Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 July 2009security holder rights change● Neutral
The convertible note conversion rate was reset to 5.50 shares per note for the September 2009 quarter, down from 9.16. Each note now converts into fewer shares, reflecting the lower trading-price-based reset.
12 June 2009security holder rights change● Neutral
124,000 convertible notes were converted at 9.16 shares each. Notes outstanding fall to 7,091,800 and quoted shares rise to 226,755,305. Small dilution.
2 June 2009investor presentation● Neutral
Re-lodged June 2009 investor briefing, because the earlier version lost resolution. It states post-placement cash of A$7.7M, 325.1 million shares at 7 cents and a A$22.8M market cap. It repeats the Thailand lead and seismic plan; the placement is not otherwise detailed here.
2 June 2009debt financing● Neutral
Sun will pay A$119,673 interest on the 12% convertible notes on 30 June 2009 (1.6455 cents per note, 91 days). Routine servicing.
26 May 2009well test result▼ BadMajor
Meek AHGU#1 (Sun 12.5%) deepest zone, 3,606-3,611 m, has not flowed commercially. A peak of 805 mcf/d fell to 78 mcf/d within a day despite fracture stimulation. The operator plans to plug it and test 3,530-3,539 m next.
19 May 2009drilling scheduled▲ GoodMajor
Carnarvon and Sun mapped seven leads on L20/50 (Sun 50%) from old seismic; Sun estimates the largest two could each hold over 50 million barrels in place. A 500 km2 2D survey starts July 2009, with drilling in 2010. Nong Bua-1 twin deferred.
29 Apr 2009quarterly activities report● Neutral
Cover letter lodging the March 2009 quarterly report. Meek was drilled and cased for testing, F1 and Lake Long #9 production was stable, and Thai seismic was likely in May or June. Total revenue fell 68% to US$73k on lower prices.
29 Apr 2009quarterly activities report● Neutral
March quarter cash flow statement: cash fell to A$2.96M from A$3.95M, including a A$409k refundable Thailand bond payment. Next-quarter spending forecast is A$240k.
2 Apr 2009security holder rights change● Neutral
Convertible note conversion rate held at 9.16 shares per note for the June 2009 quarter, unchanged from March.
17 Mar 2009drilling progress report● Neutral
Meek rig released after cementing production casing at 3,768 m. Production equipment will take 2-3 weeks to install before testing the 3,606-3,611 m Middle Meek zone; gas would be sold immediately if successful.
11 Mar 2009half year report● Neutral
Cover letter lodging the six-monthly report to 31 December 2008. The report's contents are not included in the text provided.
11 Mar 2009drilling result▲ GoodMajor
Wireline logs at Meek indicate potential pay of 9 m in the Upper Meek Sands and 13 m in the Middle Meek Sands, plus two zones in the Upper Wilcox. Management says this supports the pre-drill model; production casing and testing come next.
6 Mar 2009drilling result▲ GoodMajor
Meek well reached total depth of 3,786 m with multiple gas shows, the strongest in the target Middle Wilcox Meek Sands (8.6% total gas against 1.8% background). Encouraging but commercial potential is unknown until logging and testing.
3 Mar 2009debt financing● Neutral
Sun will pay A$118,357 interest on the 12% convertible notes on 31 March 2009 (1.6274 cents per note, 90 days). Routine servicing.
3 Mar 2009drilling progress report● Neutral
Meek well at 3,161 m after setting intermediate casing at 3,026 m, on schedule at day 25 of 35. No new result.
24 Feb 2009drilling progress report● Neutral
Meek well reached 3,031 m and was conditioning the hole before running intermediate casing, 18 days into a planned 35-day program. No new result.
17 Feb 2009drilling progress report● Neutral
Meek well was drilling ahead at 2,326 m on 15 February. No new result.
10 Feb 2009drilling spud▲ GoodMajor
The Meek prospect well (Ammann Heirs Gas Unit #1, Sun 12.5%) spudded on 6 February 2009, targeting about 18 bcfe to roughly 3,780 m. The long-awaited spud is delayed from late 2008; TD is expected in about 30 days.
29 Jan 2009quarterly activities report● Neutral
December quarter cash flow statement: cash fell to A$3.95M from A$4.46M, with net operating outflow of A$923k. Next-quarter spending forecast is A$290k.
29 Jan 2009quarterly activities report▼ Bad
December quarter revenue fell to US$228k from US$627k as prices dropped and Lake Long #9 stayed offline until late October. Meek spud expected late January 2009; Thailand 2D seismic planning progressing, aeromagnetic approval still outstanding.
5 Jan 2009security holder rights change● Neutral
Convertible note conversion rate reset to 9.16 shares per note for the March 2009 quarter, up from 6.47. Noteholders get more shares per note, implying a lower conversion price (inference: about 6c on the $0.55 face value), which raises potential dilution.
3 Dec 2008production update▲ GoodMajor
F1 gas discovery (37.5%) began sales on 28 November 2008, and the Lake Long #9 and Milagro workovers are done. Net production is now above 0.8 mmcfd gas and 16 bopd, resolving the earlier F1 start-up and Lake Long outage threads.
1 Dec 2008debt financing● Neutral
Sun will pay A$120,988 interest on the 12% convertible notes on 31 December 2008 (1.6636 cents per $0.55 note, 92 days). Routine servicing of the notes.
28 Nov 2008admin correction● Neutral
Relodged AGM presentation correcting one slide's reference from the September 2009 quarter to September 2008. No other change noted.
27 Nov 2008investor presentation● Neutral
AGM deck from the managing director repeating known facts: 225.1M shares, A$4M notes, about A$4.7M cash at 31 October plus a A$3.3M refundable Thailand bond. Meek now slated for late January 2009; F1 gas due on stream in December.
29 Oct 2008quarterly activities report● Neutral
September quarter US revenue fell to US$627,135 (down 12.5%) as the main Lake Long #9 well was offline for repairs. In Thailand the operator is considering delaying the Nong Bua-1 twin well until after 2009 seismic. Meek spud now expected late December quarter.
21 Oct 2008flow test result▲ GoodMajor
The F1 well at Margarita flowed almost 300,000 cubic feet a day of gas from 2 m of a 6 m Frio interval and will be completed as a producer. Worth about $600,000 a year to Sun at its 37.5%. The deeper Vicksburg zone flowed mostly water and was plugged.
14 Oct 2008debt financing● Neutral
Sun will pay the first convertible note interest, 1.2477 cents per $0.55 note for 24 July to 30 September, on 31 October 2008. Routine servicing of the 12% notes.
8 Oct 2008security holder rights change● Neutral
The convertible note conversion rate reset to 6.47 shares per note for the December 2008 quarter, from 5. That implies a conversion price near 8.5c (inference from the $0.55 face value), below the original 11c.
22 Sept 2008drilling result▲ Good
The F#1 well at Margarita reached 1,219 m and logged about 5.8 m of possible gas pay in the Frio, plus 3.6 m of oil shows deeper. Testing results are due within a week; Sun holds 37.5%.
