Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Sept 2008drilling spud▲ Good
The F#1 well at Project Margarita in Bee County, Texas spudded, the first of Sun's new US exploration program; Sun holds 37.5% with net cost about US$200,000. The Meek prospect (about 18 bcfe) is due to spud in October.
10 Sept 2008annual report● Neutral
Annual report for the year to 30 June 2008. Highlights: 7 US wells drilled with 5 completed, A$4M notes, A$2.5M placement and A$1.9M rights issue raised, and Thailand L20/50 secured. Sun exited WA-257-P and began selling its WA-254-P interest.
2 Sept 2008investor presentation● Neutral
Good Oil Conference deck repeating known facts: cash about A$4.8M at 31 July, A$4M notes, FY08 revenue about US$1.8M with a US$4.0M target for FY09. Lists 3P reserves of 17 bcf gas and 0.344 million barrels oil. No new results.
28 July 2008quarterly activities report● Neutral
June quarter: record oil and gas revenue of US$716,658, up 131%, with cash of A$1.1M plus the A$4M notes. Thailand's L20/50 twin well to Nong Bua-1 has slipped to early 2009 on environmental approval delays; aeromagnetic survey targeted for September quarter.
25 July 2008capital raising announcement● Neutral
Sun confirms allotment of 7,272,800 convertible notes raising A$4,000,040, with listing under code SURG. This completes the June note raising, funds earmarked mainly for its 50% of Thailand block L20/50. Top-20 noteholder list attached.
1 July 2008director officer appointment● Neutral
Dr Brad Farrell retired as Executive Chairman on 30 June and became Non-Executive Chairman from 1 July, also consulting as needed. This completes the leadership handover to Matthew Battrick as Managing Director flagged earlier.
20 June 2008investor presentation● Neutral
Roadshow deck for the managing director's investor meetings from 23 June. It repeats known points: 225.1M shares, A$4M notes, about A$5.0M cash after the placement, L20/50 plans, Malta and US revenue. Forecasts FY08 revenue of about US$2.0M.
19 June 2008capital raising announcement● Neutral
Sun lodges a prospectus for 3,000 convertible notes at $0.55 ($1,650), a technical step to allow the notes to be listed and freely traded. Together with the 6 June placement, total raised is A$4,000,040, mainly for L20/50 and South Texas.
6 June 2008capital raising announcement▲ GoodMajor
Sun raises about A$4M through convertible notes, mainly for its 50% of Thailand block L20/50. Notes are $0.55 each, convert at 11c (22% premium, subject to reset), pay 12% quarterly and mature 31 March 2011. Aeromagnetic survey and a late-2008 well are planned.
5 May 2008investor presentation● Neutral
Roadshow presentation repeating known themes: L20/50, Malta, and US production. It gives 225.1m shares, about A$15.8m market value at 7c, and about A$1.4m cash. No new announcements.
29 Apr 2008quarterly activities report● Neutral
March quarter report: US gas output up 6.8% to 75.4 mmcfg but revenue down 8% to US$400,009, partly from a pipeline disruption lag. L20/50 aeromagnetic survey is planned around 28 May, with a Nong Bua-1 twin well targeted for late 2008.
24 Apr 2008drilling scheduled▲ Good
Sun approved 3D seismic over West Flour Bluff in late 2008, ahead of development drilling aimed at lifting the current 68.8 bcfe 3P reserves. Management says new wells should at least double or treble production. Sun holds 20%.
17 Apr 2008production update▲ Good
Sun's US operations earned record net operating revenue of over A$200,000 in March 2008, about double a year earlier, with gross output above 7.0 mmcf/d gas. Supports the strategy of funding Thai exploration from US cash flow.
5 Mar 2008other● Neutral
Notice that a Hartleys broker research report on Sun has been released and is on the website. No substance beyond the notification.
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.
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.
29 Jan 2008quarterly activities report● Neutral
December quarter report: L20/50 award confirmed (50%), and US production reached 1.40 mmscfgde at year end from Flour Bluff, Margarita and Lake Long. Raun #1's Wilcox result is called disappointing. 2008 US drilling plans to be set at February meetings.
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.
