Page 65 - Sun Resources Annual Report 2013

16 Options over Unissued Shares
Options
Date options granted Expiry date Exercise price of
options
Number under
option Vested
3 May 2013 3 May 2016 $0.076 15,000,000 -
3 May 2013 3 May 2016 $0.067 15,000,000 -
3 May 2013 3 May 2016 $0.057 15,000,000 15,000,000
12 September 2012 12 September 2015 $0.105 5,000,000 5,000,000
12 September 2012 31 March 2014 $0.025 20,000,000 20,000,000
12 September 2012 31 March 2014 $0.025 8,265,000 8,265,000
9 August 2012 8 August 2015 $0.094 1,000,000 1,000,000
18 May 2012 31 March 2014 $0.025 3,710,000 3,710,000
21 March 2012 31 March 2014 $0.025 38,025,000 38,025,000
16 November 2011 16 November 2014 $0.036 23,650,000 23,650,000
26 October 2011 3 March 2014 $0.025 27,300,000 27,300,000
6 January 2011 6 January 2014 $0.12 1,300,000 1,300,000
Refer note 18 for fair value of these options.
For details on the Performance Options please refer to the Directors Report, page 32.
17 Capital and Leasing Commitments
Exploration expenditure commitments
The Company has joint venture and statutory expenditure commitments on its areas of interest as at 30 June 2013.
Consolidated
2013 2012
$ $
Within one year 3,000,000 3,600,000
Later than one year, but not later than five years 1,000,000 1,000,000
4,000,000 4,600,000
Financial commitments for subsequent periods are contingent upon future exploration results and cannot be estimated.
Oil Projects Lease Renewal
Delta Oil Project (100% WI)
During the next 12 months, in order to maintain its leases the Company may be required to make additional payments
to extend its oil and gas leases for a further two years, if they are not converted to ‘Held-by-Production’ (HBP).
Approximately 9% of the total Delta Oil Project oil and gas leases held by the Company may be required to be
renewed with the current cost of these lease extensions projected to be approximately $500,000.
Other Oil Projects (13% to 50% WI)
All net acres of mineral leases in the Beeler (Richland) Oil Project are currently HBP and do not need to be renewed
while production continues.
All mineral leases currently held under the Amerril Oil Project and Normangee Oil Project are valid for three years
from their original inception and are capable of being extended for a further two years, where the leases contain such
clauses. Pre-agreed renewal rates are generally between $300-$500 per net mineral acre. With successful drilling
and fraccing across these lease positions, mineral leases would be absorbed into production units that become
HBP. Other (non HBP leases) would need to be extended by paying cash for their extension typically at a price
agreed at the time the original lease is issued.
Non-cancellable operating lease commitments
The Group leases its head office in West Perth, Western Australia under a non-cancellable operating lease expiring
on the 30 June 2016 with an option to renew for a further three years at the Company’s option.
The Company has provided a bank guarantee for $73,873 as a bond.
SUN RESOURCES ANNUAL REPORT 2013 63
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS