Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2020half year report▼ Bad
Half-year accounts to 31 December 2019 show a net loss of A$714,430 (A$611,552 a year earlier). Events after period include a A$62,500 convertible note and a Bowsprit reserves statement; the board describes a shift to near-term oil development, with farm-out talks continuing.
13 Mar 2020auditor change● Neutral
HLB Mann Judd replaced BDO as auditor from 12 March 2020, following an audit tender in December 2019. BDO resigned with ASIC's consent. The board will seek ratification at the next AGM.
5 Feb 2020resource reserve update▲ GoodMajor
Independent auditor NSAI booked Bowsprit T1 2P reserves of 330,000 bbls, up from contingent resources, worth US$6.4m (NPV10). T2 prospective resources are 1.8 MMbbls mid case, 25% chance of success. Drilling is expected Q2 2020, still needing a farm-out partner.
31 Jan 2020quarterly activities report● Neutral
December quarter report: first Bowsprit well now estimated Q2 2020, slipping from Q1, subject to farm-out or funding. Well is fully permitted, and offers from prospective partners are due 21 February 2020 after the NAPE conference. Early production could start Q3 2020.
31 Dec 2019capital raising announcement● NeutralMajor
Now named Prominence Energy, the company raised A$250,000 via a short-term convertible note from existing shareholders, 10% coupon, repayable 31 March 2020. Conversion is at a 20% discount. GTT's half needs shareholder approval. It funds working capital while farm-out talks continue.
29 Nov 2019investor presentation● Neutral
AGM presentation on Bowsprit, noting the company is being renamed. Shows 100% interest in 1,154 acres. Visible text is disclaimers and a summary; no new results evident.
28 Nov 2019listing compliance notice▼ Bad
ASX queried the company's cash after the quarter showed A$241,000 cash and A$588,000 operating outflow. Sun expects continued cash burn and is in farm-out talks, with a raising considered afterwards. It says directors and major shareholders are expected to keep supporting it. Third such query.
28 Nov 2019regulatory community update▲ GoodMajor
All three permits to drill Bowsprit-1 are now granted, ahead of schedule and valid 12 months. Two operators offered tie-in processing at under US$2/bbl, with a pipeline under US$1m. Drilling is still Q1 2020, subject to farm-out or funding.
1 Nov 2019regulatory community update▲ Good
The US Army Corps of Engineers granted authorisation to drill Bowsprit 1, the second of three permits. The remaining St Bernard Parish and Port Authority approval is expected within 30 days. The well still needs farm-out or funding, targeted Q1 2020.
1 Nov 2019other● Neutral
Corporate governance statement checklist (Appendix 4G) lodged with the annual report. Administrative only, no new business information.
31 Oct 2019quarterly activities report● Neutral
Cash flow report for the September quarter: operating outflow A$588,000, share proceeds A$777,000, closing cash A$241,000 (from A$63,000). Next quarter's outflows are estimated at A$198,000. The NAB credit card facility of A$60,000 remains.
31 Oct 2019quarterly activities report● Neutral
September quarter report: Sun raised A$765,000 in the quarter and holds Bowsprit at 100%, subject to Pinnacle buyout completion. First permit granted, others expected November. Farm-out agents appointed and US presentations planned. First well still Q1 2020, subject to funding or farm-out.
29 Oct 2019annual report● Neutral
Annual report to 30 June 2019. The chairman calls the year frustrating because the Bowsprit partner would not fund work. Sun now holds 100% after the July deal, raised A$615,000 in August, and proposes renaming the company Prominence Energy NL at the AGM.
22 Oct 2019regulatory community update▲ GoodMajor
Louisiana's coastal office granted the first of three permits to drill Bowsprit 1. The other two (St Bernard Parish/Port Authority and Corps of Engineers) are expected in 30-45 days. The well still needs farm-out or funding, targeted Q1 2020.
30 Sept 2019annual report● Neutral
Annual accounts to 30 June 2019 recap the Pinnacle buyout to 100% of Bowsprit and say A$727,000 of new equity was raised since. Focus is on appraising Bowsprit and using US tax losses. Financial figures are not in the visible text.
12 Sept 2019investor presentation● Neutral
Good Oil Conference presentation by the CEO on the Bowsprit project, with 100% interest and a Q1 2020 well. The visible text is disclaimers and an executive summary; no new facts are evident.
11 Sept 2019regulatory community update▲ Good
Farm-out talks have begun with interested parties. The first well location moved 450ft west, the final site survey is done (no oyster beds found), and permits are expected by December 2019. Newly found 1960s data raises confidence in deliverability. Official resources are unchanged.
6 Sept 2019security holder rights change● Neutral
Sun set up a sale facility for small shareholdings below A$500 (about 2,718 of 3,011 holders, roughly 3.86% of shares). Unless holders opt out by 24 October 2019, their shares will be sold at Sun's cost. This follows the earlier possible facility.
23 Aug 2019director officer appointment● Neutral
Patrick Glovac, co-founder of GTT Ventures, which ran the A$615,000 placement, joined the board as a non-executive director from 23 August 2019 on A$36,000 a year plus super.
23 Aug 2019admin correction● Neutral
Sun relodged a director's interest notice (Appendix 3Y) because the date of change was wrong: it should read 22 August 2019, not 3 January 2019. Administrative only.
14 Aug 2019capital raising announcement▲ GoodMajor
Sun has firm commitments to place 307.5m shares at A$0.002 to raise A$615,000, via GTT Ventures (6% fee plus 50m options). Funds cover lease rental and permitting. GTT's Patrick Glovac is to join the board. First well still Q1 2020, subject to funding or farm-out.
What it means for a shareholder
308m new shares at A$0.002 to raise about A$615,000. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (500,000 at the issue price), your slice goes from 0.0523% to 0.0396% of the company. To keep it you'd need 160,817 more shares - about A$322 at the issue price.
Create a free account to see this worked out for your own holding.
14 Aug 2019other● Neutral
ASX lifted the suspension of Sun's shares after the company released its capital raising announcement. Administrative notice only.
12 Aug 2019other● Neutral
Sun asked to extend the voluntary suspension by two days to 14 August, still awaiting completion of the capital raising to pay Bowsprit lease rentals.
6 Aug 2019investor presentation● Neutral
EGM presentation repeats the Bowsprit case: 100% interest after the Pinnacle buyout, appraisal well in Q1 2020 at US$3.6m, 2,000 bopd modelled, 670,000 bbl EUR. No new results; the slide shows market cap A$3.8m at A$0.004.
6 Aug 2019other● Neutral
Sun requested a voluntary suspension of its shares pending a capital raising from sophisticated investors. The raising is to fund lease rentals on Bowsprit, which it calls its main asset.
6 Aug 2019listing compliance notice▼ Bad
Replying to a second ASX cash query (June quarter cash A$63k, forecast outflow A$470k), Sun said it expects negative cash flow, is raising funds today, and that directors and major holders will keep supporting it. Production now most likely late 2020.
6 Aug 2019agm notice● Neutral
All seven EGM resolutions passed, ratifying the May and July placements and approving director share and option issues in lieu of salary, fees and loans. It also pre-approved up to 300m new shares within three months, setting up the next raising.
1 Aug 2019investor presentation● Neutral
August presentation repeats the Bowsprit case: 100% interest, appraisal well in Q1 2020 at US$3.6m, 2,000 bopd modelled, 670,000 bbl EUR. Shares are 956m at A$0.002 (market cap A$1.9m) and cash A$105k. It notes Hancock sold out in 2019, creating downward pressure on the share price.
31 July 2019quarterly activities report● Neutral
June quarter report restates the Pinnacle buyout to 100% of Bowsprit, subject to completion. First well is estimated for Q1 2020, subject to financing or farm-out, slipping from the July 2019 target. No production. Sun controls the project for farm-out talks.
29 July 2019asset acquisition disposition▲ GoodMajor
Sun agreed to buy Pinnacle's 50% of Bowsprit for US$250,000 (payable before drilling) plus a 5% gross royalty on the first US$12m of revenue, taking it to 100%. First well is now estimated for Q1 2020, subject to funding. The deal lapses if not completed by 1 March 2020.
