Sun Resources Director Increases Stake To 29 Million Shares

Jul. 09, 2013 12:36 AM ET

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Sun Resources (ASX: SUR) chairman Wolf Martinick has bought some more shares on-market to increase his stake in the company to an even 29 million shares, along with 5 million unlisted options.

The latest purchase was for 159,442 shares for a consideration of $4,146.

Other Sun directors recently increasing their positions included Damian Kestel who bought $60,000 worth of stock last month and now holds 18.2 million shares along with 5 million unlisted incentive options.

Managing director Dr Govert van Ek also recently acquired 500,000 shares in the company on market.

Petro-Hunt LLC

In June 2013 the company 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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