Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 June 2007drilling result▲ GoodMajor
Partner FAR reports electric logs confirm gas pay at Lake Long #9: 13 feet net in the Upper Hollywood and 29 feet in the Middle, now behind casing for future production. Drilling continues to the Lower Hollywood. Sun holds 10%.
28 June 2007drilling result▲ GoodMajor
Agavero #1 reached 1,341 metres and logs suggest 5.5 metres of gross gas pay with no water, a second Margarita gas show. Testing is planned back to back with Donna Carlota, which is still delayed by flooding. Sun holds 20%.
25 June 2007drilling progress report● Neutral
Victoria Petroleum says Agavero-1 started drilling 21 June and is at 695 metres, targeting 1,340 metres. Donna Carlota-1 production testing is planned around 28 June. Sun holds 20%. Largely repeats known information.
25 June 2007drilling progress report● Neutral
Agavero #1 is drilling at 2,272 feet toward 3,500 feet. Flooding has blocked access to Donna Carlota, delaying its production test to about 26 June. Sun holds 20% of Margarita. No new result.
19 June 2007drilling progress report● Neutral
Partner FAR repeats the Lake Long #9 gas shows in the Upper and Middle Hollywood targets at 12,308 feet, with 26 feet of possible net pay in the Middle. The Lower Hollywood remains to be drilled. Repeat of Sun's update.
19 June 2007drilling progress report▲ Good
Lake Long #9 is at 12,308 feet, with gas shows in the Upper and Middle Hollywood targets; 26 feet of possible net pay in the Middle. Significance unknown until electric logs at total depth. Agavero #1 is rigging up to start.
18 June 2007drilling result▲ Good
Victoria Petroleum reports the same Donna Carlota-1 gas discovery: 5.6 metres of net pay, 0.62 bcf estimated recoverable, production testing later in the week. Sun holds 20%. Partner-side repeat of Sun's release.
18 June 2007drilling result▲ GoodMajor
Donna Carlota-1 at Margarita reached 1,524 metres with 5.6 metres of net gas pay, estimated at 0.62 bcf recoverable (below the 0.8 bcf pre-drill mean). Casing run for testing. Rig moved to Agavero. Sun holds 20%.
12 June 2007drilling progress report● Neutral
Lake Long #9 is at second casing point, 11,567 feet, running casing before drilling toward the Hollywood targets (11,800 feet and below). Donna Carlota #1 at Margarita is drilling ahead at 3,245 feet toward 5,000 feet. No results yet.
7 June 2007drilling spud● Neutral
Victoria Petroleum, Sun's Margarita partner, confirms Donna Carlota-1 has started drilling, the first of the final three shallow wells; the program is expected to run to end of July 2007. Sun holds 20%. Repeats Sun's 6 June update.
6 June 2007drilling progress report● Neutral
Lake Long #9 is drilling at 11,128 feet toward its second casing point. Floods delayed the Margarita final-three-well program; the rig started Donna Carlota #1 (350 feet) instead of Agavero, which was inaccessible. Sun holds 20% of Margarita.
5 June 2007drilling progress report● Neutral
Partner FAR reports Lake Long SL 328 #9 drilling at 10,926 feet with up to 14 shows, likely residual; main Hollywood targets are expected below 11,800 feet. The rest covers FAR's separate Kicker oil discovery, which does not involve Sun.
1 June 2007investor presentation● Neutral
Sun's May broker presentation restates known projects and strategy. It gives cash of A$2.234M at 22 May 2007, 170.78M shares and market value of about A$14.17M at 8.3c. Lake Long is drilling; Flour Bluff well delayed to late 2007; a Margarita deep well is planned late 2007.
29 May 2007drilling progress report● Neutral
Partner FAR reports Lake Long SL 328 #9, where Sun holds 10%, drilling ahead at 9,020 feet toward 13,555 feet. Repeats known targets (21.7 bcf, 760,000 barrels). Also covers FAR's unrelated Texas and Louisiana wells. No new result for Sun.
18 May 2007drilling spud● Neutral
Sun says the final three-well Margarita shallow program begins with Agavero #1 expected to spud over the weekend. Sun holds 20%. The program including completions should run to end of August 2007; deep wells could follow late September quarter if Empyrean exercises its option.
16 May 2007drilling progress report● Neutral
Sun reports Lake Long SL 328 #9 spudded 12 May and was drilling at 3,224 feet, heading to a total depth of about 13,500 feet in roughly 48 days. Weekly updates will follow until the targets are reached. No result yet.
15 May 2007joint venture update▲ GoodMajor
Sun forms a new Redback joint venture with Wandoo in South Texas, targeting prospects below 10,000 feet; Sun 37.5%, Victoria 37.5%, Wandoo 25%. Sun and Victoria fund a US$360,000 six-month seismic review; first well targeted late December quarter 2007.
15 May 2007joint venture update● Neutral
Victoria Petroleum's version of the Redback announcement: 393 km2 of 3D seismic, at least 7 prospects at 12,000-15,000 feet, one with up to 152 bcf equivalent upside. Sun and Victoria each hold 37.5%; first well targeted December 2007. Repeats Sun's release.
15 May 2007drilling progress report● Neutral
First Australian Resources reports Lake Long SL 328 #9 spudded 12 May and was drilling at 2,100 feet, expected to take about 48 days to 13,555 feet. Its other Senegal seismic news does not involve Sun. Sun holds 10% of the Lake Long well.
9 May 2007drilling progress report● Neutral
Partner First Australian Resources (10.19%) says a barge rig is mobilising to drill Lake Long SL 328 #9, with the operator estimating 21.7 bcf and 760,000 barrels if all three objectives work. Sun and Amadeus are named as recent farminees. Repeats known facts.
9 May 2007drilling scheduled● Neutral
Sun says the Lake Long SL 328 #9 (Hollywood Prospect) rig is moving in and the well should spud that Friday. Target is 21.7 bcf of gas and 760,000 barrels of condensate down to about 13,500 feet; Sun holds 10%.
26 Apr 2007farm in farm out agreement▲ GoodMajor
Sun farms into the Hollywood Prospect at Lake Long, Louisiana, earning a 10% interest from operator Kriti by paying about 13.3% of the US$7.76M dry-hole cost. The Lake Long #9 well targets 21 bcf and 760,000 barrels of condensate, drilling mid May to late July 2007.
26 Apr 2007farm in farm out agreement● Neutral
Amadeus Energy, a partner, announces it has acquired 21.9% of the same Lake Long Hollywood Prospect, with the same well, targets and timing. It confirms Sun holds 10% on completion of the first well. Partner-side repeat of Sun's farm-in.
19 Apr 2007joint venture update● Neutral
Victoria Petroleum repeats Sun's Margarita update: final three shallow wells from mid May, Empyrean funding, Milagro producing, El Viejito suspended. It adds that combined sales from the completed wells are expected around 0.5 million cubic feet a day. Largely a re-release.
18 Apr 2007joint venture update▲ GoodMajor
Sun confirms the final three Margarita shallow wells (Agavero, Dona Carlota, Climaco) go ahead from mid May after Empyrean triggered its funding; Sun keeps 20%. Milagro #1 is producing about 348,000 scfd; Dos Dedos is being connected; El Viejito is suspended as a water disposal well.
19 Mar 2007drilling result● NeutralMajor
The first three Margarita shallow wells are called technical successes: El Viejito #1 and Dos Dedos #1 gas, Milagro #1 oil. But El Viejito will not be connected to sales because water coned into the thin gas zone. Rains delay the others; the last three wells start mid to late April.
15 Mar 2007half year report● Neutral
Sun lodged its half-year financial report to 31 December 2006. Listed directors include Ashby as Managing Director and Woods as Company Secretary. The accounts text provided is truncated, so no figures are available here.
7 Mar 2007well test result▲ Good
Victoria Petroleum repeats the El Viejito #1 test (up to 210 mscfd, stable 175 mscfd) and Dos Dedos #1's 3.5 m gas pay over 3 zones. Drilling pauses while the rig works elsewhere. Same content as Sun's 6 March release.
6 Mar 2007well test result▲ GoodMajor
El Viejito #1 flowed gas at up to 210 mscfd, stabilising at 175 mscfd, choked at surface. Dos Dedos #1 reached depth with 3.5 m of gas pay over 3 zones, in line with pre-drill expectations. First sign of gas flows from the Margarita shallow program.
28 Feb 2007drilling progress report● Neutral
Victoria Petroleum repeats Sun's status update: El Viejito flow test results in 4-5 days, Milagro testing from 28 February, Dos Dedos rig on location, and the rig leaving for other work after the third well.
