23 May 2008drilling progress report● Neutral
Partner Solimar's copy of the 22 May Nesbitt #5 update: 4,730 ft drilled, Saugus hydrocarbon indications near 3,200 ft. Duplicates Sunset's own announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 May 2008capital raising announcement● NeutralMajor
Sunset agrees to place 3,750,000 shares at $0.20 to raise $750,000 before costs, for working capital and Maricopa and Silverthread work. Same price as the IPO; adds about 15% to the 25m shares on issue.
13 May 2008production update▲ GoodMajor
First oil sales from Wellington Maricopa #6: about 507 barrels of 20.6 API oil sold at over US$110 a barrel, Sunset's share roughly 50%. The well is producing 35 barrels a day; Maricopa #7 still awaits a rig. Follows the April test.
13 May 2008production update▲ Good
Partner Solimar's version of the first Maricopa oil sale: 507 barrels sold at over US$110 a barrel, with Solimar and Sunset each taking 50%. Duplicates Sunset's own announcement; adds Solimar's comments on other projects.
7 May 2008drilling spud● NeutralMajor
The first Silverthread well, Nesbitt #5, spudded 5 May 2008 and is targeting 7,900 feet in the Monterey Formation, taking up to 25 days. Sunset holds 20%; Mirada is operator. Dry hole cost is estimated at US$1.5m.
7 May 2008drilling spud● Neutral
Partner Solimar's release repeats that Nesbitt #5 spudded 5 May 2008 at Silverthread, targeting 7,900 ft, with 271 ft drilled. Sunset holds 20%. Duplicates Sunset's own 7 May announcement; no new information.
5 May 2008farm in farm out agreement▲ GoodMajor
Sunset acquires a 20% working interest in the Silverthread project, Ventura Basin, by paying 25% of the first well's costs alongside Solimar. Gross P50 potential is 7 million barrels of oil and 15 billion cubic feet of gas; dry hole cost US$1.5m.
5 May 2008farm in farm out agreement● Neutral
Partner Solimar announces the same Silverthread deal from its side: it holds 40% and farms half to Sunset, leaving Solimar with 20%. Mirada Petroleum is operator. Duplicates Sunset's own announcement.
29 Apr 2008well test result▲ GoodMajor
Wellington Maricopa #6 production-tested at an average 35 barrels of oil and 120,000 cubic feet of gas a day from a 130 ft Contact Sand interval, confirming the potential pay. Maricopa #7 is targeted for the third quarter of 2008 once a rig is found.
24 Apr 2008other● Neutral
ANZ's Opes Prime schedule as at 23 April 2008. ANZ's interest in Sunset is 1,084,500 shares (6.997% on ANZ's 15.5m count). Routine third-party update.
17 Apr 2008other● Neutral
ANZ's Opes Prime schedule as at 16 April 2008. ANZ's interest in Sunset falls slightly to 1,094,500 shares (7.061% on ANZ's table). Routine third-party update, not a company event.
16 Apr 2008other● Neutral
ANZ's Opes Prime schedule as at 15 April 2008. Sunset's line is unchanged at 1,113,000 shares (7.181% on ANZ's 15.5m share count). Routine third-party update.
15 Apr 2008other● Neutral
ANZ's Opes Prime schedule as at 14 April 2008. Sunset's line shows ANZ's interest falling to 1,113,000 shares (7.181% of 15,500,001 shares in ANZ's table) from 1,221,157, consistent with ANZ's ongoing share disposal programme.
14 Apr 2008other● Neutral
ANZ says its Opes Prime holdings in the listed companies were unchanged at close of 11 April 2008 versus the prior schedule, and corrects the share count for another company (Citadel). Nothing new for Sunset.
11 Apr 2008other● Neutral
ANZ's daily Opes Prime schedule as at 10 April 2008. Routine third-party disclosure; Sunset's figure is not readable in the truncated text provided.
10 Apr 2008other● Neutral
ANZ's further daily Opes Prime schedule, as at 9 April 2008. Routine third-party update; Sunset's figure is not readable in the text provided.
9 Apr 2008other● Neutral
ANZ's further daily Opes Prime schedule, as at 8 April 2008. Routine third-party update; Sunset's figure is not readable in the text provided.
8 Apr 2008other● Neutral
ANZ's updated Opes Prime schedule as at 7 April 2008 lists Sunset Energy with 1,684,397 shares, 10.867% of 15,500,001 shares in its table. Third-party disclosure, not a company event.
7 Apr 2008other● Neutral
ANZ discloses its interests in many ASX companies from Opes Prime securities lending and starts a share disposal programme. Third-party notice; the text shown does not give Sunset's figure.
2 Apr 2008other● Neutral
Sunset was notified that ANZ Nominees holds 1,606,444 shares (about 6.4%) on behalf of Opes Prime, which is in receivership. The company cannot confirm whether the shares are under margin lending; none are held by related parties.
26 Mar 2008drilling result▲ GoodMajor
Wellington Maricopa #6 reached 3,550 feet; electric logs indicate a potential 130 feet of oil pay in the Contact Sand, above operator expectations. It is still 'potential' until a production test within about a month; success would lead to Maricopa #7.
18 Mar 2008drilling spud▲ GoodMajor
Sunset's first well, Wellington Maricopa #6, has spudded at Maricopa, targeting 3,600 feet in the Contact Sands. Sunset is earning 50% and pays the first US$750,000 of costs for the two Maricopa wells; a second well follows if this one succeeds.
18 Mar 2008drilling spud● Neutral
Solimar, operator, reports the first Maricopa well, Wellington Maricopa #6, spudded 16 March 2008, targeting 3,600 feet. Sunset funds 100% of the first US$750,000 of costs on the two Maricopa wells, then costs are split 50/50 (a 13 February 2008 variation). Duplicates the company's own spud release.
18 Dec 2007director officer appointment● Neutral
Registered office moved to Level 2, 79 Hay Street, Subiaco. Cecilia Chiu replaces David Parker as Company Secretary. Administrative change only.
6 Nov 2007other● Neutral
Company constitution adopted by special resolution. Routine governance document, no new operational or financial information for shareholders.
12 Oct 2007capital raising announcement● NeutralMajor
Sunset Energy (then the company name) issued a prospectus to raise $3,000,000 via 15,000,000 shares at $0.20 each, ahead of ASX listing. Funds go to earning 50% of the Maricopa and Deer Creek prospects in California's San Joaquin Basin by funding one well on each, via a deal with Solimar Energy.
What it means for a shareholder
15.0m new shares at A$0.200 to raise about A$3.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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