Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Aug 2009drilling progress report▲ Good
L20/50 seismic is 75% complete and early data is of excellent quality, showing an extra sub-basin. A further 48 km is being added at minimal cost. Thirteen leads are mapped, four possibly above 50 million barrels and one above 150 million.
18 Aug 2009drilling progress report▲ Good
Operator Carnarvon confirms the L20/50 survey is more than 75% complete, with about 48 km added after early data showed an extra sub-basin. Duplicates Sun's release.
29 July 2009drilling progress report● Neutral
Operator Carnarvon's version of the same update: over 50% of the L20/50 seismic is recorded, on schedule for end August 2009. Duplicates Sun's release and adds nothing new.
29 July 2009drilling progress report● Neutral
Over half of the 500 km L20/50 seismic survey is recorded, on schedule for end August 2009. Four leads are still said to possibly hold more than 50 million barrels in place. No new result.
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.
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 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 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.
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%.
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.
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%.
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 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.
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.
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 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.
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.
22 Nov 2007drilling progress report● Neutral
Raun #1 has set 9 5/8 inch casing at 6,114 ft and is testing blowout preventers before drilling on to 10,500 ft with oil-based mud. No new result.
15 Nov 2007drilling progress report● Neutral
Raun #1 is at 5,065 ft, conditioning mud before drilling to the 6,500 ft casing point. Targets are still expected about 40 days after the 8 November spud. No new result.
8 Nov 2007drilling spud● NeutralMajor
Bondi's Raun #1 has spudded, drilling at 333 ft on 7 November. Targets are expected in about 40 days, with weekly updates. Sun holds 15% with a 30-76 bcfge target, the first of its Bondi-Coogee farm-in wells.
5 Nov 2007drilling progress report● Neutral
Texon's first Bondi well, Raun #1, has a rig rigging up on a 60 ft pre-collared hole, with drilling due to start later in the week. Bondi targets 30-67 bcfge; Sun holds 15%, Texon 65%, Empyrean 20%.
10 Oct 2007farm in farm out agreement▲ Good
Operator Texon confirms it farmed out an extra 20% of its Bondi prospect, with 15% going to Sun and 5% to Empyrean. Texon keeps 65%. Drilling is expected before end of 2007. Matches Sun's own release the same day.
10 Oct 2007farm in farm out agreement▲ GoodMajor
Sun farms into Texon's Bondi-Coogee prospect complex in Wharton County, Texas, earning 15% by paying 20% of Bondi #1's dry hole cost. Bondi targets 30-76 bcfe, with drilling in November-December. Sun has a 90-day option on Coogee (28-62 bcfe).
9 Aug 2007drilling result● NeutralMajor
Operator advises the second-phase Margarita shallow program is finished: Dona Carlota and Agavero are gas discoveries (1.3 bcf gross recoverable), while Climaco was plugged and abandoned as non-commercial. This confirms Climaco's earlier no-pay result. Partner Victoria's release; Sun holds 20%.
