Project Overview

Sun Resources NL ("Sun Resources") is delivering on its strategy to build significant cash flow from the onshore Gulf of Mexico in the USA and applying this revenue to high impact exploration opportunities, particularly in SE Asia. Sun Resources currently has various interests in two production project assets in Texas and one in Louisiana and all have further exploration potential. Sun Resources has a significant equity position in an exploration block in onshore Thailand, on trend with the largest onshore oil field and retains one exploration asset in Australia that contains an oil discovery. The Company also holds a small working interest in an offshore Malta exploration concession that lies adjacent to an oil & gas fairway containing giant accumulations in Libyan waters. The Board at Sun Resources is working diligently to build a substantial business through exploration success adjacent to existing production, in countries with relatively stable fiscal regimes. The most recent addition to the portfolio is a farm-in deal to earn a 15% working interest in a large gas prospect in NW Europe.

Australia

Sun Resources is part of a consortium of companies exploring one permit in the Dampier Sub-Basin (WA-254-P). The basin has become Australia’s richest oil and gas province since Bass Strait, with reserves in excess of nine billion barrels of oil equivalent.

Sun Resources is currently marketing it's Joint Venture interest (7.86% - 9.25%) ahead of the next well commitment from June 2010. Block 2 of WA-254-P contains the under developed Sage oil discovery, with a P50 oil in place resource of 15mmbbl (gross).

Click Here to view WA-254-P Advanced Prospects

United States of America

Sun Resources is following and delivering a strategy of building up significant cash flow in the USA Onshore Gulf Coast and then applying these funds to develop and participate in larger scale, high impact projects, particularly in SE Asia.

Sun Resources current exploration and production emphasis is on both oil and gas in conventional geological settings and within conventional reservoirs, principally located on the South Texas Gulf Coast (Flour Bluff Gas Project, Projects Margarita, Redback and Meek) and Louisiana Gulf Coast (Lake Long Project). Recent drilling has been successful on Gulf Coast, South Texas and Louisiana USA projects, generating up to US$2mm net revenue in 2009, to provide significant cash flow to fund the Company’s exploration activities.

Click Here to view Flour Bluff Project, South Texas
Click Here to view Margarita Project, South Texas
Click Here to view Redback Project, South Texas
Click Here to view Lake Long Project, Louisiana

Thailand (50% Interest) - L20/50 Block

The L20/50 block is located in the southern portion of the Phitsanulok Basin and is 3,947 km2 in area and has been very lightly explored. The Phitsanulok Basin contains the largest onshore oil and gas accumulation in onshore Thailand, the Sirikit Field, with reserves in excess on 200 million barrels of oil equivalent ("mmboe").  Current daily Sirikit production is 20,000bo, the Company received Notice of Qualification to Bid from the government in early September 2007 and in late December 2007 was advised of the successful tender for L20/50. The Company with Carnarvon Petroleum accepted the block award from the government at the official signing ceremony in Bangkok on 21 January 2008.

Carnarvon, as operator of the L20/50 block, is applying a similar exploration philosophy to exploration on the block in a basin that is a direct geological analogue to the nearby Phetchabun Basin where recent exploration by Carnarvon in the environs of Wichian Buri has been extremely successful and resulting production is now averaging 6-8,000bopd after peak rates around 15,000bopd.

Technical studies undertaken by the Joint Venture have determined the existence of a mature oil source kitchen in the deepest basinal areas adjacent to the identified leads, and have also demonstrated the potential for tacked volcanic reservoir targets in the leads as per the adjacent Phetchabun Basin where Carnarvon and Pan Orient have announced significant new oil discoveries in the “volcanic play”, reporting a recoverable resource in excess of 60 million barrels from a number of new oil pools in the volcanic play.

The technical studies have confirmed that all previous exploration wells in the permit are “off-structure” mainly on deeper sandstone plays as per the Sirikit Oil Field, due north of L20/50, and are therefore not valid tests of this play. Despite the record of oil and gas shows in the Nong Bua-1 well, it too has been shown to be sufficiently beyond closure to warrant twinning of the well at this location until further seismic has been run to further delineate the prospect’s target sandstone reservoirs.

Malta (20% Interest)

The Malta Joint Venture comprises Sun Resources (20%) and Pancontinental Oil & Gas NL (“Pancontinental”) (80%) on two contiguous permit areas - ESA Area 4, Block 3 and ESA Area 5 in southern Maltese waters abutting Tunisia and Libya.

Large stacked Lower Cretaceous to Eocene age reef mound prospects such as Chianti and Limoncello were delineated inside Maltese waters in 2004 by Sun Resources and Pancontinental in ESA Area 5. These have speculative reserve potential, ranging from a mean recoverable oil potential of 455 mmbo for Chianti to 968 mmbo for Limoncello. The potential estimates are comparable with neighbouring commercial giant field analogues in Libyan and Tunisian waters.

Dr Bradford L Farrell - Non Executive Chairman

B.Sc. (Hons Econ Geol), M.Sc., Ph.D. FAIMM, MMICA, CPGeol, MIMM, C. Eng, MPESA

Dr Brad Farrell is a graduate of the University of Adelaide where he obtained a Bachelor of Science, Honours Economic Geology. Subsequently post graduate qualifications of Master of Science and Doctor of Philosophy were obtained at the University of Leicester, United Kingdom. He is a Fellow of the Australasian Institute of Mining and Metallurgy and a Chartered Professional Geologist, a member of Petroleum Society of Australia and a Member of the Mineral Industry Consultants Association, a Member of the Institution of Mining and Metallurgy and a Chartered Engineer. He has had forty years experience in resource exploration and senior project management and evaluation.

Mr Matthew A Battrick - Executive Director and Managing Director

B.Sc. (Geol), MPESA, MPES GB, MAAPG, GAIDC.

Mr Matthew Battrick was appointed to the Board on 15 January 2008 as Managing Director.  He obtained a Bachelor degree in Geology from the Royal Melbourne University of Technology (RMIT) in 1981.  He has had a long, international career with both major and large independent oil and gas companies (LASMO, Ampolex, ExxonMobil, Eni) before joining ASX-listed Pancontinental Oil & Gas NL in 2004 as Exploration Manager, then General Manager.  He is a Member of the Petroleum Exploration Societies of Australia and Great Britain, and a member of the American Association of Petroleum Geologists.  He is also a member of the Australian Institute of Company Directors (AICD) and a graduate of their Company Directors Course (CDC). He has been a director since 2001 of the Activ Foundation (Inc.), a Western Australian-based, non-government organisation for people with intellectual disabilities.

Mr (Alan) Peter Woods - Non Executive Director

FCPA, FTIA, MAICD.

Mr Peter Woods is a shareholder and founding Managing Director of ASPL Pty Ltd which commenced operations in May 1984.  ASPL Pty Ltd provides corporate and management services to exploration, mining and technology companies in Australia and overseas. He is a registered Public Accountant, a Fellow of the Taxation Institute of Australia, a Fellow of the Certified Practising Accountants, a Corporate Member of the Association of Mining and Exploration Companies (Inc) and he has thirty eight years experience in corporate accounting and financial management areas. He has had extensive experience in the provision of management, financial and taxation advice to clients, including several public companies. In recent years, he has developed a close involvement with oil, gas, gold exploration and mining companies. This work has included professional advice in respect to equity capital raisings, corporate reconstructions, mergers, acquisition, developing extensive gold hedging programs and financing packages in relation to a number of public companies. Peter retired as the Company Secretary at the November 2009 AGM.

Dr Philip Linsley - Non Executive Director

B.Sc. (Hons Geol) (London), Ph.D. (London), MBA (Kingston).

Dr Linsley is a well known United Kingdom based consultant who has had some twenty eight years experience in oil exploration and production in many parts of the world (Australia, South East Asia, Africa, America, Kazakhstan, Europe and the Middle East) initially in employment with Texaco and Mesa and later as a consultant to companies that include Occidental, Tricentrol, Ashland, Ranger, Svenska and Chase Manhattan Bank. Dr Linsley is a Non Executive Director whose primary role is to assist the Board in the acquisition of oil production and to investigate exploration opportunities outside Australia and Oceania.

Dr Wolf Martinick - Non Executive Director

B.Sc, Ph.D., MAIMM, EIA, ECA.

Dr Martinick is a highly regarded environmental scientist in the resource industry. He is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy, the Environment Institute of Australia, the Urban Development Institute of Australia and a past Vice President of the Association of Mining and Exploration Companies (Inc). He has over thirty four years experience in environmental impact and management studies for a wide range of resource projects in the world. He is currently Chairman of ASX listed Ezenet Limited and Non-Executive Chairman of Windamurra Vanadium Limited, and Non-Executive Chairman of AIM listed Weatherly International PLC. He is also Non-Executive Director of ASX listed Azure Minerals Limited and Uran Limited, and Non-Executive Chairman of MBS Environmental Pty Ltd, a company that provides environmental consultancy services to the resource industry.

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