07/11/2007 - 15:54

Sunset makes shining debut on ASX

07/11/2007 - 15:54

Bookmark

Upgrade your subscription to use this feature.

Perth-based Sunset Energy Ltd has performed strongly in its debut on the Australian Securities Exchange, closing at 28.5 cents, up 42.5 per cent from its offer price.

Sunset makes shining debut on ASX

Perth-based Sunset Energy Ltd has performed strongly in its debut on the Australian Securities Exchange, closing at 28.5 cents, up 42.5 per cent from its offer price.

The company, which raised $3 million through the offer of 15 million shares at 20 cents each, has entered into an agreement with subsidiaries of West Perth-based Solimar Energy Ltd subsidiary Solimar Energy LLC for the right to a 50 per cent interest on leases acquired and wells drilled in two oil prospects off the coast of California.

Funds raised from the offer will cover exploration and development costs.

The company is chaired by Red Fork Energy chairman Michael Fry, who will be joined on the board by Red Fork managing director David Prentice and Cosoff Cudmore Knox Lawyers partner David Morris. David Parker will serve as company secretary.

The offer was not underwritten and no oversubscriptions were accepted.

Sunset employed HLB Mann Judd as investigating accountant to the offer, while Steinepreis Paganin provided legal advice.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options