Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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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 2017quarterly activities report● Neutral
September quarter: Bowsprit lease awarded 9 August, loan restructured with Winform, and the company entered a trading halt pending a capital raising. Remaining Texas leases expired, leaving no Texas acreage. No production. Director loans rose to A$165,000.
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.
31 July 2017quarterly activities report● Neutral
June quarter: no oil production and net cash A$325,000, down from A$518,320 in March. Sun signed a non-binding MOU with an overseas unlisted company to pursue a material acquisition. Remaining Texas leases are down to about 930 net acres; the US asset search continues.
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.
17 Mar 2017half year report▼ Bad
Half-year to 31 December 2016: net loss A$3,095,531, versus A$7,580,175 a year earlier. Post-period events include a US$1m-plus Weatherford judgment against Amerril, with Sun's exposure limited to Sun Delta. A 2 March 2017 ruling returned Seale #1H leases to mineral owners.
31 Jan 2017quarterly activities report▼ Bad
December quarter: rights issue and shortfall placement completed, raising $1,320,528, with the oversubscription placed. The board has not replaced the CEO. Texas land fell to 2,889 net acres after an October court order ended the T. Keeling leases. AGM rejected share-based director fee resolutions.
16 Jan 2017other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2016, dated 27 September 2016, pointing to the governance statement in the annual report. Administrative with no new information.
18 Nov 2016capital raising announcement● Neutral
Compliance detail on the 14 November placement: 2,344,952 shares issued under the 7.1A capacity, diluting existing holders by 0.55%. No underwriter and no fee. Disclosure only, on part of the oversubscription already announced.
14 Nov 2016capital raising announcement▲ GoodMajor
The rights issue shortfall of 69.7M shares ($696,900) was fully placed, so the full $1,320,528 is raised. The shortfall was oversubscribed, and Sun will take up to a further $317,900 on the same terms using its placement capacity.
11 Nov 2016director officer appointment● NeutralMajor
Managing Director and CEO Matthew Battrick resigned at the end of his two-year contract, effective 10 November 2016. He had led Sun since November 2014 and earlier from 2008 to 2013. Text gives no reason beyond contract expiry.
31 Oct 2016quarterly activities report▼ Bad
September quarter: rights issue raised $623,628 from shareholders, with $696,900 shortfall to follow. Jack Howe #1H well cost has been written off and no money is going to it. Sun now seeks US oil assets breaking even below US$40. Land is down to 3,734 net acres.
25 Oct 2016director officer appointment● NeutralMajor
Ian McCubbing becomes Chairman and Bill Bloking joins as non-executive director; Dr Jaap Poll retires. Both previously worked together at Eureka Energy. This is the second chair change in 2016, following the February reshuffle. The new chair says the board is committed to revitalising Sun.
18 Oct 2016capital raising announcement● Neutral
Rights issue closed 12 October with shareholders taking up 62.4M of 132.1M shares ($623,628). The remaining 69.7M shares ($696,900) fall to the shortfall, which Fast Lane Australia underwrites. Fewer than half of entitlements were taken up by existing holders.
28 Sept 2016annual report● Neutral
2016 annual report for the year to 30 June 2016 released. It records the board changes of February 2016 and A$999,000 raised during the year. AGM set for 29 November 2016. Largely repeats previously reported facts.
14 Sept 2016capital raising announcement● Neutral
Notice letters to shareholders and optionholders on the rights issue: 1 new share per 2 held at 1 cent, with a free 1c four-year option, expected to raise $1,320,528. Proceeds: $200,000 for new US opportunities, $967,817 working capital. Repeats known terms.
12 Sept 2016admin correction● Neutral
Revised rights issue timetable only: record date 16 September, offer opens 20 September, closes 12 October, new shares trade 20 October 2016. A general meeting is also scheduled. No new information on terms.
9 Sept 2016capital raising announcement● NeutralMajor
Prospectus for a rights issue of one share per two held at 1 cent, raising about $1,320,528, with a free 4-year 1c option per share, plus a $23,000 placement of 230M options. Fully underwritten by Fast Lane Australia; closes 12 October 2016. Raise size is larger than the $1,193,724 announced.
5 Aug 2016security holder rights change● Neutral
Cover letter restating the revised consolidation timetable: last pre-consolidation trading 9 August, deferred settlement from 10 August, completion 19 August 2016. Shares fall from 5,968.6M to 238.7M. Repeats the formal notice.
