FOR IMMEDIATE RELEASE
General Manager
The Company Announcements Office
Australian Securities Exchange
Company Update
US based oil and gas developer Sundance Energy
Australia Limited (ASX: SEA) provides the following Company update.
In order to facilitate the implementation of its 2009
development strategy (see the Company?s ASX Release dated 10 March 2009)
Sundance has commissioned the preparation of an independent certification of
its US
oil and gas reserves.
The Reserve Report is being prepared by Ryder Scott,
L.P., one of the world?s leading reserve engineering firms. Ryder Scott
evaluates oil and gas properties and independently certifies petroleum reserves
quantities in the U.S.
and internationally. Founded in 1937, Ryder Scott is one of the largest, oldest
and most respected reservoir-evaluation consulting firms in the industry. The
firm performs several hundred consulting studies a year for a variety of
clients.
The firm has earned worldwide recognition for reliably
predicting the performance of complex oil and gas reservoirs in all major
petroleum provinces. With 66 professional petroleum engineers and
geoscientists, the firm conducts reserves evaluations, geoscience/geology
studies, field development and enhanced oil recovery design, reservoir
simulation, economic analysis, management consulting and expert witness
testimony. The Houston-based firm has branch offices in Calgary
and Denver.
Ryder Scott, by far, is the most widely used
consulting firm for preparing annual petroleum reserves certifications for
filers with the U.S. Securities and Exchange Commission, according to research
firm John S. Herold. Ryder Scott also serves clients listed on the London,
Ontario, Toronto,
Hong Kong, Australian and other stock exchanges.
The firm issues reserves certifications
considered to be highly reliable by banks and private investment groups. The
"green book" report helps mitigate risks in committing capital for
acquisitions, exploration, field development, redevelopment, infrastructure and
refinancing. Major banking institutions establish reserves-based loan amounts,
monitor credit lines and determine guarantees based on report values. The
report also serves as a resource in screening and due-diligence reviews of
acquisitions, divestitures and mergers.
For further information on Ryder Scott go
to www.ryderscott.com.
The Company expects the Report to be
completed in the next several weeks, and will file a summary of its conclusions
with the ASX as soon as it is received.
For further advice on this release, please
contact:
Kip Hunter
Warrick Hazeldine
General Counsel/
Purple Communications
Director of
Communications
Investor Relations
US based
Tel:(+61 8 9485 1254)
Tel: (303-543-5709)
About Sundance Energy Australia Limited
Sundance Energy Australia Ltd (ASX: SEA) is an
Adelaide-based, independent energy exploration Company, with a wholly owned US
subsidiary, Sundance Energy, Inc., 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.
Purple
Communications
Level 3, 28
Kings Park Road, WEST PERTH
WA 6005
Ph: 08 6314 6300 Fax: 08 6314 6355
purple@purplecom.com.au