Page 5 - Sun Resources Annual Report 2013

BEELER OIL PROJECT
(Sun WI 16.67%)
CAPITAL RAISING
FROM HANCOCK
PROSPECTING IN
AUGUST 2013
NORMANGEE OIL
PROJECT
CHANGES TO BOARD
OF SUN
Four wells have been drilled: CW Brown #1H,
John Beeler #1H, John Beeler #2, and Ellis
#1H. All three horizontal wells were continuing
to produce oil and frac water at the end of the
reporting period.
On 8 August 2013, a private placement of
450 million new shares at AUD$0.03 to raise
$13.5 million from a wholly-owned subsidiary of
Hancock Prospecting Pty Ltd was secured. As
a result, Hancock Prospecting Pty Ltd is now
Sun’s largest substantial shareholder and Amerril
Energy LLC the second largest shareholder.
Sun acquired a 50% interest in a 3,652 gross acre
package of oil and gas leases located in Madison
County, on the Leon County border, during
October 2012. Amerril is the Operator, also with a
50% Working Interest (WI).
In March 2013, Dr Govert van Ek was appointed
as the new Managing Director of Sun. Mr Matthew
Battrick, the former Managing Director, is now the
Executive Director, Technical of Sun.
Sun announced the retirement of Dr Philip Linsley
as a Non-Executive Director in June 2013.
3 HIGHLIGHTS 2013