Each one in plain English, with the numbers worked through for a shareholder.
28 June 2019capital raising announcement▼ BadMajor
Sun placed 75m shares at A$0.002 to raise A$150,000, with two free options per three shares (A$0.004, expiring 31 Dec 2020). Directors may take 45m more shares, converting A$70,000 of loans and adding A$20,000. The price is half the November 2018 placement price of A$0.004.
What it means for a shareholder
75.0m new shares at A$0.002 to raise about A$150,000. That's 7.8% dilution: every existing holder's slice gets 7.8% smaller. If you held A$1,000 of shares (500,000 at the issue price), your slice goes from 0.0567% to 0.0523% of the company. To keep it you'd need 42,562 more shares - about A$85 at the issue price.
ASX paused trading in Sun's shares pending a further announcement. The text gives no reason. A capital raising was announced two days later (inference: the pause likely related to it).
Notice that 192m listed options (exercise price A$0.006) expire on 31 May 2019. No holder has exercised any, and the share price is A$0.002, below the exercise price. The options will lapse, bringing in no money.
March quarter report: the company is advancing commercial and funding arrangements for the first Bowsprit well. Drilling is now targeted for July 2019, with permitting taking 4-6 months. Cost is about US$3.5m, funded by a farm-in, equity raise or other financing. No production.
Half-year accounts to 31 December 2018 show a net loss of A$611,552 (A$366,901 a year earlier). Director loans were partly settled in shares at A$0.004, and the SPP brought in A$82,000 after the period. Well planning and permitting have begun.
ASX queried the company's cash after it reported A$116k cash and A$589k estimated next-quarter outflows. Sun said it expects continuing negative cash flow, is preparing a drilling raise, and that directors and major shareholders will keep supporting it. Production is expected most likely in 2020.
December quarter report repeats the well location, permitting and higher oil-in-place estimate announced in December. Drilling is still targeted for Q2 2019 at about US$3.5m, with a partner or financing still to be found. No production.
The Share Purchase Plan closed with valid applications for 31,875,000 shares at A$0.004, raising A$127,500 before costs, well short of the A$500,000 the company was prepared to accept. The company described it as additional to a successful A$220,000 placement, with funds for well planning, permitting and working capital.
What it means for a shareholder
31.9m new shares at A$0.004 to raise about A$127,500. That's 3.8% dilution: every existing holder's slice gets 3.8% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.031% to 0.0299% of the company. To keep it you'd need 9,892 more shares - about A$40 at the issue price.
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.
All five AGM resolutions passed, including re-election of chairman Ian McCubbing and approval to issue 12.5m shares each to McCubbing and Bloking, converting A$50,000 loans each. This clears the A$100k director loan conversion pending since November.
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.
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.
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.
September quarter: cash down to A$31k, no production. Sun will raise funds in two stages because of market instability. Drilling target is now before June 2019, cost estimate up to US$3.6m. Farm-out now seen as less attractive with oil near US$70.
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.
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.
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.
June quarter: lease SL21787 documents completed, taking Bowsprit to 1,154 acres. RISC resource figures repeat the earlier estimate. Appraisal well (about US$3.25m) is set for Q4 2018 after hurricane season; Sun is seeking a farm-in partner or other funding. No production.
Amended March 2018 quarterly cashflow: cash fell from A$653k to A$222k, with A$286k operating outflow and A$144k paid for the Pinnacle stake. Next-quarter outflows are estimated at only A$124k. Cash is thin, with no drilling spend budgeted.
March quarter: new 154-acre lease awarded, bringing Bowsprit to 1,154 acres, and RISC resource estimate prepared (net 2C 0.5 MMboe). Appraisal well planned for Q4 2018 after hurricane season, later than the earlier June 2018 hope. No production.
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.
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.
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.
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.
December quarter: A$1.296m rights issue completed, no production. Bowsprit lease executed, 50% Sun and operator; RISC engaged for an independent resource assessment. First well could start as early as June 2018, subject to funding, slipping from March.
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.
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.
