Past year: ▲ 1131%(11.5c – 2.07 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2010other● Neutral
Managing Director's letter reviewing the year: Bundu acquisition, Cranemere re-application and empowerment partners, Triple Crown, and the COO hire. The first Triple Crown well is to spud in late October. Shareholders will vote at the AGM on renaming the company Challenger Energy Limited.
11 Oct 2010director officer appointment▲ Good
David Woodley, with 22 years in oil and gas and currently at Origin Energy, is appointed Chief Operating Officer. He starts full time in February 2011 but will help with the Triple Crown well due to spud this month.
7 Oct 2010regulatory community update▲ GoodMajor
Sunset finalises two South African empowerment partners who will each take 5% of Bundu, leaving Sunset with 90%. The Cranemere environmental plan has been submitted, and PASA's decision is expected in 3 to 6 months.
29 Sept 2010drilling scheduled▲ GoodMajor
Sunset expects to spud its first Triple Crown well in mid-October. A contract operator and rig are secured, the drilling permit is obtained and the pad is built. The well targets the Ellenburger Dolomite, with timing dependent on the rig finishing its current hole.
24 Sept 2010annual report● Neutral
Annual report for the year to 30 June 2010, listing Michael Fry as chair, Paul Bilston as Managing Director and David Prentice as executive director, with Adrien Wing as company secretary. David Morris resigned 31 May 2010. Financial figures are not in the excerpt provided.
7 Sept 2010capital raising announcement● Neutral
Notice that 2,727,133 options at $0.015 ($0.20 exercise, expiring 30 June 2012) will be issued around 8 September, apparently from the shortfall. Compliance notice allowing on-sale of the securities; small amount.
9 Aug 2010capital raising announcement● Neutral
The options offer closed 4 August. Acceptances covered 46,639,696 new options, raising $699,550, with 14,858,342 options unclaimed. That is short of the $922,426 targeted.
19 July 2010other● Neutral
Sunset says it has despatched the prospectus for the options offer (one option per two shares at $0.015, raising $922,426 before costs). Administrative notice with no new substance.
6 July 2010capital raising announcement● Neutral
Prospectus for a non-renounceable offer of one new option per two shares held, at $0.015 each, to raise up to about $922,426. Options have a $0.20 exercise price and expire 30 June 2012; the offer closes 4 August 2010. This follows the June placement announcement.
6 July 2010capital raising announcement● Neutral
Letter to shareholders restating the options offer: up to 61,495,038 options at $0.015, one per two shares, $0.20 exercise, expiring 30 June 2012, raising about $922,425. Record date 16 July; not underwritten. Repeats the prospectus; no new information.
1 July 2010director officer appointment● Neutral
Adrien Wing, a CPA with experience as a company secretary for ASX-listed companies, replaces Cecilia Chiu as Company Secretary. Administrative change; no reason is given for Ms Chiu's resignation.
30 June 2010capital raising announcement▲ GoodMajor
Sunset completes a placement of 16,042,000 shares at $0.085 to raise $1,363,570, to fund Triple Crown exploration and South Africa. A one-for-two options offer is coming. Triple Crown drilling locations are chosen; a Cranemere environmental plan is due by end September.
17 June 2010asset acquisition disposition▲ GoodMajor
Sunset agrees to acquire an 80% working interest (100% before payout) in about 45,000 acres around the Triple Crown Prospect, Edwards County, Texas, a new gas project. Management cites potential of over 1 TCF per formation; an initial well is targeted for the rest of 2010.
4 June 2010regulatory community update▲ GoodMajor
South Africa's petroleum agency (PASA) accepted Sunset's new Cranemere application of about 1,040,000 acres in the Karoo Basin, covering the earlier refused 85,000-acre area. Because of this, Bundu will not pursue a legal appeal over the 17 May refusal.
1 June 2010director officer appointment● Neutral
Non-executive director David Morris resigns from the board. The announcement gives no reason. Directors remaining per earlier announcements are Chair Michael Fry, executive director David Prentice and Managing Director Paul Bilston.
19 May 2010regulatory community update▼ BadMajor
South Africa's mineral resources department refused the Cranemere application over deficiencies in the environmental plan, just weeks after the Bundu purchase. Sunset plans to appeal within 30 days and lodge a new application of about 950,000 acres. No competing application exists.
20 Apr 2010director officer appointment▲ GoodMajor
The Bundu acquisition is completed and Dr Paul Bilston becomes Managing Director immediately. He has 18 years in oil and gas, including managing the Gloucester Gas Project that was sold to AGL for $370 million in December 2008.
20 Apr 2010investor presentation● Neutral
April 2010 presentation: about 106.9m shares on issue, share price $0.145, market cap $15.5m, cash $1.325m at 31 March. Strategy is large unconventional oil and gas plays that Sunset would operate. Lists South African and California projects, including Deer Creek.
31 Mar 2010farm in farm out completion● NeutralMajor
Conditions for the Bundu acquisition are satisfied, with settlement planned for 8 April 2010. Sunset will issue 48,474,038 shares to Bundu holders, under 12-month voluntary escrow. This roughly doubles the share count. Paul Bilston is to be appointed Managing Director.
16 Mar 2010material agreement● Neutral
The end date for the Bundu share sale agreement is pushed from 16 March to 31 March 2010. The deal is delayed but not cancelled.
18 Feb 2010capital raising announcement▲ GoodMajor
Sunset finalises a placement of 10 million shares at $0.12 to raise $1.2 million, approved by shareholders on 10 February. It meets a condition of the Bundu acquisition, with settlement expected by 16 March. Funds go to Bundu's South African assets and working capital.
22 Dec 2009asset acquisition disposition▲ GoodMajor
Sunset agrees to buy all of Bundu, which holds about 2,276 sq km of South African permits (Thelma oil, Cranmere shale gas). Paul Bilston is to become Managing Director, and a $1.2m placement is planned. The deal is conditional on approvals. It is a move beyond California.
30 Oct 2009annual report● Neutral
Re-release of the 2009 annual report already lodged on 30 September; the text is the same and truncated, so no financial figures are visible.
23 Oct 2009other● Neutral
Notice that 7,600,000 shares and 4,500,000 unlisted $0.20 options (expiring 30 September 2010) leave escrow on 7 November 2009. Administrative; it could add shares available for sale.
30 Sept 2009annual report● Neutral
Annual financial report for the year to 30 June 2009. Text is truncated before any financial figures. It confirms Sunset has no employees and relies on Solimar to manage operations, with Michael Fry as chair.
18 Aug 2009joint venture update▼ BadMajor
Solimar says Maricopa #6 makes about 30 barrels a day and #7 remains shut in, with a water disposal line being pursued. It sent Silverthread operator Mirada a legal notice over minimal cooperation, delaying Nesbitt #5 testing. Lost Hills news concerns Solimar only.
18 Aug 2009joint venture update● Neutral
Maricopa #6 averages about 30 barrels a day and #7 stays shut in, with a water disposal line being pursued. Solimar sent Silverthread operator Mirada a legal notice over minimal cooperation, delaying Nesbitt #5 testing. Repeats the 18 August Solimar release.
12 Aug 2009capital raising announcement● Neutral
The placement is complete, raising $287,500 from 5,750,000 shares at $0.05. Directors are also to get 3,500,000 incentive options at $0.10, expiring 30 June 2012, subject to shareholder approval at the November AGM.
3 July 2009capital raising announcement● NeutralMajor
Sunset agrees to place up to 5,750,000 shares at $0.05 to raise $287,500 for working capital and California exploration. This is the same price as the March rights issue, which raised $670,337 in total.
18 June 2009production update▲ Good
Maricopa #7 is back on commercial production at about 6 barrels a day after a second water-isolation treatment; #6 averages 27. About 1,000 barrels are expected to sell in June at an estimated $60-65 a barrel. Sunset holds 50%.
