Past year: ▲ 1131%(11.5c – 2.07 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 June 2011drilling scheduled▲ GoodMajor
Testing at Triple Crown is expected to start next month: a short horizontal sidetrack into the Ellenburger (1.6 TCF), then a large slick-water frac at about 5,200 ft in the hybrid zone (7.4 TCF). Land leasing is progressing. This sets the plan after the 9 TCF estimate.
26 May 2011other● Neutral
Top 20 holders list as at 26 May 2011: the top 20 hold 50.11%, led by LQ Super at 8.22%. Managing director Paul Bilston's family holds 1.87%. Administrative.
2 May 2011regulatory community update▼ BadMajor
South Africa's Department of Mineral Resources said it will neither accept new shale gas applications nor finalise existing ones until a study is completed. Challenger expects the Cranemere exploration right award to be delayed, though the application's validity is unaffected.
20 Apr 2011capital raising announcement▲ GoodMajor
Challenger raises A$7.1m at 15c per share via a placement managed by Patersons: 30.667m shares now (A$4.6m) and 16.66m (A$2.5m) subject to shareholder approval in late May. Funds go to Triple Crown land, fracture stimulation and testing, and the Cranemere application.
5 Apr 2011other● Neutral
48,474,038 restricted shares, issued 20 April 2010, will be released from escrow on 20 April 2011. These appear to be the Bundu consideration shares, an inference from the earlier escrow figure. Administrative.
15 Mar 2011half year report● Neutral
Text not readable.
28 Feb 2011resource reserve update▲ GoodMajor
Challenger assesses 9.0 TCF of original gas in place across its 45,000 acres: Canyon Sands 1.5, unconventional 5.9, Ellenburger 1.6 TCF. It will focus on the Canyon hybrid play and drill a new horizontal Ellenburger well, since lost-circulation material likely filled fractures in the current well.
28 Feb 2011security holder rights change● Neutral
Revised notice corrects the loan conversion to 43.7m shares: $2.9m settled at 8.5c and $1.1m at 14c, plus 27.65m free options. Issued capital is now 166.7m shares. It corrects the 24 February notice, which showed 48.8m shares.
24 Feb 2011security holder rights change● Neutral
Notice of 48.8m shares issued to settle loans, at 8.5c ($2.3m) and 14c ($1.1m), plus 27.65m free 20c options. This is the planned conversion of the loan facilities into equity. Revised four days later.
28 Jan 2011drilling result▲ Good
Logging is complete and the well is temporarily secured. The company calls the unconventional gas a new discovery and plans a fracture stimulation. Ellenburger interpretation awaits image-log processing (end February). A resource estimate is expected in 4-6 weeks.
21 Jan 2011drilling result▲ GoodMajor
The first Triple Crown well reached TD of 7,431 ft, with a gross gas column over 2,300 ft and over 1,300 ft of gas-charged Ellenburger. It appears to have missed fracture swarms, so a horizontal well or fracture stimulation is the likely next step.
18 Jan 2011drilling result▲ GoodMajor
Petrophysics confirms high gas saturation across the Lower Canyon Sands from 4,530 to 5,685 ft, a mix of conventional and unconventional zones. The Ellenburger top is at 6,020 ft with dry cuttings. The well is at 6,533 ft and is to be suspended for testing.
17 Jan 2011other● Neutral
Challenger publishes its amended securities trading policy for directors, executives and employees under ASX Listing Rule 12.9. Governance document with no operational or financial news.
12 Jan 2011drilling result▲ Good
Wireline logging and sidewall coring are complete. Preliminary analysis shows Canyon sands with properties similar to successful analogous fields, and the logs support the unconventional gas shows. Full petrophysical results are still to come.
10 Jan 2011drilling progress report● Neutral
The top of the Ellenburger was intersected at about 5,800 ft, slightly deeper than expected, with gas shows continuing. Circulation was lost, so casing will be set at this point after logging rather than drilling further. At least 2,000 ft of Ellenburger is anticipated.
4 Jan 2011drilling result▲ Good
Strong gas shows continue between 4,500 and 5,560 ft, and the well appears to have over 1,000 ft of potentially gas-charged zones, subject to log analysis. Drilling continues toward the top of the Ellenburger, expected within about 200 ft.
29 Dec 2010drilling result▲ GoodMajor
The Triple Crown well hit a gross gas-charged Canyon Sands interval from 4,520 to 4,790 ft, with stronger gas shows and a main sand over twice as thick as expected. Evaluation awaits logs; the Ellenburger remains the primary target.
22 Dec 2010security holder rights change● Neutral
Notice that 13,350,000 free attaching options (20c exercise, expiring 30 June 2012) are issued around 22 December under the loan agreement. They match the 10 options per $1 attached to the facility; administrative.
20 Dec 2010debt financing● NeutralMajor
More gas sands are reported between 3,370 and 3,620 ft, with the well at 3,740 ft; assessment awaits logs. Challenger also agrees a second unsecured facility of up to A$1.5m at 10% interest with 10 options per $1, to be converted to equity at a general meeting in early 2011.
15 Dec 2010drilling progress report▲ Good
The second Triple Crown well intersected a gas sand at about 2,200 ft, apparently an upper Canyon sand, shallower than the gas expected at about 3,500 ft. It was drilling at 2,670 ft. Evaluation awaits logs.
13 Dec 2010drilling progress report▲ Good
Surface casing is cemented at 1,639 ft in the new well, below the estimated base of the Cretaceous at about 1,485 ft. The company says the problem zones are now behind casing and expects minimal difficulty drilling the rest of the well on air.
13 Dec 2010other● Neutral
Shareholders approved the AGM's name change from Sunset Energy to Challenger Energy Limited, now processed by ASIC. The new codes are CEL and CELO, replacing SEY and SEYO after 14 December. Administrative.
6 Dec 2010drilling spud● Neutral
The replacement Triple Crown well spudded on 4 December after the stuck-pipe first hole. It reached 1,092 ft drilled on air, and the rig is now switching to mud to get through the problem zones deeper than 1,300 ft.
30 Nov 2010investor presentation● Neutral
AGM presentation explains the first well reached 2,320 ft before the drill pipe stuck in sticky shale after an aquifer was hit; the rig is moving to drill a new hole. It also notes $1.4m of facility funding, of which $400k needs shareholder approval for its options, and the name-change vote.
24 Nov 2010admin correction● Neutral
Corrects a typo in the earlier release: the A$1.4m facility's interest is capitalised and payable on 1 July 2011, not 2010. Otherwise it re-issues the same announcement.
24 Nov 2010debt financing▼ BadMajor
Air drilling hit hole instability from a fresh water aquifer at about 1,500 ft, so the rig will skid and drill a new hole with mud. Sunset also arranges an unsecured facility of up to A$1.4m at 10% interest, with 10 options per $1 advanced, to be converted to equity.
15 Nov 2010drilling progress report● Neutral
Surface casing is set at 1,393 feet on the first well, which was waiting on cement. Planned total depth is 7,500 feet. No new geological result.
9 Nov 2010drilling spud▲ GoodMajor
The rig is on site and the first Triple Crown well spuds on 9 November, targeting gas in the Ellenburger Dolomite, Canyon Sands and an unconventional play. This is the long-awaited first test of the project acquired in June 2010.
18 Oct 2010drilling scheduled▼ Bad
Investor presentation ahead of the first Triple Crown well. The rig's release date has slipped about two weeks, so spud now expected late October or early November, later than the mid-October timing previously given.
15 Oct 2010admin correction● Neutral
Registered office, telephone and fax numbers change to Level 17, 500 Collins Street, Melbourne, from Subiaco, Western Australia. Administrative notice only.
