Sun Resources in pre-open pending announcement

Sun Resources (ASX: SUR) has been granted a trading halt by the ASX pending an announcement, with the company's shares placed in pre-open.

Sun has not released any further details of the contents of the announcement.

The company though has some interesting projects in the pipeline, and in the June quarterly outlined a new project development.

Sun said that the company had continued negotiations on a definitive farm-in agreement with an as yet undisclosed party (due to commercial sensitivities) to participate in the drilling of a high impact well onshore North-West Europe which will test a 720 bcf conventional gas target early in 2012.

Further details relating to this farm-in will be announced to the market following the receipt of necessary local government approvals.

Sun also noted that the company had also been actively evaluating a number of oil and gas opportunities, and will continue to pursue new venture opportunities with a view to adding a significant new asset into the company’s portfolio.

Cash on hand at 30 June 2011 was A$2 million following the redemption of A$3.125 million of listed convertible notes, with the company debt free.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/18995/sun-resources-in-pre-open-pending-announcement-18995.html