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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Oct 2008quarterly activities report● Neutral
September 2008 quarter: 2,293 barrels sold from Maricopa at about US$109 a barrel, giving Sunset roughly US$109,482 of revenue after royalties. Nesbitt #5 evaluation continues and the Aliso Canyon well was abandoned. The text is truncated.
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.
30 July 2008quarterly activities report● Neutral
June 2008 quarter: Maricopa #6 steady at 35 bopd with about 1,525 barrels sold; #7 now planned for Q4. Nesbitt #5 testing over about 500 ft gave mixed results, with oil of 13-30 degrees API; commercial size is still undetermined.
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.
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.
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.