1 Apr 2011security holder rights change● Neutral
The convertible note conversion rate resets to 9.16 shares per note for the June 2011 quarter, up from 5.87. This is a scheduled quarterly reset under the trust deed.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2011drilling result▼ BadMajor
Sun confirms Krai Thong-1 found only water in the tested zones and will be plugged and abandoned, with Chalawan deferred. Both L20/50 wells are now dry; Sun keeps 42.5% and the joint venture will reinterpret the seismic data.
17 Mar 2011drilling result▼ BadMajor
Carnarvon reports Krai Thong-1 wireline testing found water as the mobile fluid, so the well will be plugged and abandoned and the Chalawan well deferred. A second dry hole in the Thailand program; good reservoir and seals were noted.
14 Mar 2011drilling progress report● Neutral
Carnarvon reports Krai Thong-1 stopped at about 1,300m, short of the 1,425m plan, due to hard rock, after the target intervals were penetrated. Sandstone zones with elevated resistivity and minor oil shows need wireline testing. Cautiously encouraging, but unproven.
14 Mar 2011drilling progress report● Neutral
Sun repeats the operator's update: Krai Thong-1 stopped at about 1,300m after hard rock, with sandstone zones showing elevated resistivity and minor oil shows. Wireline logging and testing over 3-4 days will decide whether a hydrocarbon accumulation exists.
10 Mar 2011half year report● Neutral
Sun lodges its half-year report to 31 December 2010, showing a net loss of $1,447,435 (prior period loss $6,216,259). It notes Tapao Kaew-1 was plugged and abandoned and Dr Farrell retired as chairman on 28 February 2011.
8 Mar 2011drilling progress report● Neutral
Raisama re-released Carnarvon's Krai Thong-1 update (casing set at 605m, drilling to about 1,425m). It says it has acceptances for over 90% of Peak, with its offer closing 17 March. Third-party repeat with no new Sun information.
8 Mar 2011drilling progress report● Neutral
Carnarvon reports Krai Thong-1 has set casing at 605m and is preparing to drill the final section to about 1,425m. Total depth is expected within 3-4 days, followed by logging. No results yet.
8 Mar 2011drilling progress report● Neutral
Sun repeats the operator's update that Krai Thong-1 (37M barrel target, 42.5% interest) has set casing at 605m and is preparing to drill to about 1,425m. Logging follows in 3-4 days. No result yet.
2 Mar 2011other● Neutral
Sun will pay A$92,441 interest on its 12% convertible notes for 1 January to 31 March 2011, payable 31 March (1.6274 cents per note). Routine scheduled payment.
1 Mar 2011drilling progress report● Neutral
Carnarvon reports Krai Thong-1, the second Thailand well (37M barrel target, about 1,425m), spudded 28 February and has drilled to 132m. Target objectives are expected within 9-12 days and total depth in about two weeks.
1 Mar 2011drilling spud● NeutralMajor
Sun reports Krai Thong-1, the second L20/50 well with a 37M barrel target, has spudded and drilled to 132m after the rig moved from the dry Tapao Kaew-1. Major objectives are expected within 9-12 days. Sun holds 42.5%.
25 Feb 2011farm in farm out agreement● Neutral
A further extension has been agreed to sign the definitive NW Europe farm-in, now to 30 April 2011 (previously 28 February). It remains a non-binding term sheet for 15% of a 720 bcf gas prospect, costing about A$2.3M. Sun says it is hopeful of signing in coming weeks; the well could be drilled in Q3 2011.
25 Feb 2011investor presentation● Neutral
Sun lodged its conference presentation for 1-2 March 2011. It repeats known facts: 42.5% of L20/50 with the remaining Thailand wells testing 70M barrels gross, the non-binding 15% NW Europe farm-in, and A$7.1M cash. No new information.
25 Feb 2011director officer appointment● NeutralMajor
Dr Wolf Martinick, a director since 1996, is appointed Non-Executive Chairman from 1 March 2011, replacing the retiring Dr Brad Farrell. This resolves the open chairman succession; Farrell remains available as a consultant.
21 Feb 2011drilling result▼ BadMajor
Carnarvon reports Tapao Kaew-1 reached 1,792m and failed to find hydrocarbons. The sands were not oil-bearing, though failed logging tools left the deepest section inconclusive. The well will be plugged and abandoned. This is a dry hole for the first Thailand well.
21 Feb 2011drilling result▼ Bad
Raisama (Peak's takeover bidder) re-released Carnarvon's news that Tapao Kaew-1 found no hydrocarbons and will be abandoned. It restates that Peak is earning 7.5% of L20/50 from Sun. Third-party repeat with no new Sun information.
21 Feb 2011drilling result▼ BadMajor
Sun confirms Tapao Kaew-1 (the 21M barrel target) was drilled to 1,792m and will be plugged and abandoned, as the joint venture consensus is that it found no hydrocarbons. The rig moves to Krai Thong-1. Peak has completed its free carry of Sun's share; Sun keeps 42.5%.
15 Feb 2011drilling progress report▼ Bad
Sun repeats Carnarvon's update: Tapao Kaew-1 at 1,600m with no significant reservoir sections or hydrocarbon shows so far, though deeper sands are still anticipated. The well will be completed for testing or plugged after logging. Sun keeps 42.5%.
15 Feb 2011drilling progress report▼ Bad
Carnarvon reports Tapao Kaew-1 at 1,600m, heading for 1,715m. The primary marker was found at about 800m, but no significant reservoir sands or hydrocarbon shows so far. Deeper reservoir sands are still expected. Early signs are discouraging.
8 Feb 2011drilling progress report● Neutral
Tapao Kaew-1, the first Thailand well (21M barrel target, planned to about 1,715m), is drilling at 605m. The first objectives are expected within 3-4 days and total depth within 6-8 days. No result yet.
1 Feb 2011drilling progress report● Neutral
Carnarvon reports Tapao Kaew-1 spudded in late January and is drilling at 112 metres. It expects the first objectives within 8-10 days and total depth in about 12 days. Interests: Carnarvon 50%, Sun 42.5%, Peak 7.5%.
1 Feb 2011drilling spud▲ GoodMajor
Tapao Kaew-1, the first well of Sun's Thailand programme, has spudded, targeting about 21M barrels to 1,715m. Drilling is at 112m, and total depth is planned about 12 days after spud. This begins the exploration campaign Sun has been building towards.
28 Jan 2011quarterly activities report● Neutral
December 2010 quarter Appendix 5B: cash rose to A$7.108M from A$1.979M after the capital raisings, despite a A$1.633M operating outflow. Next quarter's outflows are estimated at A$2.397M. Directors were paid A$155k.
28 Jan 2011quarterly activities report● Neutral
December quarter report: Thai programme expanded to two firm wells plus one contingent, testing over 90M barrels of speculative potential. Tapao Kaew-1 is scheduled to spud 29 January. Sun raised A$7M and held A$7.1M cash. NW Europe farm-in remains non-binding.
19 Jan 2011security holder rights change● Neutral
The convertible note conversion rate for the March 2011 quarter was reset to 5.87 shares per note, down from 6.77. Routine quarterly reset under the note terms.
19 Jan 2011drilling progress report● Neutral
Rig mobilisation has begun for the Thailand programme, with some equipment due at the Tapao Kaew-1 site by 21 January. Sun will update on rig-up and spud timing. Otherwise repeats known prospect details.
19 Jan 2011other● Neutral
Raisama (ASX: RAI), which has an agreed takeover offer for Peak Oil & Gas valuing it at A$39M, re-released Sun's rig mobilisation news. It confirms Peak is earning 7.5% of L20/50 from Sun. Third-party announcement, no new Sun information.
17 Jan 2011farm in farm out agreement▼ Bad
The deadline for signing the definitive NW Europe farm-in was extended from 31 December 2010 to 28 February 2011. The deal is still a non-binding term sheet for 15% of a 720 bcf gas prospect; the well has slipped from Q2 to possibly Q3 2011.
7 Jan 2011drilling scheduled● Neutral
Sun says the multi-well Thailand programme will start the week of 17 January 2011, with Peak carrying Sun through the first well (21M barrel target). Sun keeps 42.5%. Repeats known facts and timing.