Argonaut Research Note - Jan 2014

Argonaut Limited has released a research note on Sunbird Energy Ltd (ASX:SNY) (Sunbird) following the announcement by Sunbird on 24 December 2013 detailing the signing of an Memorandum of Understanding with Eskom to progress gas supply from the Ibhubesi Gas Field in South Africa.

The research note can be viewed here.


Block 2A Prospective Resource Announcement

Southern African gas explorer and developer, Sunbird Energy Ltd (ASX:SNY) is pleased to announce the completion of an Independent Resource Assessment of Block 2A in South Africa, these studies have determined a Best Estimate 7.8 TCF (SNY: 5.9 TCF) of prospective gas resources within Block 2A

Further details can be seen here.


Sunbird Signs MoU with Eskom

Southern African gas explorer and developer, Sunbird Energy Ltd has signed a Memorandum of Understanding (MoU) with the South African State owned power utility Eskom to jointly investigate gas supply from the offshore Ibhubesi Gas Project (IGP or the Project), South Africa’s largest proven gas field to Eskom’s 1,300 MW Ankerlig Power Station.

The full announcement can be viewed here

Welcome to Sunbird

Sunbird Energy Ltd is an ASX-listed (ASX:SNY) gas explorer and developer focused on southern Africa where limited domestic gas supply and growing energy needs have created significant opportunity for the development of large scale energy projects.

Sunbird has executed an agreement to acquire a 76% stake in the Ibhubesi Gas Project offshore of the west coast of South Africa. The transaction, which is subject to approval of a transfer of title from the South African Department of Mineral Resources, will give Sunbird the right to operate and develop the Ibhubesi Gas Project, South Africa’s largest undeveloped gas field. The Ibhubesi Gas Project has multiple development opportunities including gas-fired power projects to supply the high value South African energy market. Sunbird’s joint venture partner in the project is PetroSA (24%), the national oil company of South Africa.

Sunbird also has a portfolio of five Coal Bed Methane (CBM) projects covering an extensive area (9,904km2) of prospective coal basins across in South Africa and Botswana. Sunbird is conducting a phased exploration program that will define the resource base and demonstrate the commercial potential of its portfolio of CBM assets, which contain a Best Estimate Gas-in-Place of 5.3 Tcf (trillion cubic feet).