Page 23 - Sun Resources 2014 Annual Report

Dr Govert van Ek
B.Eng (Hons), Ph.D, C.Eng, AIPN, SPE, SEAPEX, MAICD
Managing Director
Experience and expertise
Dr van Ek joined as Managing Director of Sun Resources
NL in March 2013 and resigned on 9 July 2014. He has
17 years of upstream oil and gas and related finance
experience and has worked at upstream oil and gas
companies and investment banks focusing on upstream
oil and gas transactions and lending. He has worked on
numerous upstream transactions in Europe, Asia and
Australia. He was formerly CEO at Spyker Energy and
Business Development Executive at Genting Oil and has
gained a broad depth of experience with managing and
financing junior oil companies. He also formerly worked at
ANZ Investment Bank in London and Sydney and was head
of upstream oil and as lending at BNP Paribas in Singapore,
where he focussed on lending and corporate finance for
junior oil companies in the Asia Pacific region. He started his
career in 1996 at Shell International E&P as an operations
engineer and also worked at Shell on oil and gas field
development planning and economics. Dr van Ek graduated
with a Doctorate from The University of Manchester, U.K, in
Total Technology, has a degree in Mechanical Engineering
and is a member of the American Institute of Petroleum
Negotiators (AIPN), Society of Petroleum Engineers (SPE),
South East Asia Exploration Society (SEAPEX) and the
Australian Institute of Company Directors (MAICD).
Other current directorships
None
Former directorships in the last three years
Listed Entity:
Executive Director of Sun Resources NL (ASX: SUR) (from
20 March 2013 to 9 July 2014)
Special responsibilities
Managing Director (from 20 March 2013 to 9 July 2014)
Member of the Audit Committee (from 20 March 2013 to
9 July 2014)
Interests in shares and options
As at 9 July 2014, Dr van Ek held 500,000 fully paid ordinary
shares and direct and indirect rights to 30,000,000 unlisted
options in the Company.
Company Secretary
Mr Craig Basson
Mr Basson is a Fellow of the Institute of Chartered
Accountants, a Fellow of the Governance Institute of
Australia, a Graduate of the Australian Institute of Company
Directors’ course and holds a B.Com (Hons) degree in
Accounting and Finance. Mr Basson also serves as the
Chief Financial Officer of the consolidated entity and has
over 20 years’ experience in auditing, accounting and
financial management of resource and other companies.
Principal Activities of the Consolidated Entity
The principal activities of the consolidated entity during the
financial year were oil and gas exploration and investment. There
were no significant changes in these activities during the year.
The consolidated entity’s exploration and production
activities are summarised in the “Review of Activities”
preceding this report.
Operation Results
The net loss of the consolidated entity for the financial year
after income tax was ($27,848,265) [2013 ($10,247,996)].
Dividends
No dividends were paid or declared during the financial year
or subsequent to the year end.
Review of Operations
A review of the oil and gas operations of the Company and
the consolidated entity is set out in the “Review of Activities”
section of the Annual Report.
Likely Developments and Expected Results
of Operations
The consolidated entity intends to continue the present
range of activities during the forthcoming year. In
accordance with its objectives, the consolidated entity
may participate in exploration and appraisal wells and new
projects and may grow its exploration effort and production
base by farm-in or new lease acquisitions.
Certain information concerning the future activity is set out
in the Review of Operations section. Other information on
the likely developments and the expected results have been
included where they can be reasonably anticipated.
Changes in the State of Affairs
In the opinion of the Directors, there were no significant
changes in the state of affairs of the Company that occurred
during the financial year under review.
DIRECTORS’ REPORT
SUN RESOURCES ANNUAL REPORT 2014  21