18 June 2009production update▲ Good
Solimar's duplicate of Sunset's 18 June release: Maricopa #7 is back on production at about 6 barrels a day, #6 averages 27, and about 1,000 barrels are expected to sell in June at $60-65. Sunset holds 50%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 May 2009joint venture update● Neutral
Solimar reports Maricopa #7 was returned to production on 7 May at about 8 barrels of oil and 90 of water a day, a 30% cut in water, after oil prices recovered. Rest covers Solimar's Lost Hills project, not Sunset's.
21 May 2009production update▲ Good
Sunset reports Maricopa #7 was re-entered on 7 May and returned to production at about 8 barrels of oil and 90 of water a day, 30% less water. Further sand may be placed to cut water. This follows its January shut-in.
31 Mar 2009well test result▼ Bad
Sunset confirms the Maricopa #4 re-entry failed: a swab test recovered no oil because fluid leaked from other sections, and the well is shut in. Future work will most likely mean drilling a new well. This resolves the 10 March test.
31 Mar 2009well test result▼ Bad
Solimar reports the Maricopa #4 re-entry failed to recover oil in a swab test because fluid leaked from other sections; the well is shut in. A new well will most likely be needed. Also covers Solimar's separate Lost Hills project.
16 Mar 2009half year report● Neutral
Half year to 31 Dec 2008: 5,690 barrels sold from Maricopa, giving Sunset about US$178,602 of revenue after royalties at US$49-109 a barrel. #7 is shut in, and the $0.05 rights issue is noted. Text is truncated, so no financial statement figures are visible.
10 Mar 2009well test result● Neutral
Testing starts on re-entry of the old Maricopa #4 well, drilled around 1930, at an estimated US$40,000-120,000 versus US$600,000 for a new well. The company acknowledges the re-entry could fail. #7 remains shut in, and #6 averaged about 30 barrels a day in February.
10 Mar 2009well test result● Neutral
Partner Solimar's release duplicates Sunset's 10 March news: testing has begun on the c.1930 Maricopa #4 re-entry, estimated at US$40,000-120,000 versus US$600,000 for a new well, with a risk of failure. Sunset holds 50%.
6 Mar 2009capital raising announcement● NeutralMajor
The rights issue shortfall is placed, with applications for 9,321,500 shares raising $466,075. Total raised is $670,336.80 from 13,407,336 shares, taking shares on issue to 42,157,337. This nearly fills the $718,750 target.
13 Jan 2009capital raising announcement▼ Bad
Shareholders took up only 4,085,836 shares, raising $204,291 of the possible $718,750. A shortfall of 10,289,154 shares remains, which directors intend to place with other parties.
15 Dec 2008other● Neutral
Confirms the rights issue offer document has been despatched to shareholders, with the offer closing 5 January 2009. Administrative; no new information.
4 Dec 2008capital raising announcement● Neutral
Offer document for the rights issue: one share for every two held at $0.05, raising up to $718,750; opens 17 December 2008 and closes 5 January 2009. The text is truncated, so use of funds details are not visible.
3 Dec 2008capital raising announcement▼ BadMajor
Sunset announces a rights issue of one new share for every two held at $0.05, raising up to $718,750 for working capital and California exploration. That is well below the $0.20 placement price earlier in 2008.
22 Oct 2008drilling result▼ BadMajor
The Aliso Canyon redrill reached 10,222 ft with no commercial hydrocarbons and will be plugged and abandoned. This is a dry hole for Sunset's 8% interest, acquired less than a month earlier. Focus returns to Maricopa and Silverthread.
22 Oct 2008drilling result▼ Bad
Partner Solimar reports the Aliso Canyon redrill reached 10,222 ft without commercial hydrocarbons and will be plugged and abandoned. Solimar's release duplicates Sunset's own announcement, with additional Solimar-specific project commentary.
6 Oct 2008drilling spud● NeutralMajor
The Sesnon Fee #7 Redrill No.1 well has spudded at Aliso Canyon, where Sunset holds 8%. It is expected to take up to 10 days, drilling to about 9,901 ft. This follows the 26 September acquisition.
30 Sept 2008production update▲ GoodMajor
Maricopa #7 is completed and producing 17-22 barrels of oil per day plus 152 barrels of water. Combined with #6, output is expected at 50-55 barrels a day, sold above US$100 a barrel; Sunset's share is 50%. This confirms the earlier appraisal result.
26 Sept 2008other● Neutral
Partner Solimar announces it has taken a 12% interest in the Aliso Canyon prospect, with Sunset taking 8% under a separate agreement. Solimar's release duplicates the Sunset-related deal covered in Sunset's own announcement.
26 Sept 2008asset acquisition disposition▲ GoodMajor
Sunset acquires an 8% interest in the Aliso Canyon prospect near Los Angeles, alongside Solimar (12%). Estimated P50 potential is about 3 million barrels on 1,200 acres; the well is estimated at US$1.0m dry or US$1.5m successful, with drilling due within ten days.
25 Sept 2008annual report● Neutral
Statutory accounts for the period from incorporation (27 Jan 2007) to 30 June 2008. The text provided is truncated and covers only the directors' report and governance; Michael Fry remains chair, with no financial figures in the readable portion.
11 Sept 2008drilling result▲ GoodMajor
Maricopa #7 reached 3,588 ft with about 80 ft of net oil pay in the Contact Sand, similar to #6, and is being completed as a producer. Sunset also agrees to place up to 4m shares at $0.20 (up to $800,000), subject to shareholder approval.
1 Sept 2008drilling spud▲ GoodMajor
Wellington Maricopa #7 spudded 30 August 2008, about 200 ft north of #6, targeting the Contact Sands at 3,600 ft within two weeks. The company says wells pay out in roughly 9 months. This is earlier than the Q4 timing in the quarterly report.
1 Sept 2008drilling spud● Neutral
Partner Solimar announces that Wellington Maricopa #7 spudded on 30 August 2008, targeting 3,600 ft in about two weeks. Well #6 is now averaging 30 bopd. Duplicates Sunset's own announcement.
25 Aug 2008other● Neutral
Notice that 500,000 unlisted options exercisable at $0.20 until 30 September 2010 will be released from escrow on 5 September 2008. Administrative.
19 June 2008capital raising announcement● Neutral
Compliance notice that 3,750,000 shares at $0.20 were issued on 16 June 2008, completing the $750,000 placement announced in May. Administrative; no new information.
6 June 2008admin correction● Neutral
Corrects the earlier escrow notice: 1,044,999 fully paid shares will be released on 19 June 2008. Administrative.
3 June 2008drilling result▲ GoodMajor
Nesbitt #5 reached 7,134 ft and found about 800 ft of potentially oil-bearing Saugus section (280 ft net). The deeper Monterey target was not hydrocarbon bearing, so the original objective failed. Sunset adds 18.5% of 200 acres; commercial size is unproven.
3 June 2008drilling result▲ Good
Partner Solimar's announcement of the Nesbitt #5 result: about 800 ft of potentially oil-bearing Saugus section, roughly 280 ft net. Deeper Monterey sands were not hydrocarbon bearing. Size and commercial significance remain unknown. Duplicates Sunset's own release.
29 May 2008other● Neutral
Notice that 855,001 fully paid shares will be released from escrow on 12 June 2008. Administrative; no change to the business.
23 May 2008drilling progress report▲ Good
Nesbitt #5 was at 4,730 ft with hydrocarbon indications in the shallow Saugus sand near 3,200 ft; their significance awaits logging. Target remains 7,900 ft, about 10 days away. Drilling continues as expected.