Past year: ▲ 1131%(11.5c – 2.07 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Feb 2011resource reserve update▲ GoodMajor
Challenger assesses 9.0 TCF of original gas in place across its 45,000 acres: Canyon Sands 1.5, unconventional 5.9, Ellenburger 1.6 TCF. It will focus on the Canyon hybrid play and drill a new horizontal Ellenburger well, since lost-circulation material likely filled fractures in the current well.
28 Jan 2011drilling result▲ Good
Logging is complete and the well is temporarily secured. The company calls the unconventional gas a new discovery and plans a fracture stimulation. Ellenburger interpretation awaits image-log processing (end February). A resource estimate is expected in 4-6 weeks.
21 Jan 2011drilling result▲ GoodMajor
The first Triple Crown well reached TD of 7,431 ft, with a gross gas column over 2,300 ft and over 1,300 ft of gas-charged Ellenburger. It appears to have missed fracture swarms, so a horizontal well or fracture stimulation is the likely next step.
18 Jan 2011drilling result▲ GoodMajor
Petrophysics confirms high gas saturation across the Lower Canyon Sands from 4,530 to 5,685 ft, a mix of conventional and unconventional zones. The Ellenburger top is at 6,020 ft with dry cuttings. The well is at 6,533 ft and is to be suspended for testing.
12 Jan 2011drilling result▲ Good
Wireline logging and sidewall coring are complete. Preliminary analysis shows Canyon sands with properties similar to successful analogous fields, and the logs support the unconventional gas shows. Full petrophysical results are still to come.
10 Jan 2011drilling progress report● Neutral
The top of the Ellenburger was intersected at about 5,800 ft, slightly deeper than expected, with gas shows continuing. Circulation was lost, so casing will be set at this point after logging rather than drilling further. At least 2,000 ft of Ellenburger is anticipated.
4 Jan 2011drilling result▲ Good
Strong gas shows continue between 4,500 and 5,560 ft, and the well appears to have over 1,000 ft of potentially gas-charged zones, subject to log analysis. Drilling continues toward the top of the Ellenburger, expected within about 200 ft.
29 Dec 2010drilling result▲ GoodMajor
The Triple Crown well hit a gross gas-charged Canyon Sands interval from 4,520 to 4,790 ft, with stronger gas shows and a main sand over twice as thick as expected. Evaluation awaits logs; the Ellenburger remains the primary target.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
