Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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%.
27 Apr 2007quarterly activities report● Neutral
Cash flow report for March quarter: cash A$2.98M at quarter end, rising to A$3.981M after the A$1M Sydney Basin subsidiary sale was received 23 April. Planned exploration spend next quarter is A$1.6M. No loan facilities are shown.
27 Apr 2007quarterly activities report● Neutral
March quarter report: Sun sold its Sydney Basin coal seam gas subsidiary, receiving A$1M on 23 April, and farmed into Lake Long (10%). Dos Dedos and Milagro are producing about 600,000 scfd combined. Eagle decision still awaits an independent report; Flour Bluff drilling delayed to second half 2007.
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.
27 Feb 2007drilling progress report● Neutral
El Viejito flow test preparations have begun, with results expected in 4-5 days. Milagro testing rig is due 28 February. Dos Dedos rig has arrived; after it, the rig leaves for another operator before returning for the last three wells.
22 Feb 2007drilling result▲ Good
Milagro #1 reached total depth, and logs suggest 4.3 m of potential oil pay. The well will be cased for testing. El Viejito #1 is still waiting on testing equipment. Early log reading only, not a confirmed discovery.
22 Feb 2007drilling result▲ Good
Victoria Petroleum repeats that Milagro #1 reached total depth with 4.3 m of potential oil pay from initial log interpretation, and will be cased for testing. Same content as Sun's release.
12 Feb 2007drilling spud● Neutral
Milagro #1, the second Margarita shallow well, spudded 9 February, with drilling toward 1,585 m. Winter rains blocked the rig from Dos Dedos, so the order changed. El Viejito #1 still awaits a workover rig for testing.
2 Feb 2007drilling result▲ Good
El Viejito #1 reached 1,932 m; logs show possible gas in Frio sands (1.2 m net pay) and Vicksburg sands (11 m net pay), both unconfirmed until tested. Casing is being run for testing. The rig moves to Dos Dedos next.
2 Feb 2007drilling result▲ Good
Victoria Petroleum confirms El Viejito-1 reached 1,932 m with possible gas in a 1.2 m Frio interval and an 11 m Vicksburg interval. Production testing expected in about 14 days. Matches Sun's release.
24 Jan 2007quarterly activities report● Neutral
Appendix 5B for the December quarter: cash at quarter end A$2.99M after A$2.09M raised from shares, with operating and investing outflow of A$482K. Planned exploration spend next quarter is A$400K. No debt facilities shown.
22 Jan 2007quarterly activities report▼ Bad
December quarter report: Flour Bluff Phase 2 is delayed again, from the March quarter to the latter half of 2007, because the operator and another partner (49% together) committed to another Texas prospect. Eagle North decision awaits an operator's report. Cash rose to A$2.99M.
9 Jan 2007drilling progress report● Neutral
El Viejito #1 is at 1,129 m, heading for 1,920 m, after an extended Christmas break and crew change. Wells are drilled at a fixed turnkey price, so delay costs fall on the contractor. No result yet.
