Page 69 - Sun Resources 2014 Annual Report

24 Remuneration of Auditors
During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its
related practices and non-related audit firms:
Consolidated
2014
$
2013
$
a Audit services
BDO Audit (WA) Pty Ltd
Audit and review of financial reports 49,853 47,951
Total remuneration for audit services 49,853 47,951
b Non-audit services
BDO Tax (WA) Pty Ltd
Taxation compliance services 12,183 10,770
Other 7,650 -
Total remuneration for non-audit services 19,833 10,770
It is the Group’s policy to employ BDO on assignments additional to their statutory audit duties where BDO expertise
and experience to the Group are important. These assignments are principally tax compliance services and it is the
Group’s policy to seek competitive tenders for all major consulting projects.
25 Loss per Share
Loss used to calculate basic loss per share (27,848,265) (10,247,996)
Weighted average number of ordinary shares outstanding during the year used
in calculating basic EPS 2,520,424,162 1,789,149,406
Diluted loss per share is not reflected as the result is currently anti-dilutive in nature. The issued options however,
could be potentially dilutive in the future.
26 Events after the Reporting Date
Resignation of Managing Director
Dr Govert van Ek resigned for personal reasons on the 9 July 2014. Mr Matthew Battrick has agreed to be the
Company’s Acting Chief Executive Officer while a search is conducted for a new Managing Director.
Expansion of lease position in the Southern Woodbine
The Company expanded its lease position in the Southern Woodbine in August 2014 by acquiring the rights to oil
and gas leases covering approximately 1,980 gross acres in Southern Leon County targeting the Lower Woodbine
Formation at a cost of $1,822,168.
Capital Raising of $10 million
On 28 August 2014 the Company announced a $10 million Capital Raising. The Capital Raising comprised a $4 million
institutional placement and a $6 million renounceable rights issue. Net proceeds from the Capital Raising are to be
used to fund the imminent drilling, multi-stage fraccing and subsequent flow testing of Jack Howe #1H Lateral, procure
further leases in the Southern Woodbine Oil Project areas and fund working capital requirements.
The institutional placement has been completed and the renounceable rights issue is planned to be completed on the
10 October 2014. The renounceable rights issue is lead managed and partially underwritten by Patersons Securities
Limited up to $5,250,000.
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
SUN RESOURCES ANNUAL REPORT 2014  67