Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2007director officer appointment▼ BadMajor
Managing Director Bill Ashby has resigned as director and executive. Sun has started recruiting a replacement through a consultancy and expects no undue short-term operational effect. It leaves a senior gap just as Thailand bids and US drilling advance.
28 Sept 2007regulatory community update● Neutral
Sun received Thai notice of qualification to bid on both blocks, with results expected October-November 2007. It cites untested gas-condensate potential of 160-350 bcf at offshore G3/50, where seven other consortia are bidding, and sole-bidder status onshore at L20/50.
26 Sept 2007annual report● Neutral
Sun lodges its 2007 annual report for the year to 30 June 2007. The extract shows net cash flow expected to grow to $2.5-3 million in 2008 and four to six more wells planned, mostly deep South Texas prospects. Financial statements are not shown.
24 Sept 2007investor presentation● Neutral
Roadshow presentation largely restates known projects and strategy. It adds a cash figure of about $1.0 million at 17 September 2007 and forecast net cash flow of $2.8 million for 2007/08. It expects Thailand acreage awards before year end.
20 Sept 2007production update● Neutral
Partner FAR reports Lake Long #9 is now producing 1.825 million cubic feet of gas and 50 barrels of condensate a day on restricted choke, with 4 million planned. Rest covers FAR's other wells. Nothing new for Sun, which holds 10%.
18 Sept 2007production update▲ GoodMajor
Flour Bluff D-13 now flows up to 1.86 million scfe a day, and Smith #1 is producing 306,000 scfe a day. Lake Long #9 has started production at 1.74 million cubic feet of gas a day on restricted choke, with a planned 4 million. Sun holds 10% of Lake Long.
12 Sept 2007other● Neutral
Administrative notice: Sun has moved its office to Subiaco, WA, with new phone and fax numbers. No operational or financial content.
30 Aug 2007production update▲ Good
Flour Bluff workovers are showing early gains: D-24 flowing 791,000 scfe a day and D-13 1.3 million scfe a day, against a goal of lifting field output from 1.6 to over 3 million scfd. D-19 and Smith #1 work continues. Follows the delayed West well news.
20 Aug 2007other▲ GoodMajor
Sun says it bid in Thailand's 20th round for two blocks: offshore G3/50 with Adelphi (8 bidders) and onshore L20/50 with Carnarvon (sole bidders), each 50%. Winners are expected around October 2007. This is the SE Asia move flagged in May.
20 Aug 2007other▲ GoodMajor
Partner Carnarvon says it has bid for onshore Thailand Block L20/50 (3,947 km²) for a joint venture with Sun, each applying for 50%, with Carnarvon as operator. They are the only applicants; the outcome is pending. Continues Sun's SE Asia strategy.
9 Aug 2007drilling result● NeutralMajor
Operator advises the second-phase Margarita shallow program is finished: Dona Carlota and Agavero are gas discoveries (1.3 bcf gross recoverable), while Climaco was plugged and abandoned as non-commercial. This confirms Climaco's earlier no-pay result. Partner Victoria's release; Sun holds 20%.
9 Aug 2007drilling result● NeutralMajor
Sun confirms the three-well Margarita shallow program is complete: Dona Carlota and Agavero are gas discoveries awaiting or on sales, and Climaco was plugged and abandoned as non-commercial. Dona Carlota is on sales at 500 mscfd, targeting about 1 million. Sun holds 20%.
6 Aug 2007well test result● Neutral
Agavero-1 flowed 647,000 cubic feet of gas a day with no water and will be tied into a pipeline. Climaco-1 hit a high-pressure gas zone with no pay, causing cost and rig changes; it is drilling at 1,830 metres toward a deeper target, now TD 2,067 metres. Sun holds 20%.
31 July 2007flow test result▲ Good
Partner FAR repeats the Lake Long #9 test of 2.36 million cubic feet of gas and 55 barrels of condensate a day, with production due in August. Rest covers FAR's own Lindsey well. Sun holds 10%.
31 July 2007flow test result▲ GoodMajor
Lake Long #9 flowed 2,364,000 cubic feet of gas and 55 barrels of condensate a day with no water on restricted test. Sales are expected late August at about 4 million cubic feet a day. Sun holds 10%.
25 July 2007drilling progress report● Neutral
Lake Long #9 production platform is being built and the well is to be perforated and tested over the weekend. Hookup equipment is two weeks away, so the well should be producing in 2-3 weeks. Sun holds 10%.
25 July 2007drilling progress report● Neutral
Partner FAR repeats Sun's Lake Long #9 update: platform being built, weekend test, production in 2-3 weeks. The rest covers FAR's own Lindsey and Kicker wells. Nothing new for Sun, which holds 10%.
19 July 2007drilling progress report● Neutral
Lake Long #9 completion is continuing; production tubing is being run, and a smaller workover rig will clean up, perforate and test the 24 feet of Middle Hollywood pay next week. Expected 3-4 million cubic feet a day. Sun holds 10%.
19 July 2007drilling progress report● Neutral
Partner FAR's update repeats Sun's Lake Long #9 completion news (workover rig next week, 3-4 million cubic feet a day expected) alongside its own Lindsey well. Nothing new for Sun, which holds 10%.
17 July 2007well test result▲ Good
Dona Carlota-1 calculated open flow rate is 20.5 million cubic feet a day, though initial sales are expected at about 1 million a day once connected at end July. Climaco-1 is at 1,106 metres. Sun holds 20%.
17 July 2007well test result▲ Good
Sun repeats Dona Carlota-1's 20.5 million cubic feet a day open flow rate, with sales expected near 1 million a day from end July. Climaco-1 is drilling at 1,106 metres. Sun holds 20%.
16 July 2007drilling spud● Neutral
Victoria Petroleum confirms Climaco-1, the third and last shallow Margarita well, began drilling on 12 July, targeting 1,980 metres and 1.6 bcf mean potential. Sun holds 20%. Partner-side repeat of Sun's release.
16 July 2007drilling spud● Neutral
Climaco-1, the last of the three Margarita shallow wells, started drilling on 12 July and is at 838 metres. Mean target is 1.6 bcf at planned 1,981 metres. Sun holds 20%.
11 July 2007drilling progress report● Neutral
Partner FAR's update mainly covers its own wells; its Lake Long #9 section repeats Sun's 11 July completion news (24 feet Middle Hollywood pay first, 3-4 million cubic feet a day expected). Nothing new for Sun, which holds 10%.
11 July 2007drilling progress report● Neutral
Lake Long #9 logging is complete and the Lower Hollywood appears water wet, so it is being plugged off. The 24 feet of Middle Hollywood net pay will be completed first, with 3-4 million cubic feet a day expected from analogues. Sun holds 10%.
5 July 2007drilling progress report● Neutral
Partner FAR repeats Sun's 5 July Lake Long #9 update: Lower Hollywood intersected with gas shows, electric logs pending, and 13 and 29 feet of net log pay behind pipe. Adds nothing new for Sun, which holds 10%.
5 July 2007drilling result● Neutral
Lake Long #9 reached final depth of 13,284 feet after drilling through the Lower Hollywood with gas shows; logs still to be run. Earlier logs confirmed 13 feet and 29 feet of net pay in Upper and Middle Hollywood, behind casing. Sun holds 10%.
3 July 2007well test result▲ Good
Donna Carlota-1 flowed 1,024,000 cubic feet of gas a day with no water and will be tied into a nearby pipeline for sales. Agavero-1 testing is delayed by rain; Climaco-1's rig is on site but delayed. Sun holds 20%.
3 July 2007well test result▲ Good
Donna Carlota-1 began production testing at 1.02 million cubic feet of gas a day with no water. Agavero-1 testing is being prepared; Climaco-1, the last shallow well, is due to start drilling. Sun holds 20%.
28 June 2007drilling result▲ Good
Victoria Petroleum announces the Agavero-1 gas discovery: 5.5 metres of gross gas pay, no water, with testing to come. Climaco-1 is next; program to mid-July. Sun holds 20%. Partner-side repeat of Sun's release.
