9 Jan 2007drilling progress report● Neutral
Operator partner Victoria Petroleum repeats the 9 January update: El Viejito #1 at 1,129 m, fixed-price turnkey drilling, final depth 1,920 m. Nothing new beyond Sun's own release.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Dec 2006drilling spud● NeutralMajor
Drilling began on El Viejito #1, the first of six shallow Margarita gas wells, with surface casing run to 192 m. Drilling resumes 26 December toward 1,920 m. Sun holds 20%. No result yet.
21 Dec 2006drilling progress report● Neutral
Victoria Petroleum repeats that El Viejito #1, first of six shallow Margarita gas wells, is running surface casing at 192 m. Drilling resumes 26 December toward 1,920 m. Sun holds 20%. Duplicates Sun's own 21 December spud notice; no result yet.
6 Dec 2006farm in farm out agreement● Neutral
Operator Victoria Petroleum confirms the 5 December Empyrean farm-in on Margarita and a three-plus-three shallow well program from about 18 December. Victoria holds 20%. The first three wells target 5 Bcf combined; the second three depend on success.
5 Dec 2006farm in farm out agreement▲ GoodMajor
Empyrean Energy farms into six shallow Margarita wells, with an option on three deep ones. Final interests become Sun 20%, Victoria 20%, Wandoo 16%, Empyrean 44% (Sun was 37.5%). Drilling starts about 15 December; first three wells target 1.2-2.0 Bcf each.
15 Nov 2006remuneration report● Neutral
Ashby's three-year contract from 1 July 2006 pays $277,400 a year fixed, plus four million incentive options at 20c, 25c and 30c. He may leave on a takeover or change of control and take the remaining package.
9 Nov 2006agm notice● Neutral
All AGM resolutions passed, including re-election of Ashby, Linsley and Woods, the remuneration report, a rise in the director fee cap from $120,000 to $170,000, and option grants to Ashby (1.5M at 25c, 1M at 30c).
9 Nov 2006director officer appointment● NeutralMajor
Bill Ashby, Executive Director and General Manager since 1 July 2006, becomes Managing Director from 9 November 2006, filling the role left vacant. Dr Farrell stays Executive Chairman, as far as the text shows.
27 Oct 2006quarterly activities report▼ Bad
September quarter report says Eagle North-1 was suspended after the workover failed, and Flour Bluff Phase 2 slips again, with FB #1 now due January 2007. Margarita's six shallow wells start December; Margarita farmout was well advanced. Malta seismic hoped for after February 2007.
27 Oct 2006capital raising announcement▲ GoodMajor
Sun completed its placement of 22 million shares at 10 cents, raising $2.2 million before expenses, with no shortfall. It also issued 12.5 million free options at 20 cents expiring 30 December 2008, taking shares on issue to 170,755,785.
What it means for a shareholder
22.0m new shares at A$0.100 to raise about A$2.2m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00672% to 0.00586% of the company. To keep it you'd need 1,479 more shares - about A$148 at the issue price.
Create a free account to see this worked out for your own holding.
18 Oct 2006drilling result▼ BadMajor
Sun confirms Eagle North-1 workover failed: the damaged production valve at 3,963 m could not be passed, so the well is suspended pending a future side track. Sun will seek a new operator and partner and is weighing keeping or farming down its 10%.
18 Oct 2006drilling result▼ BadMajor
Operator Victoria Petroleum says the workover could not retrieve the production valve and guns in Eagle North-1, so it is abandoning the effort. Partners will plan a future re-entry and side track to the 177 m target. The June retest is not completed; no oil flow result.
17 Oct 2006capital raising announcement● NeutralMajor
Sun lodged a prospectus under the shareholder approval of 27 July 2006 to raise $2.2M via up to 22M shares at 10c with 11M free 20c options (to 30 Dec 2008). Funds go to Project Margarita and Flour Bluff. Resolves the earlier unexplained 30M-share approval.
What it means for a shareholder
22.0m new shares at A$0.100 to raise about A$2.2m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00672% to 0.00586% of the company. To keep it you'd need 1,479 more shares - about A$148 at the issue price.
Create a free account to see this worked out for your own holding.
11 Oct 2006investor presentation● Neutral
Roadshow presentation repeats known projects: Eagle North workover, Flour Bluff Phase 2 (FB-1 now November 2006, 11 wells, 43.6 Bcfe), Margarita drilling December quarter, Malta (Sun 20%). Shows 148.75M shares, about $1.8M cash. No new result.
29 Sept 2006annual report● Neutral
Sun lodged its annual report for the year to 30 June 2006. It cites A$1,471,174 net from Flour Bluff gas production and expects nine wells in FY2007. Ashby and Woods are listed as executive directors. Financial detail not in the extract.
19 Sept 2006drilling progress report▼ Bad
Operator says a workover rig arrived at Eagle North-1 on 15 September. A coiled tubing rig found the perforating guns appeared not to have fired in the first test. The rig will retrieve them over about 14 days before a retest.
19 Sept 2006drilling progress report▼ Bad
Sun reports the workover rig began on Eagle North-1 on 19 September Perth time, confirming the perforating guns appeared not to have fired. A further delay is expected while the cause is found before the 177 m is retested.
4 Sept 2006drilling scheduled▼ BadMajor
Sun says Eagle North-1 testing resumes late September after a June perforating attempt failed with mechanical problems. Flour Bluff Phase 2 slips to mid October (planned for February). Only FB #1 and D-26 are firmly scheduled; 8 wells target 40.9 Bcfe.
28 July 2006agm notice● Neutral
Shareholders approved an ordinary resolution for the issue of 30,000,000 ordinary shares. The announcement gives no price, purpose or placee; the issue would add to the 148.76M shares on issue.
24 July 2006quarterly activities report● Neutral
June quarter report says Eagle North-1 testing should start late July and run into August. Flour Bluff Phase 2 is now due end September. Margarita now targets up to six shallow wells in the December quarter, with deeper prospects mid-2007.
19 July 2006quarterly activities report▼ Bad
June quarter cash flow report shows cash of A$1.866M, down from A$2.76M, with A$864k of operating and investing outflow. Next-quarter spending is estimated at A$300k. No loan facility is shown as used.
29 June 2006director officer appointment● NeutralMajor
From 1 July 2006 Dr Brad Farrell becomes Executive Chairman and the Managing Director role is left vacant. Bill Ashby, formerly Director Exploration at Conoco-Phillips Australia, joins as Executive Director and General Manager.
8 June 2006drilling progress report▼ Bad
Sun says Eagle North-1 testing is waiting for a completion rig and coiled tubing unit to be available together, delayed by heavy equipment demand in the Bakersfield area. Still no flow result for Sun's 10%.
8 June 2006drilling progress report● Neutral
Operator repeats that Eagle North-1 testing is waiting on a completion rig and coiled tubing unit because of Bakersfield equipment shortages. No test result; background history and the 1,000 bopd hope are restated.
23 May 2006drilling progress report● Neutral
Operator reports 'encouraging results' from Eagle North-1 testing, but the large drilling rig was released on 20 May so a cheaper completion rig and then a coiled tubing unit can continue. No flow rate given; testing is delayed.
23 May 2006drilling progress report● Neutral
Operator Victoria Petroleum repeats that Eagle North-1 testing continues with results 'providing encouragement', and a completion rig is being secured. It restates the up to 1,000 bopd hope and 34 MMbbl upside; no test result.
16 May 2006drilling progress report● Neutral
Sun reports the Eagle North-1 horizontal is being production tested over 177 m after perforating the cased section, using a slow conventional method because no coiled tubing unit or nitrogen is available. No flow rate yet; results promised at completion.
16 May 2006drilling progress report● Neutral
Operator says production testing of the 177 m Eagle North-1 horizontal section continues, with no results given. Results will be released when the test ends, so shareholders are still waiting for a flow rate.
8 May 2006drilling progress report● Neutral
Drilling at Eagle North-1 stopped at 4,386 m because running sands blocked further horizontal drilling and the slotted liner. A production test of 177 m of oil sand was being prepared, expected to take about four days, with no flow rate yet.
8 May 2006drilling progress report● Neutral
Operator repeats that drilling stopped at 4,386 m due to running sands, so the slotted liner was not run. A 177 m production test is being prepared, taking four to seven days. It reads the running sand as a sign of good reservoir.