5 Mar 2008drilling scheduled▲ GoodMajor
Sun plans up to four US Gulf Coast wells by end 2008, aiming to double US revenue. Margarita F#1 and TB#18 (37.5%) are firm; Meek (12.5%) and Redback #1 (20%) depend on farm-outs. Targets are 0.6 to 18 bcfe.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Feb 2008regulatory community update● Neutral
Carnarvon says L20/50 exploration is about to start: a high-resolution aeromagnetic survey is planned for April 2008, and a redrill of the Nong Bua #1 well is being planned, earliest late 2008. Partner's version of Sun's update.
28 Feb 2008drilling scheduled▲ Good
Sun repeats the operator's L20/50 plan: aeromagnetic survey in April 2008 and a possible late-2008 redrill of Nong Bua #1, which had oil shows but never flowed to surface. Subject to approvals; the first real drilling target for the new Thai block.
15 Feb 2008half year report● Neutral
Half-year report to 31 December 2007 lodged, with BDO Kendalls as auditor. It lists Matthew Battrick as Managing Director, appointed 15 January 2008. The financial figures were truncated in the text, so no results can be given here.
6 Feb 2008drilling result▼ BadMajor
Both Yegua zone tests at Raun #1 failed, producing only minor gas-cut fluids, and the well will be plugged and abandoned. This ends the first Bondi-Coogee farm-in well with no result for Sun's 15%, following the Wilcox disappointment in December.
25 Jan 2008material agreement▲ GoodMajor
Sun and Carnarvon signed the L20/50 concession in Bangkok, finalising the 50% interest awarded earlier this month. Carnarvon has begun work: seismic reprocessing and an aeromagnetic survey over the next 12 months, with the old shut-in Nong Bua-1 well a possible quick cash-flow target.
25 Jan 2008regulatory community update▲ Good
Carnarvon reports the official signing of the L20/50 concession in Bangkok. It plans seismic reprocessing and an aeromagnetic survey over 12 months, and at least one well within the first three years. Partner's version of Sun's own signing news.
10 Jan 2008drilling progress report● Neutral
Raun #1 will be completed in the shallow Yegua sands after all, starting with the 9 ft zone (~0.45 bcfg potential), then a 46 ft zone (~1 bcfg). Hook-up to a nearby depleted well's facilities would be cheap. Sun holds 15%. If both fail, the well is abandoned.
7 Jan 2008regulatory community update▲ Good
Carnarvon's own release confirms the L20/50 award: 50% each to Carnarvon (operator) and Sun, over six years of seismic and drilling with 50% relinquishment after three. Repeats Sun's news from the partner's side; no new Sun-specific facts.
7 Jan 2008farm in farm out completion▲ GoodMajor
Sun and Carnarvon have been formally notified of, and accepted, the award of Thailand's 3,947 km² onshore block L20/50 in the Phitsanulok Basin. This confirms the bid reported in December; contract signing is expected later in January, with Carnarvon as operator.
19 Dec 2007regulatory community update● Neutral
Sun responds to press reports that Thailand approved the L20/50 concession for it and Carnarvon. Neither partner has yet been notified, but notification is expected within a week. The pair were sole bidders.
11 Dec 2007capital raising announcement● Neutral
Sun lodges the formal notice for issuing 25,882,262 shares on 11 December, completing the 9.5c Thailand-bond placement announced 29 November. Administrative.
10 Dec 2007drilling result▼ BadMajor
Bondi's Raun #1 found only thin gas sands in the Wilcox target, too small to test, and the well proved out of structural closure at 12,500 ft. It is suspended while two 50 ft Yegua gas pays are evaluated. A disappointing result for Sun's 15% farm-in.
6 Dec 2007drilling progress report● Neutral
Raun #1 is drilling ahead at 12,090 ft toward the 13,500 ft final depth. The Upper Wilcox target section is expected within the next week. No result yet.
29 Nov 2007drilling progress report● Neutral
Raun #1 is at 11,000 ft, running a 7 inch liner before drilling to 13,500 ft. The Upper Wilcox target sands are expected within one to two weeks. No result yet.
29 Nov 2007capital raising announcement● NeutralMajor
Sun places up to 25.88M shares at 9.5c to Hartleys' clients, raising A$2.46M, so it can fund its half of a US$4.25M bond for Thailand block L20/50 on award. Follows the 7c entitlement issue weeks earlier.
What it means for a shareholder
25.9m new shares at A$0.095 to raise about A$2.5m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (10,526 at the issue price), your slice goes from 0.00528% to 0.00468% of the company. To keep it you'd need 1,367 more shares - about A$130 at the issue price.
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28 Nov 2007admin correction● Neutral
Sun confirms issue of the 6,184,898-share underwriting shortfall at 7c, completing the entitlement issue. Issued capital is now 199,215,083 shares. Administrative notice with top-20 holder list.
22 Nov 2007drilling progress report● Neutral
Raun #1 has set 9 5/8 inch casing at 6,114 ft and is testing blowout preventers before drilling on to 10,500 ft with oil-based mud. No new result.
22 Nov 2007admin correction● Neutral
Sun confirms the issue of 22,274,400 shares at 7c under the entitlement issue, with the ASX-required share statements attached. Administrative; the shortfall shares follow separately.
16 Nov 2007capital raising announcement▲ Good
Entitlement issue closed with shareholders taking up $1,559,208 of the $1,992,151 raised at 7c. The $432,943 shortfall goes to Hartleys' clients under the underwriting. Funds are secured in full.
15 Nov 2007drilling progress report● Neutral
Raun #1 is at 5,065 ft, conditioning mud before drilling to the 6,500 ft casing point. Targets are still expected about 40 days after the 8 November spud. No new result.
8 Nov 2007drilling spud● NeutralMajor
Bondi's Raun #1 has spudded, drilling at 333 ft on 7 November. Targets are expected in about 40 days, with weekly updates. Sun holds 15% with a 30-76 bcfge target, the first of its Bondi-Coogee farm-in wells.
7 Nov 2007director officer appointment▲ GoodMajor
Matthew Battrick, 26 years in oil and gas and most recently General Manager at Pancontinental, joins the board and becomes Managing Director from 1 February 2008. This fills the vacancy left by Ashby's October resignation. Farrell reverts to non-executive chairman at financial year end.
6 Nov 2007admin correction● Neutral
The share registry sent shareholders the wrong version of the entitlement issue document on 30 October; the correct one is being re-sent with an apology. The closing date stays at 14 November. Administrative only.
5 Nov 2007drilling progress report● Neutral
Texon's first Bondi well, Raun #1, has a rig rigging up on a 60 ft pre-collared hole, with drilling due to start later in the week. Bondi targets 30-67 bcfge; Sun holds 15%, Texon 65%, Empyrean 20%.
30 Oct 2007capital raising announcement● Neutral
Legal cleansing notice for the entitlement issue: about 28.46M shares at 7c to raise about $1.99M, taking shares to about 199.2M. If no holders take up, Hartleys and sub-underwriters could end up with up to about 14.3%.
What it means for a shareholder
28.5m new shares at A$0.070 to raise about A$2.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (14,286 at the issue price), your slice goes from 0.00717% to 0.00627% of the company. To keep it you'd need 2,041 more shares - about A$143 at the issue price.
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19 Oct 2007capital raising announcement● Neutral
Letter to shareholders on the 1-for-6 entitlement issue at 7 cents, underwritten by Hartleys for 6%. Record date is 26 October and acceptances close 14 November. Farrell and Woods sub-underwrite 220,536 and 1,000,000 shares. Repeats known terms.
18 Oct 2007capital raising announcement● NeutralMajor
Sun launches a fully underwritten entitlement issue of about 28.46 million shares at 7 cents, one for six, raising about $1.99 million. Hartleys underwrites for a 6% fee. Funds go to US production cash flow and Thailand. Directors will take up their entitlements.
What it means for a shareholder
28.5m new shares at A$0.070 to raise about A$2.0m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (14,286 at the issue price), your slice goes from 0.00837% to 0.00717% of the company. To keep it you'd need 2,381 more shares - about A$167 at the issue price.
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10 Oct 2007farm in farm out agreement▲ Good
Operator Texon confirms it farmed out an extra 20% of its Bondi prospect, with 15% going to Sun and 5% to Empyrean. Texon keeps 65%. Drilling is expected before end of 2007. Matches Sun's own release the same day.
10 Oct 2007farm in farm out agreement▲ GoodMajor
Sun farms into Texon's Bondi-Coogee prospect complex in Wharton County, Texas, earning 15% by paying 20% of Bondi #1's dry hole cost. Bondi targets 30-76 bcfe, with drilling in November-December. Sun has a 90-day option on Coogee (28-62 bcfe).