Sundance Energy Australia

Published : January 02nd, 2008

Closes Drilling Deal for Phoenix Prospect

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32 Beulah Road, Norwood. SA 5067     ACN 112 202 883

Telephone:  +61 8 8363 0388     Facsimile: +61 8 8271 0975   www.sundanceenergy.com.au

 

 

18 December 2007

 

 

Sundance Closes Drilling Deal for Phoenix Prospect

 

 

US-focused oil and gas developer Sundance Energy Australia (ASX:SEA) is pleased to announce it has signed a farm-in agreement with Helis Oil and Gas Company L.L.C., covering part of its 100% owned Phoenix Prospect in North Dakota.

 

The “Exchange and Participation Agreement” will see a two year drilling program commence at the Phoenix Prospect within the first quarter of 2008.

 

The Agreement includes a trade of acreage and cash consideration to Sundance, and will establish Helis as operator of an Area of Mutual Interest (AMI) along the western side of the prospect area. Helis is a well established US-based exploration and production company, with operations in the onshore and offshore Gulf of Mexico and in the Northern Rockies.

 

Sundance Managing Director Jayme McCoy said, ”This agreement allows Sundance and its shareholders to leverage upon the operating expertise of Helis, while retaining a strong interest in its high potential oil and gas assets.”

 

“We are very excited about this development as it realizes strong asset value to our shareholders, and formalizes an important relationship for the Company,” Mr McCoy said.

 

“Helis is a tremendous operator, and we are expecting very exciting results from our upcoming drilling program with them in this prospect.

 

“Following the sale of our minority stake in two of our assets earlier this month, we are debt free and in an extremely strong cash position. Our focus now is to drive forward with exploration across our remaining projects in which we retain a much higher level of ownership,” Mr McCoy said.

 

Helis has contracted for a drilling rig for a two year period at Phoenix. Sundance will have the right to participate in every well drilled by Helis in the AMI during that period and beyond.

 

As part of the agreement, Sundance will retain a high working interest in the assets. The first two wells drilled by Helis in 2008, will be in sections in which Sundance owns approximately 45-47%. Helis is scheduled to spud the first of those wells before the end of the first quarter of 2008. The Company’s interests will vary between 7% and 50% in the acreage the two companies own within the AMI dependent upon the spacing unit being drilled.

 

Sundance retains a 100% interest in the remaining acreage in the Phoenix Prospect, and will commence its first internally operated well program in the prospect in the second quarter of 2008.

 

“The knowledge and experience gained from working with Helis as operator will directly benefit the Company’s 2008 drilling program on the rest of this prospect in we have a 100% ownership interest.”

 

“It has always been Sundance’s strategy to work with the most qualified operating teams in order to deliver the best value to our owners, and we feel confident that this transaction accomplishes that,” Mr McCoy said.

 

The agreement follows Sundance’s announcement early in December regarding the successful sale of two of its asset interests to Antero Resources. Sundance sold its minority stake in the MB prospect in Montana, and the Ashland prospect in Oklahoma, for more than US$44 million.

 

Phoenix Prospect

 

The Phoenix Prospect is located in the centre of the Williston Basin in McKenzie County, North Dakota, USA. At the time of its acquisition, the Phoenix Prospect was approximately 12,000 acres. Today it is comprised of approximately 15,000 acres with an additional 5,700 acres pending governmental approval.

 

The northwest corner of the prospect is located immediately southeast of the Blue Buttes Unit, a Mission Canyon producing field, operated by Hess Corporation. This prospect’s primary target formation is the oil-bearing Bakken Shale; secondary target horizons include the oil-bearing Mission Canyon, Nisku, Duperow and Red River formations. Since the acquisition of the Phoenix Prospect in early 2007, the area surrounding it has seen increased exploration activity in the Bakken formation by operators such as Continental Resources, Conoco Phillips, Headington Oil and Gas, Hess Corporation and Helis. The preliminary results from these wells have been very encouraging with initial production levels at or above accepted type curve for the prospect area.

 

Helis has already drilled and completed the Levang 3-22H, a horizontal Bakken well in which Sundance has a working interest of approximately 3.28% (see the Company’s web site and recent Annual and Quarterly Activities Reports). The Levang well is sited adjacent to sections in which Sundance is the primary mineral rights owner (which sections are included in the agreement), and included a core of the Bakken shale as well as an extensive suite of logs.  The important science produced from this well will support the Company’s ongoing geological and geophysical studies in and around this prospect area, and will help it and Helis to evaluate future drill sites and design appropriate drilling and completion techniques to maximize well performance in the prospect area.

Additionally, Helis has also drilled, and is in the process of completing, the Linseth 4-8H well, another horizontal Bakken well in which Sundance does not own an interest.

 

The agreement was executed on 13, December. It sets forth an effective date of 15 November 2007, and a final Closing Date of 19 December.

 

For more information,

Jayme McCoy, Managing Director, US based (303-543-5707).

Warrick Hazeldine, Purple Communications, (08) 9485 1254 or 0417 944 616.

 

 

 

About Sundance Energy Australia Limited

 

Sundance Energy Australia Ltd (ASX:SEA) is an Adelaide-based, independent energy exploration company, with two wholly owned US subsidiaries, Sundance Energy, Inc. and Sundance Energy Indian, Inc., both located in Colorado, USA.

 

The Company is developing projects in the US and Australia. In the US, Sundance is primarily focused on large, repeatable resource plays where it develops and produces oil and natural gas reserves from unconventional formations.

 

In the US, Sundance has ownership interests in five oil and gas projects comprising more than 68,000 highly prospective acres. In Australia, Sundance owns acreage in the Cooper/Eromanga Basin of Australia totalling approximately 1,140,000 acres.

 

A comprehensive overview of the Company can be found on the Company’s website at www.sundanceenergy.com.au. 

 

 

 

 

***

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 If you do not reply, we will continue sending you relevant news and information via email. However, all future emails will allow you to unsubscribe.

 

Issued by

Purple Communications

Level 3, 28 Kings Park Road, WEST PERTH WA 6005

Ph: 08 9485 1254     Fax: 08 6263 0455

purple@purplecom.com.au    

 

Sundance Energy Australia

CODE : SEA.AX
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Sundance Energy is an exploration and oil company based in United states of america.

Sundance Energy holds various exploration projects in Australia and in USA.

Its main exploration properties are ARKOMA BASIN in USA and COOPER EROMANGA BASIN and WILLISTON BASIN in Australia.

Sundance Energy is listed in Australia. Its market capitalisation is AU$ 70.0 millions as of today (US$ 53.6 millions, € 46.0 millions).

Its stock quote reached its highest recent level on August 22, 2014 at AU$ 1.42, and its lowest recent point on November 01, 2017 at AU$ 0.06.

Sundance Energy has 1 249 350 016 shares outstanding.

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