Past year: ▲ 1131%(11.5c – 2.07 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Jan 2010quarterly activities report● Neutral
Cash flow report for the December 2009 quarter: cash ended at A$422k, down from A$530k, after A$106k net operating outflow. Shares on issue 48,474,037; the 3.5m director options are listed. Estimated next-quarter spend is A$100k.
29 Jan 2010quarterly activities report● Neutral
December 2009 quarter: 2,014 barrels sold at about US$71, giving Sunset A$82,000 of revenue. Maricopa #6 averaged 25 barrels a day. Restates the Bundu deal and a planned 10m-share placement at $0.12. Silverthread settlement with Mirada is still being negotiated.
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 2009quarterly activities report● Neutral
September 2009 quarter: 2,370 barrels sold at about US$63, giving Sunset A$76,000 of revenue. Maricopa #6 produced 22-31 barrels a day; #7 stays shut in pending a water disposal system. Silverthread made no significant progress. The $287,500 placement is noted.
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.
31 July 2009quarterly activities report▼ Bad
June 2009 quarter: 3,044 barrels sold at about US$56, giving Sunset A$82,000 of revenue. Maricopa #7 was shut in again as profitability stayed marginal, contradicting the June 'back on production' news. Cash ended at A$373k. Nesbitt #5 plans continue.
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%.
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%.
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.
30 Apr 2009quarterly activities report● Neutral
March 2009 quarter: 2,713 barrels sold at about US$38, giving Sunset A$92,000 of revenue. #4 failed and #7 stayed shut in. Schlumberger confirmed a 495-foot oil column in Nesbitt #5, with testing plans under evaluation. Rights issue completed at $670,336.80.
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.
30 Jan 2009quarterly activities report▼ Bad
December 2008 quarter: 3,397 barrels sold from Maricopa at about US$49 a barrel, with oil now under US$40. Maricopa #7 has been shut in over water disposal costs, Deer Creek drilling is on hold, and an acid treatment is proposed for Nesbitt #5.
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.
