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Sun Resources Chairman Acquires Shares On The Market

Sun Resources (ASX: SUR) chairman Wolf Martinick has acquired 1,100,000 shares of the company on the market.

He paid a total consideration of $29,700, or an average price of $0.027 per share. This brings his total shareholding up to 28,840,558 shares.

Martinick also holds 5 million unlisted options.

Sun had last month formed a joint venture with Petro-Hunt LLC, one of the world's largest privately held companies, targeting oil and gas in the Lower Woodbine interval in Leon County, Texas.

Under the binding agreement, Sun will contribute 810 net acres from its northern Delta Oil Project acreage while Petro-Hunt is contributing 2,430 net acres that it owns within the broader 7,832 acre Area of Mutual Interest.

The combined 3,240 net acres will be owned by Petro-Hunt (75%) as the operator and Sun (25%) and all costs going forward will be shared on this basis.

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