Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Mar 2011drilling progress report● Neutral
Sun repeats the operator's update: Krai Thong-1 stopped at about 1,300m after hard rock, with sandstone zones showing elevated resistivity and minor oil shows. Wireline logging and testing over 3-4 days will decide whether a hydrocarbon accumulation exists.
8 Mar 2011drilling progress report● Neutral
Raisama re-released Carnarvon's Krai Thong-1 update (casing set at 605m, drilling to about 1,425m). It says it has acceptances for over 90% of Peak, with its offer closing 17 March. Third-party repeat with no new Sun information.
8 Mar 2011drilling progress report● Neutral
Carnarvon reports Krai Thong-1 has set casing at 605m and is preparing to drill the final section to about 1,425m. Total depth is expected within 3-4 days, followed by logging. No results yet.
8 Mar 2011drilling progress report● Neutral
Sun repeats the operator's update that Krai Thong-1 (37M barrel target, 42.5% interest) has set casing at 605m and is preparing to drill to about 1,425m. Logging follows in 3-4 days. No result yet.
1 Mar 2011drilling progress report● Neutral
Carnarvon reports Krai Thong-1, the second Thailand well (37M barrel target, about 1,425m), spudded 28 February and has drilled to 132m. Target objectives are expected within 9-12 days and total depth in about two weeks.
1 Mar 2011drilling spud● NeutralMajor
Sun reports Krai Thong-1, the second L20/50 well with a 37M barrel target, has spudded and drilled to 132m after the rig moved from the dry Tapao Kaew-1. Major objectives are expected within 9-12 days. Sun holds 42.5%.
25 Feb 2011farm in farm out agreement● Neutral
A further extension has been agreed to sign the definitive NW Europe farm-in, now to 30 April 2011 (previously 28 February). It remains a non-binding term sheet for 15% of a 720 bcf gas prospect, costing about A$2.3M. Sun says it is hopeful of signing in coming weeks; the well could be drilled in Q3 2011.
21 Feb 2011drilling result▼ BadMajor
Carnarvon reports Tapao Kaew-1 reached 1,792m and failed to find hydrocarbons. The sands were not oil-bearing, though failed logging tools left the deepest section inconclusive. The well will be plugged and abandoned. This is a dry hole for the first Thailand well.
21 Feb 2011drilling result▼ Bad
Raisama (Peak's takeover bidder) re-released Carnarvon's news that Tapao Kaew-1 found no hydrocarbons and will be abandoned. It restates that Peak is earning 7.5% of L20/50 from Sun. Third-party repeat with no new Sun information.
21 Feb 2011drilling result▼ BadMajor
Sun confirms Tapao Kaew-1 (the 21M barrel target) was drilled to 1,792m and will be plugged and abandoned, as the joint venture consensus is that it found no hydrocarbons. The rig moves to Krai Thong-1. Peak has completed its free carry of Sun's share; Sun keeps 42.5%.
15 Feb 2011drilling progress report▼ Bad
Sun repeats Carnarvon's update: Tapao Kaew-1 at 1,600m with no significant reservoir sections or hydrocarbon shows so far, though deeper sands are still anticipated. The well will be completed for testing or plugged after logging. Sun keeps 42.5%.
15 Feb 2011drilling progress report▼ Bad
Carnarvon reports Tapao Kaew-1 at 1,600m, heading for 1,715m. The primary marker was found at about 800m, but no significant reservoir sands or hydrocarbon shows so far. Deeper reservoir sands are still expected. Early signs are discouraging.
8 Feb 2011drilling progress report● Neutral
Tapao Kaew-1, the first Thailand well (21M barrel target, planned to about 1,715m), is drilling at 605m. The first objectives are expected within 3-4 days and total depth within 6-8 days. No result yet.
1 Feb 2011drilling progress report● Neutral
Carnarvon reports Tapao Kaew-1 spudded in late January and is drilling at 112 metres. It expects the first objectives within 8-10 days and total depth in about 12 days. Interests: Carnarvon 50%, Sun 42.5%, Peak 7.5%.
1 Feb 2011drilling spud▲ GoodMajor
Tapao Kaew-1, the first well of Sun's Thailand programme, has spudded, targeting about 21M barrels to 1,715m. Drilling is at 112m, and total depth is planned about 12 days after spud. This begins the exploration campaign Sun has been building towards.
19 Jan 2011drilling progress report● Neutral
Rig mobilisation has begun for the Thailand programme, with some equipment due at the Tapao Kaew-1 site by 21 January. Sun will update on rig-up and spud timing. Otherwise repeats known prospect details.
17 Jan 2011farm in farm out agreement▼ Bad
The deadline for signing the definitive NW Europe farm-in was extended from 31 December 2010 to 28 February 2011. The deal is still a non-binding term sheet for 15% of a 720 bcf gas prospect; the well has slipped from Q2 to possibly Q3 2011.
7 Jan 2011drilling scheduled● Neutral
Sun says the multi-well Thailand programme will start the week of 17 January 2011, with Peak carrying Sun through the first well (21M barrel target). Sun keeps 42.5%. Repeats known facts and timing.
6 Jan 2011drilling scheduled● Neutral
Operator Carnarvon says operations at L20/50 start 17 January 2011 with rig mobilisation. Tapao Kaew site is essentially complete, Krai Thong ready by end of January, and Chalawan by mid-late February. Wells take 2-3 weeks each. Repeats the earlier January start plan.
21 Dec 2010farm in farm out agreement▲ GoodMajor
Sun signed a binding agreement letting Peak earn a capped 7.5% of L20/50, replacing the earlier term sheet for up to 20%, after Peak pursued a different deal to its IPO. Sun keeps 42.5% and is free-carried through the first well; drilling targets January 2011.
14 Dec 2010drilling scheduled▲ Good
Carnarvon says road and well-site works are well advanced and the Asia Drilling AD-1 rig is contracted for up to three L20/50 wells, starting January 2011. This resolves the open rig-contract question. Interests shown are Sun 42.5%, Carnarvon 50%, Peak 7.5%.
29 Nov 2010drilling scheduled▲ GoodMajor
Sun and Carnarvon agreed to make two wells firm, with a third contingent, to test over 80M barrels of speculative potential. Tapao Kaew-1 (21M barrels) is first, spudding mid-January 2011, then Krai Thong (37M barrels). This is up from one firm well previously planned.
9 Nov 2010farm in farm out agreement▲ GoodMajor
Sun signed a non-binding term sheet to earn 15% of a 720 bcf gas prospect onshore North-West Europe, paying about €1.645M (A$2.3M) of past and future costs. Drilling is targeted for Q2 2011. Counterparty is undisclosed; a definitive agreement is due by 31 Dec 2010. This is a new venture beyond Thailand.
1 Nov 2010farm in farm out completion▲ GoodMajor
Peak Oil & Gas finished due diligence, so all conditions for its first-well obligation are met. Peak will carry Sun through the first well for A$1.3M, earning 7.5% of L20/50. A second-well carry depends on Peak's IPO. Resource target is now quoted as over 80M barrels, up from 60M.
24 Aug 2010farm in farm out agreement▲ GoodMajor
Peak Oil & Gas signed a binding term sheet to earn up to 20% of L20/50 by carrying up to US$3.43M of Sun's well costs. Sun keeps at least 30%. This addresses the drilling-cost question; it is subject to JV, due diligence and government approvals.
30 June 2010drilling scheduled▲ Good
Carnarvon reports environmental impact assessments for the three most promising L20/50 targets were submitted on schedule. Leases are signed and rig selection is well advanced, so drilling is on track for late 2010. Sun holds 50%.
9 Mar 2010drilling scheduled▲ GoodMajor
Operator Carnarvon finished interpreting the L20/50 seismic: 23 leads in five play types, with nine drill locations going to environmental approval. One firm and two contingent wells are planned for Q4 2010, subject to approvals.
9 Mar 2010drilling scheduled▲ Good
Sun repeats Carnarvon's news: 23 leads identified on L20/50 (Sun 50%), nine locations submitted for environmental approval, and one firm plus two contingent wells planned for Q4 2010. This replaces the earlier mid-2010, up to four wells timing.
31 Aug 2009drilling progress report▲ Good
Carnarvon reports 548 km of 2D seismic completed on L20/50, 48 km above the 500 km commitment. Processing is fast-tracked to pick locations for up to four wells in 2010.
31 Aug 2009drilling progress report▲ Good
Sun reports the 548 line km L20/50 seismic survey finished on 28 August 2009, as scheduled. Data quality is excellent; thirteen leads are mapped. Interpretation now aims to rank prospects for up to four wells in 2010.
