BSP - Black Star Petroleum

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Sunseeker Minerals is a Western Australian based mineral exploration company focused on exploration and development.

Sunseeker owns 100% of the Lucky Downs Project 220 kilometres west of Townsville, Queensland. The target commodities upon the Lucky Downs Project are gold and other base metals over a total area of 203 square kilometres.

http://www.sunseekerminerals.com.au

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MC - $3m
SP - 16c
Shares - 20m
Options - Nil
Cash - $2.5m

LUCKY DOWNS PROJECT
 Geophysical Survey (IP) completed during the quarter at Galah Dam
 Processing & interpretation of IP data currently underway with preliminary areas of interest identified
 Sunseeker actively evaluating other resource projects in Australia and overseas to maximise shareholder value


The project is located 220 kilometres west of Townsville, Queensland. The target commodities on the project are gold and other base metals over an area of 203 square kilometres. The project consists of exploration mineral permits EPM 14346, EPM 18368 (in application) and mineral development licence MDL 107.
The Lucky Downs project has undergone limited exploration work (6,500 metres of drilling) but has a number of identifiable targets in an area known to host economic mineralisation. The Company’s aim is to identify and explore new mineral discoveries that will significantly upgrade the value of the project, with the ultimate goal being the mining of identifiable resources. The target commodities are gold and other base metals.
The Company’s initial focus will be to investigate the drill ready targets at the Steam Engine Gold Prospect and the Galah Dam base metals Prospect.
These strategies are believed paramount to securing the Company’s future, with the Lucky Downs Project having the potential to deliver a viable gold and/or base minerals mining operation, and generate cash flows so that the Company may continue to acquire and develop worthwhile projects.

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SKM in trading halt over project acquisition.
http://www.asx.com.au/asxpdf/2012080...hjk7r21zl2.pdf

I will be keeping an eye on SKM for capital structure reasons, needs more looking into to find project/management reasons to invest in.

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PROPOSED 100% ACQUISITION OF BLACK STAR PETROLEUM PTY LTD

HIGHLIGHTS
 This is a Company changing transaction.
 Sunseeker has entered into an Implementation Agreement to acquire 100% of Black Star Petroleum.
 Black Star shareholders to be offered 1 Sunseeker Share for every 1 Black Star Share and 1 Sunseeker Option for every Black Star Option. This is a 100% scrip transaction.
 Proposal to re-name Sunseeker to Black Star Petroleum Limited.
 Black Star is an unlisted US oil explorer and developer focused on building into a US onshore oil producer.
 The Company has signed an agreement to acquire a significant land holding in Banner County, Nebraska USA.
 The Nebraska Oil Project represents outstanding potential for growth through early production.
 Black Star has established a highly skilled board, management team and working partnerships with a solid track record of success internationally.

TRANSACTION
Black Star is a privately owned company incorporated in Australia and operates as a focussed onshore oil explorer and developer. The acquisition will result in Sunseeker having a 73.07% interest in petroleum exploration leases in Nebraska, United States of America comprising a total of 114 leases, each with significant exploration upside and near term production potential. Further details of the leases can be found in the Annexure attached to this announcement. The Project has multiple prospective horizons in the prolific north eastern DJ Basin. The Project is 37,000 gross acres / 35,000 net acres in size with a 73.07% working interest and an 81% delivered net revenue interest.

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On December 13, 2012, Sunseeker Minerals Limited (SKM) changed its name to Black Star Petroleum Limited (BSP).