SUNDANCE energy: Acquisition of Eagle Ford Assets

SUNDANCE energy: Acquisition of Eagle Ford Assets

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:
United States
Eric McCrady, Managing Director
Tel: +1 (303) 543 5703

 

SOURCE:  http://files.shareholder.com/downloads/AMDA-WAFII/2284833148x0x897251/CFE82138-95F4-4C57-9B46-77375506B11A/20160622_Acquisition_of_Eagle_Ford_Assets_ASX_Release_.pdf

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