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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Oct 2010quarterly activities report● Neutral
September 2010 quarter: Maricopa sold 1,989 barrels at about US$72.4, with Maricopa #6 at 26 barrels a day. Triple Crown drilling now expected first week of November. Bundu's environmental plan is lodged, with PASA's decision still 3 to 6 months away.
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.
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.
30 July 2010quarterly activities report● Neutral
June 2010 quarter: 1,952 barrels sold at about US$73, A$122,000 revenue; Maricopa #6 averaged 22 barrels a day. Reports the Triple Crown acquisition, the new Cranemere application and the $1.36m placement. Silverthread settlement and Deer Creek review remain open.
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.
30 Apr 2010quarterly activities report● Neutral
March 2010 quarter: 2,597 barrels sold at about US$74, giving Sunset A$130,000 of revenue. Maricopa #6 averaged 26 barrels a day. Cash ended at A$1.327m after the $1.2m placement. Sunset is now evaluating the future of Deer Creek, and Silverthread still awaits a Mirada settlement.