Key Developments: Sun Resources NL (SUR.AX)

SUR.AX on Australia Stock Exchange

0.01AUD
6:08pm EST
Price Change (% chg)

$-0.00 (-14.29%)
Prev Close
$0.01
Open
$0.01
Day's High
$0.01
Day's Low
$0.01
Volume
961,000
Avg. Vol
10,631,789
52-wk High
$0.03
52-wk Low
$0.01

Search Stocks

Latest Key Developments (Source: Significant Developments)

Sun Resources NL completes badger oil project farm out
7:00pm EST 

Sun Resources NL:Says that pursuant to an amended Letter of Intent Agreement with Ursa Resources Group II LLC, the vendor and project operator, Sun has reduced its 50 pct. working interest in a 10,028 gross acre package of oil and gas leases to a 10 pct.Says the remaining 90 pct. WI will be retained by Ursa.Sun has further agreed to exit its WI position in the 684-acre drilling unit containing the location of the initial Badger Oil Project lateral well, thereby relieving Sun of all cash obligations for the initial well.As per the Agreement, Sun will retain a 10 pct. WI in the remainder of the Project area (9,344 gross acres), located in Bastrop County, toward the north-eastern end of the traditional fairway of the Eagle Ford Shale play.This deal provides Sun with access to the value generated in the acreage if the initial well is successful, without the burden of any cash commitments in the initial well.  Full Article

Sun Resources NL closes renounceable rights issue
Monday, 6 Oct 2014 05:36pm EDT 

Sun Resources NL:Says that renounceable rights issue offered under the company's prospectus dated Aug. 29, and lodged with ASX on that date, has closed on Oct. 3.Issue sought subscriptions for up to 608,736,177 new shares on a basis of one new share for every five shares held at record date at $0.01 per new share.Amount raised by recent placement and rights issue was $5.1 million.Expects to allot new shares on Oct. 9.Says that it will use equity capital raised from recent placement and rights issue to further planning and execution of proposed multi-stage fraccing operation at Jack Howe #1H in the Normangee Oil Project.  Full Article

Sun Resources NL announces extension of closing date of renounceable rights issue
Wednesday, 17 Sep 2014 06:29pm EDT 

Sun Resources NL:Says that it has resolved to extend closing date for current renounceable rights issue.Says that as announced to ASX on Aug. 28, the company is making a pro-rata renounceable rights issue of one (new share for every five shares held by eligible shareholders at record date at issue price of A$0.01 each per new share.To raise about A$6,087,362 (before costs), with one free-attaching new option for every two new shares allotted.Each new option is exercisable at A$0.025 per share and expires on the date which is three years from the date of issue.Eligible shareholders may also apply for shortfall shares in addition to their entitlement.Closing date for offer has been extended by further eight business days to Oct. 3.  Full Article

Sun Resources NL confirms significant oil discovery adjacent to Sun’s Jack Howe #1H
Sunday, 14 Sep 2014 06:00pm EDT 

Sun Resources NL:Announces that EOG Resources Inc., (EOG) has reported a 24 hour flow rate for the Zeus #1H horizontal Lower Woodbine well, adjacent to the east of the Jack Howe #1H well location within Sun’s Normangee Oil Project.Sun (50 pct. WI and Operator) has contracted the Nabors Drilling USA LP Rig #53 to re-enter the existing vertical pilot well bore at the Jack Howe #1H well location and operations have commenced there.  Full Article

Sun Resources NL announces commencement of drilling at Jack Howe #1H lower woodbine lateral
Wednesday, 10 Sep 2014 06:30pm EDT 

Sun Resources NL:Says that drilling operations have commenced at the Jack Howe well location within Sun’s Normangee Oil Project.Sun (50%WI and Operator) will execute the drilling program using the Nabors Drilling USA LP Rig #53 to re-enter the existing vertical pilot well bore at the Jack Howe well location.The initial steps of the drilling operation will include setting up over the well location and re-entering the existing, cased vertical well bore.Drilling out the cement plugs and drilling a new deviated well bore to build angle toward horizontal.Continuing to drill the well in a northerly trajectory to drill and case about 5,500 feet (1,676 meters) of horizontal well bore.  Full Article

Sun Resources NL announces A$10 mln capital raising
Wednesday, 27 Aug 2014 07:21pm EDT 

Sun Resources NL:Announces details of A$10.0 mln capital raising comprising A$4.0 mln institutional placement and A$6.0 mln pro rata renounceable rights issue.Rights on a one for five basis to be underwritten to an amount of A$5.25 mln.Says Patersons Securities Ltd has been appointed lead manager and underwriter to capital raising.Placement and rights issue will be undertaken at an issue price of 1.0 cent (A$0.01) and each will have one for two free-attaching option exercisable at 2.5 cents (A$0.025) on or before date which is 3 years from date of issue.  Full Article

Sun Resources NL announces resignation of managing director
Wednesday, 9 Jul 2014 07:12pm EDT 

Sun Resources NL:Says that Govert van Ek has advised Sun of his resignation for personal reasons effective July 10.van Ek, an engineer by profession, has served as managing director and ceo of Sun since March 20, 2013.Matthew Battrick, general manager (technical) has agreed to assist the company as interim CEO while search for permanent replacement is conducted.  Full Article

Sun Resources NL announces acquisition of new 10,028 acre Eagle Ford and Austin Chalk play
Monday, 26 May 2014 07:13pm EDT 

Sun Resources NL:Enters into a transaction with Ursa New Ventures LLC, a subsidiary of Ursa Resources Group II LLC.Says it has purchased a 50 pct non-operated working interest in a gross 10,028 acre package of oil and gas leases (5,014 acres net to Sun) within the developing Eagle Ford Shale and Austin Chalk formations, located in Bastrop County, Texas, USA (the Badger Oil Project).Remaining 50 pct WI will be retained and operated by Ursa.Badger Oil Project area is located in Bastrop County, on trend with the Eagle Ford Shale unconventional oil play.Sun and Ursa are planning to spud the first horizontal, multi-staged, fracture stimulated well before the end of Nov. 2014, to test the commercial oil potential of the Eagle Ford and the Austin Chalk formations.Says it will acquire its new lease interests with existing cash and will hold a 50 pct WI in all leases, which hold rights to all depths and all formations and have ~1.5 years remaining of the initial three-year term.All leases have an additional two-year extension option and the oil and gas leases deliver a 75 pct net royalty interest (NRI) to Sun.  Full Article

Sun Resources NL does not recommend interim dividend
Thursday, 13 Mar 2014 05:31pm EDT 

Sun Resources NL:Says that no dividends have been declared, provided for or paid in respect of half-year ended Dec. 31, 2013 (June 30, 2013: none).  Full Article

Sun Resources NL To Raise $6.3 Million To Fully Fund Multi-Well Drilling Programme
Tuesday, 5 Nov 2013 06:10pm EST 

Sun Resources NL announced that it has resolved to raise in the order of $6.3 million by way of a placement of new shares at 3 cents per share (Placement). Hartleys Limited and Bell Potter Securities Limited are Joint Lead Managers in respect of the Placement. This Placement will ensure that Sun will be fully funded for its upcoming multi-well programme which includes 3 new horizontal wells into the Woodbine Oil Formation across Sun’s lease portfolio in Leon and Madison Counties, Texas.  Full Article

No consensus analysis data available.
Search Stocks