Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Dec 2018drilling scheduled▲ GoodMajor
Sun picked the first Bowsprit well location after 3D modelling and began permitting (4-6 months, US$45,000). Its internal oil-in-place estimate rose toward the top of RISC's range. Drilling is targeted for Q2 2019 at about US$3.5m, still needing a farm-in partner or funding.
22 Nov 2018capital raising announcement● Neutral
Share Purchase Plan closing extended from 23 November to 21 December 2018, so holders can see the refined 3D geological modelling results before deciding. Terms and the A$0.004 price are unchanged.
5 Nov 2018capital raising announcement● Neutral
Share Purchase Plan booklet mailed; eligible holders can buy A$500 to A$15,000 of shares at A$0.004, aiming for up to A$0.5m. Chairman's letter targets drilling in Q2 2019 and first production by end of 2019. Mostly repeats the 31 October announcement.
5 Nov 2018admin correction● Neutral
Cleansing notice required to offer the Share Purchase Plan without a disclosure document, stating the company is compliant with its disclosure obligations. Administrative, no new information.
1 Nov 2018capital raising announcement● NeutralMajor
Sun placed 80m shares at A$0.004 to raise A$320,000, and plans a Share Purchase Plan of up to A$500,000 at the same price. Directors would convert A$100,000 of loans into 25m shares, subject to shareholder approval. Funds cover well planning and permitting, not drilling.
What it means for a shareholder
80.0m new shares at A$0.004 to raise about A$320,000. That's 9.6% dilution: every existing holder's slice gets 9.6% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.033% to 0.0299% of the company. To keep it you'd need 26,440 more shares - about A$106 at the issue price.
Create a free account to see this worked out for your own holding.
26 Oct 2018annual report● Neutral
2018 annual report with the Chairman's letter: drilling now targeted by mid-2019, delayed by the second lease and complexities with Pinnacle. Higher oil prices make equity funding of about A$5m more attractive than farming out, though both are pursued.
26 Oct 2018other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report for the year to 30 June 2018. Administrative, no new information.
1 Oct 2018annual report● Neutral
Full-year accounts to 30 June 2018 for Sun Resources, restating the Bowsprit story: 50% interest, operator, 1,154 acres. The company says the second-lease delay held up farm-out and drilling plans. Financial figures are not visible in the extract provided.
12 Sept 2018investor presentation● Neutral
Good Oil presentation repeats the Bowsprit case (2,000 bopd modelled, 670,000 bbl EUR, 5-well plan) but shows the appraisal well slipping to Q1 2019 at US$3.5m, from Q4 2018. Cash was A$136k at 30 June 2018; shares were A$0.004.
10 Apr 2018investor presentation● Neutral
April presentation repeats the RISC resource estimates and Bowsprit plan: a US$3.25m horizontal well, largely to be funded by farm-out. Appraisal well now targeted for Q4 2018, later than earlier H1 2018 hopes. Shows 756m shares, A$5.3m market cap and A$653k cash at 31 December.
9 Apr 2018director officer appointment● Neutral
CFO and Company Secretary Craig Basson resigned after nine years to move to another industry. Jo-Ann Long, who previously worked with Bloking and Parks at Transerv Energy, is appointed part-time CFO and Company Secretary.
5 Apr 2018resource reserve update▲ GoodMajor
RISC's independent estimate for Sun's 50% of Bowsprit: 0.38 MMbbls oil (2C contingent) plus 0.42 Bscf gas, and best-case prospective 0.86 MMbbls (20% chance of success). No reserves yet. Contingent on a horizontal well flowing commercially.
19 Mar 2018asset acquisition disposition▲ GoodMajor
Sun and Pinnacle won a contiguous 155-acre lease covering a possible Bowsprit field extension, held 50/50, with Sun paying about A$45,000. Together with the 1,000-acre lease this secures the full field; the acreage delayed plans. Resource results and farm-out approaches are due in coming weeks.
16 Mar 2018half year report● Neutral
Half-year to 31 December 2017: net loss A$366,901, versus A$3,095,531 a year earlier. In January 2018 Sun paid A$144,274 for about 5% of Pinnacle, its Bowsprit partner. Parks became Managing Director 1 December 2017 per the report.
15 Jan 2018other● Neutral
Annual corporate governance statement for 2017. It notes there was no CEO from 11 November 2016 to 2 November 2017 due to cost monitoring, so some governance procedures were not completed. Administrative.
20 Dec 2017joint venture update▲ Good
3D seismic interpretation confirms the Bowsprit structure, shows the field extends beyond well control, no intra-field faulting, and the structure is slightly larger than projected. Consultants appointed; reserve certification expected early 2018 to attract a farm-in partner or funding.
14 Dec 2017capital raising announcement▲ GoodMajor
The 88.5m-share shortfall (A$354,155) was placed, completing the full A$1,296,742 rights issue at $0.004 per share. Shares and free options to be allotted 18 December. This resolves the open funding thread for Bowsprit evaluation.
7 Dec 2017capital raising announcement● Neutral
Rights issue closed 5 December with shareholders taking 235.6m of 324.2m shares (A$942,587). A shortfall of 88.5m shares (A$354,155) falls to underwriter Patersons. Funds go to Bowsprit and working capital.
1 Dec 2017joint venture update▲ Good
Sun bought 3D seismic over Bowsprit and interpretation has started. Reserve certification is expected by end of December 2017. First well still intended for first half 2018, subject to funding.
6 Nov 2017other● Neutral
Cover letter sending rights issue notice letters to shareholders and option holders per the timetable. The notice text is not readable; no new information.
2 Nov 2017capital raising announcement● Neutral
Prospectus for the rights issue: up to 324,185,395 new shares at $0.004 with one free $0.006 option per two shares, fully underwritten by Patersons. Offer closes 5 December 2017. Formal document for the raising already announced.
What it means for a shareholder
324m new shares at A$0.004 to raise about A$1.3m. That's 43% dilution: every existing holder's slice gets 43% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.0578% to 0.033% of the company. To keep it you'd need 187,500 more shares - about A$750 at the issue price.
Create a free account to see this worked out for your own holding.
2 Nov 2017investor presentation● Neutral
Presentation supporting the $1.3m rights issue, repeating the Bowsprit plan, the 50% interest and first drilling targeted for H1 2018. Shows 432m shares, market cap about A$2.6m at A$0.006, and net cash of A$38,339 at 20 September 2017.
2 Nov 2017capital raising announcement▲ GoodMajor
Director Alex Parks becomes CEO and Managing Director, ending the vacancy since November 2016. Sun launches a Patersons-underwritten rights issue of 3 new shares per 4 held at $0.004 to raise up to $1,296,742, to fund Bowsprit seismic, reserves certification and farm-out. Lease signed.
31 Oct 2017other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2017, dated 29 September 2017, pointing to the governance statement on the company website. Administrative with no new information.
31 Oct 2017annual report● Neutral
2017 annual report for the year to 30 June 2017 released, repeating the rights issue, board changes, cost cuts and Bowsprit acquisition already reported. AGM set for 21 November 2017. No new information in the text shown.
2 Oct 2017annual report● Neutral
Financial report for year to 30 June 2017 released, with AGM set for 21 November 2017. Highlights restate the board changes, cost cuts and the Bowsprit acquisition. Text provided does not show the financial figures.
29 Sept 2017debt financing▲ GoodMajor
Winform (Hancock) extended the A$957,806 converting loan repayment from 18 Feb 2018 to 31 March 2021, allowing a raise of up to A$10m for Bowsprit. Repayment comes from 67% of Bowsprit net cash flow for the first 24 months. Directors defer fees and lend A$150,000.
14 Aug 2017asset acquisition disposition▲ GoodMajor
Sun and Pinnacle Exploration won a 1,000-acre Bowsprit lease in Breton Sound, Louisiana, 50/50, with Sun paying the initial ~A$300,000 cost. This answers the long US asset search. First well could start as early as March 2018, subject to funding. Directors lent A$110,000.
1 May 2017quarterly activities report▼ BadMajor
March quarter: Sun ceased to be operator of Seale #1H on 3 March 2017 after a court ruling and has no further interest in SW Leona, its only producing asset. Net cash A$518,320. Texas land now 2,251 net acres; US asset search continues.
24 Apr 2017regulatory community update▼ Bad
Amerril demanded US$500,000 from subsidiary Sun Delta Inc. under the 2015 settlement, after the Weatherford judgment against it. Sun says Sun Delta has no assets or cash and cannot pay, and any liability is limited to that subsidiary.
