Company Overview

Sun Resources NL (“Sun”) is a public company based in Perth, Western Australia that is listed on the Australian Stock Exchange (“ASX”) under the code “SUR”. Sun’s key exploration and production assets are in the state of Louisiana and Texas, United States. 

Sun’s focus is on the exploration and development of oil and gas, particularly in Louisiana and Texas, targeting assets that are expected to be commercially viable in the current low oil price environment.

The global oil and gas industry continues to weather the effects of sustained low oil prices.  As a consequence, Sun has been working with its key stakeholders and major shareholders to deliver a sustainable business plan based on a conservative oil price forecast of between US$40-65 per barrel in fiscal outlook years: 2016/17, 2017/18 and 2018/19.  To do this, the Sun Board and management team is focussed on identifying oil and gas development asset opportunities that deliver near-term oil production with breakeven economics below a US$40 per barrel benchmark price in today’s dollars.  This change of direction is to sustain Sun through the ongoing oil price trough and to capitalise on substantial revenue and capital account tax losses that Sun has accumulated in the United States and Australia.  Sun is evaluating a number of oil and gas opportunities in the United States that target reasonable rates of return with near-term cash flow (1-2 years).  Announcements will be made as and when the evaluation and assessment process is completed.
 
Sun currently has two substantial shareholders; Fast Lane Australia Pty Ltd and Winform Nominees Pty Ltd.
 
Sun Resources NL and its Subsidiaries:

Australia
 
  Country of Incorporation Equity Holding %
Sun Resources NL (parent entity) Australia  
Sun Resources (Investments) Pty Ltd Australia 100

 

United States
 
  Country of Incorporation Equity Holding%
Sun Shale Ventures Inc. Texas, United States 100
Sun Delta Inc. Colorado, United States 100
Sun Beta, LLC Colorado, United States 100
Sun Operating, LLC Texas, United States 100
Sun Woodbine Inc. Texas, United States 100
Sun Eagle Ford, LLC Texas, United States 100
Sun Southern Woodbine, LLC Texas, United States 100