Oil Project acquisition announced four days earlier.
26 Aug 2011asset acquisition disposition▲ GoodMajor
Sun signs a binding term sheet to buy up to 10,000 acres at 100% working interest in the Delta Oil Project, in Texas's Eaglebine oil play. Ralph E. Davis estimates unrisked net prospective resources of 10M barrels, with a possible further 10-20M. The vendor's shareholders will subscribe at least $500,000.
29 July 2011quarterly activities report▼ Bad
Appendix 5B for the June 2011 quarter shows cash fell to $1.947M from $6.591M, after about $3.1M was spent redeeming the convertible notes. Estimated outflows for the next quarter are $885K.
29 July 2011quarterly activities report▼ Bad
June quarter: cash was A$2M after redeeming A$3.125M of convertible notes, so Sun is now debt free. NW Europe farm-in is still not signed, with the well now early 2012. Lake Long #9 stays shut in and US revenue was negative. The company is seeking a new asset.
31 May 2011admin correction● Neutral
Sun moves the note interest record date to 22 June 2011 from 23 June. Shares will no longer trade on a deferred settlement basis on 24 June. Administrative change only.
27 May 2011security holder rights change● NeutralMajor
Sun gives notice it will redeem the 5,680,300 convertible notes at $0.55 each (total $3,124,165) on 30 June 2011. Holders may instead convert at 9.16 shares per note (about $0.06 each) by 23 June. Shares last traded at $0.028.
27 May 2011other● Neutral
Sun will pay $93,468 interest on its 12% convertible notes for 1 April to 30 June 2011, at 1.6455 cents per note, payable 30 June. Routine scheduled payment.
29 Apr 2011quarterly activities report▼ Bad
March quarter report: both Thailand wells were dry, though new data will feed a seismic review; Sun keeps 42.5%. US production fell (gas down 60%) after Lake Long #9 was shut in. NW Europe farm-in is still under negotiation. Cash $6.59M.
29 Apr 2011quarterly activities report● Neutral
Appendix 5B for the March 2011 quarter shows cash of $6.591M, down from $7.108M. Estimated outflows for the next quarter are $1.094M. Cash data accompanying the quarterly activities report.
