Energy sector player, Sun Resources NL (ASX:SUR) is focused on identifying oil & gas development asset opportunities that could deliver oil production in the near term. The company, which is based in West Perth, Australia, has a conventional oil project – Bowsprit – on the 21754 & 21787 leases in Breton Sound Area in the US state of Louisiana. The company recently entered a deal with Pinnacle Energy International (USA) I LLC for the acquisition of the remaining 50 per cent stake in the project, which it didn’t own earlier.
SUR is the operator of the leases and following the completion of the buyout deal, the company will own a 100 per cent working interest in the project, which is believed to be a low capex, high margin, oil appraisal/ development project.
The company is currently seeking a new partner for the project and is planning to drill first well in the first quarter of 2020. SUR is in discussions with several parties for a farm out. More on the company’s growth plans can be read here.
Sun Resources’ Sound Management Team
SUR, which is scheduled to hold its annual general meeting on 29 November 2019, is backed by a strong and efficient board and management team that provides confidence in the ability of the company to identify and secure project leases. Its Board and Management team holding extensive experience includes following members:
Mr Ian McCubbing – Non-Executive Director and Chairman
B.Com (Hons), MBA (Ex), CA, GAICD
Appointed to the Board of Sun Resources as a Non-Executive Director and Chairman on 25 October 2016, Mr McCubbing holds more than 30 years of corporate experience. A chartered accountant by profession, his total work tenure also includes over five years of experience in investment, primarily in fields such as corporate finance and mergers & acquisitions. He has also held senior finance positions at several ASX 200 and other listed entities for over 15 years.
Currently, Mr McCubbing holds directorships in some of the following entities:
- Swick Mining Services Limited
- Symbol Mining Limited
- Rimfire Pacific Mining NL
- Avenira Limited
Mr William Bloking – Non-Executive Director
B.Sc. Mechanical Engineering (Summa cum Laude), FAICD
Mr Bloking, who holds over 40 years of experience in the oil and gas industry, is serving as a Non-Executive Director of Sun Resources since 25 October 2016. His prior experience is with companies including ExxonMobil, BHP Billiton Petroleum, Norwest Energy NL, Eureka Energy Limited and Challenger Energy Limited. Mr William holds global experience by working in countries like the USA, South America, Europe and Asia. He holds citizenship of both Australia and the USA. He is a fellow of the Australian Institute of Company Directors and was formally a Chairman of National Offshore Petroleum Safety Authority Advisory Board, a Non-Executive Director of the Australian Petroleum Production and Exploration Association (APPEA); and a Governor of the American Chamber of Commerce in Australia among few to name.
Currently, Mr Bloking holds directorships in some of the following entities:
- Nido Petroleum Limited
- Torrens Mining Limited
Mr Patrick Glovac – Non-Executive Director
BComm, Diploma of Management
Mr Glovac is a commerce graduate with specialisation in finance, banking and management. He is new to the family of Sun Resources, as he joined the board as a Non-Executive Director on 23rd August 2019. He is a co-founder of GTT Ventures Pty Ltd.
Previously, he has served ASX listed companies across the resources and oil & gas sector and handled several director positions. Currently, he is also serving at the board of some of the other entities like
- Executive Director at TAO Commodities Limited
- Non-Executive Director at Global Vanadium Limited
Mr Alexander Parks – Chief Executive Officer and Managing Director
Serving SUR since 2nd November 2017 as CEO and Managing Director, Mr Alexander Parks is an energy expert, holding an experience of 20+ years in the oil & gas industry. He has served markets including Australia, New Zealand, North America, Europe, Southeast Asia and North Africa. He holds a Petroleum Engineering degree from Imperial College, London. Mr Park is also a member at Australian Institute of Company Directors (GAICD); Petroleum Exploration Society of Australia (PESA); and the Society of Petroleum Engineers (SPE).
His previous directorships were with TMK Montney Limited, which was acquired by Calima Energy Ltd in 2018, RPS Energy, Mosaic Oil NL and Otto Energy Ltd. Currently, he is also a Director of Tamaska Oil & Gas Ltd.
Ms Jo-Ann Long – Company Secretary and CFO
BComm, FCA, GAICD
With more than 28 years of work experience in domestic and international market, Ms Long was appointed as SUR’s Company Secretary and Chief Financial Officer on 8 April 2018. She holds expertise in the areas of risk management and governance, JV operations, commercial agreements and tax strategies. She also has an experience of 19 + years in the onshore and offshore oil & gas industry along with services including construction, property development and live sheep exporting.
She is currently the Managing Director of Eco Smart Designs. Moreover, Ms Long holds Non-Executive Directorships with Yijiyangu Corporation Limited and B2 Yaramarri Direct Benefits Trust.
The board and management team of Sun Resources holds considerable experience in oil & gas industry. The company has a well-qualified and skilled management team that has been a pillar towards its progress with respect to the Bowsprit oil project.
The stock of Sun Resources last traded at $ 0.002 on 7 October 2019. The company has a market cap of $ 2.64 million and approx. 1.32 billion outstanding shares. The last three month return of the company stands at 100 per cent.
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