Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Feb 2020resource reserve update▲ GoodMajor
Independent auditor NSAI booked Bowsprit T1 2P reserves of 330,000 bbls, up from contingent resources, worth US$6.4m (NPV10). T2 prospective resources are 1.8 MMbbls mid case, 25% chance of success. Drilling is expected Q2 2020, still needing a farm-out partner.
17 Dec 2018drilling scheduled▲ GoodMajor
Sun picked the first Bowsprit well location after 3D modelling and began permitting (4-6 months, US$45,000). Its internal oil-in-place estimate rose toward the top of RISC's range. Drilling is targeted for Q2 2019 at about US$3.5m, still needing a farm-in partner or funding.
5 Apr 2018resource reserve update▲ GoodMajor
RISC's independent estimate for Sun's 50% of Bowsprit: 0.38 MMbbls oil (2C contingent) plus 0.42 Bscf gas, and best-case prospective 0.86 MMbbls (20% chance of success). No reserves yet. Contingent on a horizontal well flowing commercially.
17 Apr 2015drilling progress report● Neutral
Sun will re-bid the Jack Howe #1H frac, now targeting June 2015 (slipped from early 2015), expecting a 20% cost reduction. Farm-in talks to fund it were speculative. Presco's Samuel #1H (Buda) and EOG's Zeus #2H (Lower Woodbine) had not yet been fracked, as operators waited for oil prices to recover.
11 Dec 2014drilling progress report● Neutral
Sun has shortlisted fracking contractors for Jack Howe #1H, now targeting early 2015 (previously October 2014). EOG's nearby Buda well flowed 330 bopd (1-day). Directors will take shares instead of cash fees for at least three months from 1 January 2015, citing the oil price fall.
24 Nov 2014farm in farm out completion● NeutralMajor
Sun cut its Badger Oil Project interest from 50% to 10%, with Ursa keeping 90%. Sun exits the initial well's drilling unit, so it has no cash obligation for that well, expected to spud before end 2014. This replaces the earlier plan for Sun to fund 50%, freeing cash for its operated Woodbine acreage.
13 Nov 2014drilling progress report● Neutral
Jack Howe #1H frac design is finalised and will go to competitive bid among local service companies; no date or result yet. Directors say they took up their full rights entitlements and are working to place the shortfall.
9 Oct 2014drilling progress report● Neutral
Nabors rig released from Jack Howe #1H. Frac design is being modelled in Dallas, to be bid out to local service companies and expected to mirror neighbouring EOG wells. No new results; frac timing still not fixed.
1 Oct 2014drilling result▲ Good
Jack Howe #1H lateral is cased and cemented (5.5-inch casing, about 6,100 feet lateral), with core and logs confirming about 250 feet of oil pay. Frac planning is under way for October. Rights issue closes 3 October. No flow rates yet.
25 Sept 2014drilling result▲ GoodMajor
Jack Howe #1H reached total depth of 14,740 feet with a 6,240-foot lateral and strengthening oil and gas shows throughout. Logs and core confirm about 250 feet of oil pay. An independent resource report will follow; frac planned October. No flow rates yet.
23 Sept 2014drilling progress report▲ Good
Jack Howe #1H lateral reached 12,950 feet measured depth, about 4,500 feet of lateral drilled, after a bit change. Strong oil and gas shows continue; completion and casing expected within about a week.
19 Sept 2014drilling progress report▲ Good
Jack Howe #1H lateral is drilling at 10,262 feet measured depth with significant hydrocarbon indications in the Lower Woodbine. Planned lateral lengthened to about 6,100 feet, with 7-10 more days expected.
11 Sept 2014drilling spud▲ GoodMajor
Drilling began on 11 September at Jack Howe #1H, Sun's first operated horizontal well (50%). The rig re-enters the vertical pilot to drill about 5,500 feet of lateral in the Lower Woodbine, expected to take three weeks. Delivers the September spud previously targeted.
14 July 2014drilling result▼ BadMajor
Davis #1 (Sun 25%) found only 8-12 feet of net Dexter sand, with minor oil and gas shows, too thin for a lateral. It was plugged and abandoned. This ends the long-awaited Petro-Hunt well without a result; Sun will look for other AMI locations.
8 July 2014drilling spud● Neutral
Petro-Hunt spudded the Davis #1 vertical pilot (Sun 25%) in Leon County, after repeated delays. Sun's share of the cost is about US$258,000, with 7-10 days to drill. Then a decision on vertical completion or a lateral.
19 May 2014drilling scheduled▼ Bad
Petro-Hunt's Davis #1 vertical pilot (Sun 25%) has slipped again, now expected in the first half of June 2014. It depends on the rig contractor finishing work for another operator. Site construction and rig selection are complete.
6 May 2014drilling result▲ GoodMajor
Jack Howe #1H reached 8,523 ft, recovering 167 ft of Lower Woodbine core, with hydrocarbon indications in the Lower Woodbine and Buda. The well is being plugged for possible re-entry. Core analysis will decide whether and where to drill the lateral; no flow rates yet.
22 Apr 2014drilling spud▲ GoodMajor
Jack Howe #1H, Sun's first operated well (50%), spudded on 15 April 2014 and had reached 4,653 ft with intermediate casing set. The vertical pilot targets ~8,550 ft and the Lower Woodbine and Buda, with a 5,000 ft+ lateral to follow if results support it.
14 Apr 2014drilling scheduled▼ Bad
Jack Howe #1H, Sun's first operated well (50%), is to spud within days as a ~15-day vertical pilot. The Petro-Hunt pilot is expected around end of April. F. Thompson #1H is making only about 15 bopd of oil in April, below the earlier 45 bopd.
3 Mar 2014drilling scheduled● Neutral
Petro-Hunt's vertical pilot (Sun 25%) is now expected around end of Q1 2014, after a JOA amendment on 28 February lets the partners opt for a vertical well rather than a lateral. Jack Howe #1H (Sun 50%) slips to April 2014, pending land leasing matters. A US unconventional company has expressed interest in partnering at Normangee, with discussions continuing. Contango's nearby Lower Woodbine wells had 30-day rates of 463-810 boepd.
4 Feb 2014drilling progress report▲ Good
The 17-stage frac on F. Thompson #1H (Sun 18%) finished successfully, averaging over 330,000 lb of proppant per stage. Plugs are drilled out and flow back has started. No production rate is available until fluid recovery stabilises.
28 Jan 2014drilling progress report● Neutral
Completion work, including multi-stage fraccing, has begun at F. Thompson #1H (Sun 18%), which has ~5,000 ft of lateral in the Upper Woodbine. A further update is promised once the frac is finished. No production result yet.
19 Dec 2013drilling result● Neutral
F. Thompson #1H finished drilling at a revised 12,030 ft, shallower than the 13,807 ft planned, with ~5,000 ft of lateral cased and oil shows. Frac due in the new year. Petro-Hunt and Jack Howe #1H wells slip to Q1 2014 from the mid-December and year-end targets.
2 Dec 2013drilling progress report▲ Good
F. Thompson #1H (Sun 18%, ~US$1.2M net) is drilling its horizontal section at 9,846 ft toward 13,807 ft, with about 2,200 ft of lateral done and oil shows in the Upper Woodbine sand. Usable lateral now expected at 6,000-6,500 ft.
18 Nov 2013drilling spud▲ GoodMajor
Amerril spudded F. Thompson #1H, the first of the three new wells, targeting the Upper Woodbine at Centerville (Sun 18%, ~US$1.2M net of US$6.7M). It aims for a ~7,000 ft lateral and about three weeks to reach 13,807 ft. Executes the plan announced in October.
28 Oct 2013drilling scheduled▲ GoodMajor
Sun plans three new Woodbine horizontal wells: a Petro-Hunt Lower Woodbine well (Sun 25%) around mid-December, Sun's first operated well, Jack Howe #1H at Normangee (50%), before year-end, and Amerril's F. Thompson #1H (~18%, ~$1.3M net) in mid-November. Sun takes over as Normangee operator.
26 Aug 2013drilling progress report▲ Good
T. Keeling #1H has now produced first oil after jet pump installation: 23.5% of frac fluid recovered, oil cut 11-19%, about 7-17 bopd. Seale #1H's best day was 35 bopd from six stages. Modest rates, but an improvement on the earlier trace-only flow.
5 Aug 2013drilling progress report● Neutral
T. Keeling #1H's 5-stage test frac has recovered only about 20% of frac fluid after 8 days, with just a trace of hydrocarbons so far. Amerril says 30-35% must be recovered before appreciable oil is likely. A jet pump is next; Seale #1H returns to flow back.
22 July 2013drilling progress report● Neutral
Frac of T. Keeling #1H has started, initially 5 stages over 1,500 ft of the lateral, using a design similar to nearby successful wells and contractor Fractec. Seale #1H operations are suspended while the blocked wellbore waits.
12 June 2013farm in farm out agreement▲ GoodMajor
Sun signed a binding joint venture with Petro-Hunt over a 7,832-acre area in northern Leon County. Sun contributes 810 net acres from Delta; the combined 3,240 acres are 75% Petro-Hunt (operator) and 25% Sun. First Lower Woodbine well is planned for Q4 2013.
