Sundance Energy Australia Limited (ASX: SEA) is pleased to announce that on 21 June 2016 it entered into a Purchase and Sale Agreement for the acquisition of approximately 5,050 net acres targeting the Eagle Ford in McMullen County, Texas for $16.0 million.
The acquisition includes:
1) 27 gross (9.6 net) wells, primarily operated by Sundance, that are expected to produce 600-700 boepd during the remainder of 2016;
2) Total proved reserves of approximately 3.0 mmboe, 1.4 mmboe of which are attributed to producing wells.
Assuming a successful close of this transaction, Sundance expects to achieve fourth quarter 2016 production of 8,600 – 9,500 boepd. The transaction, which is effective 1 May 2016, is subject to customary due diligence and closing conditions and is expected to close in late July 2016.
For more information, please contact:
Eric McCrady, Managing Director
Tel: +1 (303) 543 5703