Sundance Energy Australia

Published : October 30th, 2015

Sundance Energy Australia Limited Reports Third Quarter 2015 Results

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  

Sundance Energy Australia Limited Reports Third Quarter 2015 Results

DENVER, Oct. 30, 2015 (GLOBE NEWSWIRE) -- Sundance Energy Australia Limited (ASX:SEA) (“Sundance” or the “Company”), a U.S. onshore oil and gas exploration and production company focused in the Eagle Ford and Greater Anadarko Basin, reported its unaudited third quarter 2015 results as filed with the Australian Securities Exchange (ASX).

Third Quarter 2015 Financial Results

  • Realized Adjusted EBITDAX of $52.9 million year-to-date and $11.8 million for the third quarter with EBITDAX margins of 72% and 64% respectively, despite approximately 50% decrease in realized pricing period-over-period.   
  • Reduced cash operating costs from $20.39 / Boe for the nine months ended September 30, 2014 to $14.50/ Boe for the nine months ended September 30, 2015 primarily due to a $3.90 per Boe reduction in general and administrative expenses.
  • Funded all of the Company’s year-to-date drilling, completion and well facility capital expenditures of $51.0 million with Adjusted EBITDAX of $52.9 million.  In addition, the Company spent $18.1 million on field optimization projects that are expected to increase cash flows through gas sales (eliminating flared production) or reduced lease operating expenses.
  • As of September 30, 2015, the Company had $6.4 million of cash and cash equivalents and $65 million of undrawn borrowing capacity, including the $50 million accordion feature, for total liquidity of $71.4 million. 
  • The Company has a total of 1.5 million bbls hedged through 2019 with a weighted average floor of $56.15 and ceiling of $80.24; including 185,000 bbls in the fourth quarter of 2015 and 557,000 bbls in 2016 with weighted average floors of $64.01 and $57.77, and weighted average ceilings of $78.75 and $76.89, respectively. 

Third Quarter 2015 Operational Highlights

  • Net oil, natural gas and natural gas liquids (“NGLs”) production, including flared gas, increased 35% to 1,980,031 Boe, or 7,934 Boe/d year-to-date.  Third quarter production totaled 602,046 Boe, or 6,710 Boe/d.
  • Completed hook up of hydrogen sulfide (H2S) treatment facilities on additional pad.  Shut in 8 gross (8.0 net) well for ~79 days during installation of the facilities resulting in estimated lost production of ~600 Boe/d and force majeure shut-in by gas marketer resulting in estimated lost production of ~300 Boe/d during quarter. Third quarter production pro forma for estimated lost production was ~7,600 Boe/d
  • Closed the acquisition of New Standard Energy’s Eagle Ford and Cooper Basin assets.
  • 23 gross (13.5 net) horizontal wells were waiting on completion at quarter end, of which 10 gross (9.6 net) were Sundance-operated.  The Company anticipates completing 3 gross (3.0 net) wells in the fourth quarter of 2015 and the remainder are expected to be completed in 2016. 

All amounts in the following tables are unaudited and presented in US thousands, except where stated otherwise.

The following table reflects production volumes, revenues and pricing compared to the corresponding period in the prior year.

   Three Months Ended September 30, Nine Months Ended September 30, 
    2015  2014   2015  2014  
  Production Summary        
  Oil (bbls)   370,882     456,813     1,396,284     1,093,198  
  Natural gas (MCF)   772,944     704,915     3,015,132     1,937,956  
  NGL (bbls)   117,592     77,878     267,186     183,743  
  Total Boe   617,298     652,177     2,165,993     1,599,934  
  Average daily production, including flared gas   6,710     7,167     7,934     5,861  
  Oil$  16,252  $  42,520  $  66,599  $  104,240  
  Natural gas   953     1,527     3,660     5,360  
  NGL   1,159     2,426     3,216     6,285  
  Total Revenue$  18,364  $  46,474  $  73,476  $  115,886  
  Realized Product Pricing        
  Oil price received (per bbl)$  43.82  $  93.08  $  47.70  $  95.35  
  Oil realized price, including oil hedging (per bbl)$  51.77  $  92.93  $  53.32  $  94.85  
  Natural gas price received (per MCF) *$  1.40  $  3.27  $  1.93  $  4.21  
  Natural gas realized price, including natural gas hedging (per MCF) *$  1.59  $  3.36  $  2.10  $  4.15  
  NGL realized price (per bbl)$  9.86  $  31.16  $  12.04  $  34.21  
  Total price received (per Boe)$  30.50  $  75.88  $  37.11  $  77.83  
  Total realized price (per Boe)$  35.62  $  75.92  $  41.23  $  78.24  
  * Excludes flared gas of 91,511 MCF and 208,801 MCF for the three months ended September 30, 2015 and 2014, respectively and 1,115,772 MCF and 666,041 MCF for the nine months ended September 30, 2015 and 2014, respectively. 

The following table summarizes operating costs on an actual (in US thousands) and per unit basis.

  Three Months Ended September 30, Nine Months Ended September 30,
   2015  2014   2015  2014 
 Lease operating expenses (LOE)$  5,240  $  3,648  $  14,015  $  10,126 
 Production taxes   1,106     3,648     4,347     6,659 
 Cash G&A, net of amounts capitalised   3,455     3,648     10,344     13,579 
 Total $  9,801  $  10,944  $  28,706  $  30,364 
 Costs per Boe:       
 LOE$  8.70  $  5.96  $  7.08  $  6.80 
 Production taxes   1.84     5.96     2.20     4.47 
 Cash G&A    5.74     5.96     5.22     9.12 
 Total $  16.28  $  17.87  $  14.50  $  20.39 

Additional Information

(1) We define “Adjusted EBITDAX” as earnings before interest expense, debt extinguishment costs, income taxes, depreciation, depletion and amortization, property impairments, gain/(loss) on sale of non-current assets, exploration expense, share based compensation and income and gains and losses on commodity hedging, net of settlements of commodity hedging.

The Company reports under International Financial Reporting Standards (IFRS). All amounts are reported in US dollars unless otherwise noted. 

The Company’s full Unaudited Activities Report for the Quarter Ended September 30, 2015 can be found at  The Company held a conference call, and simultaneous webcast with earnings presentation, which is available on the Company’s website at

The Company’s 2014 Annual Report was filed with the ASX on March 31, 2015 and can be found at

About Sundance Energy Australia Limited

Sundance Energy Australia Limited (“Sundance” or the “Company”) is an Australian-based, independent energy exploration company, with a wholly owned US subsidiary, Sundance Energy Inc., located in Denver, Colorado, USA.

The Company is focused on the acquisition and development of large, repeatable oil and natural gas resource plays in North America. Current activities are focused in the Eagle Ford and Greater Anadarko Basins.  A comprehensive overview of the Company can be found on Sundance’s website at

Summary Information

The following disclaimer applies to this document and any information contained in it. The information in this release is of general background and does not purport to be complete. It should be read in conjunction with Sundance’s periodic and continuous disclosure announcements lodged with ASX Limited that are available at and Sundance’s filings with the Securities and Exchange Commission available at  

Forward Looking Statements

This release may contain forward-looking statements. These statements relate to the Company’s expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar words or expressions containing the same.

These forward-looking statements reflect the Company’s views and assumptions with respect to future events as of the date of this release and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. These include, but are not limited to, risks or uncertainties associated with the discovery and development of oil and natural gas reserves, cash flows and liquidity, business and financial strategy, budget, projections and operating results, oil and natural gas prices, amount, nature and timing of capital expenditures, including future development costs, availability and terms of capital and general economic and business conditions. Given these uncertainties, no one should place undue reliance on any forward looking statements attributable to Sundance, or any of its affiliates or persons acting on its behalf.  Although every effort has been made to ensure this release sets forth a fair and accurate view, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Read the rest of the article at
Data and Statistics for these countries : Australia | All
Gold and Silver Prices for these countries : Australia | All

Sundance Energy Australia

Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Sundance Energy is a and oil exploration 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$ 206.1 millions as of today (US$ 139.7 millions, € 126.9 millions).

Its stock quote reached its highest recent level on August 22, 2014 at AU$ 1.42, and its lowest recent point on December 12, 2018 at AU$ 0.04.

Sundance Energy has 1 249 350 016 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Annual reports of Sundance Energy Australia
2007 Annual Report
2006 Annual Report
Nominations of Sundance Energy Australia
12/16/2008 Appoints New Chairman
Project news of Sundance Energy Australia
4/23/2008(May-jon) Extends US Oil and Gas Interest with May-Jon Prospect
4/17/2008(North Washington)Extends US Oil and Gas Interest with North Washington Prospe...
Corporate news of Sundance Energy Australia
8/1/2016Acquisition of Eagle Ford Assets Completed
8/1/2016Acquisition of Eagle Ford Assets no Re-Fracturing Partnershi...
8/1/2016Quarterly Activities and Cashflow Report
6/22/2016Acquisition of Eagle Ford Assets
5/27/2016Chairman's Report AGM
5/23/2016Borrowing Base Reaffirmed
4/29/2016Quarterly Activities and Cashflow Report
1/29/2016Quarterly Activities and Cashflow Report
11/2/2015Edited Transcript of SEA.AX earnings conference call or pres...
10/30/2015Sundance Energy Australia Limited Reports Third Quarter 2015...
10/29/2015Quarterly Activities and Cashflow Report
10/26/2015Quarterly Earnings Call
9/10/2015Half Year Accounts
8/10/2015Cleansing Notice
8/10/2015Acquisition of Eagle Ford and Cooper Basin Assets
8/10/2015Sundance Energy Australia Limited Closed on Acquisition of N...
8/4/2015Edited Transcript of SEA.AX earnings conference call or pres...
7/31/2015Sundance Energy Australia Limited Reports Second Quarter 201...
7/31/2015Quarterly Activities and Cashflow Report
7/29/2015Quarterly Earnings Call
4/27/2015Notice of Annual General Meeting/Proxy Form
3/31/2015Annual Report 2014
3/9/2015Investor Presentation
1/30/2015Quarterly Activities and Cashflow Report
1/30/2015Operations Update
1/29/2015Quarterly Earnings Call
1/29/2015Reserve Upgrade
10/31/2014Operations Update
10/30/2014Quarterly Earnings Call Presentation
5/12/2014Sundance Energy Australia Limited Files Form 15F to Terminat...
2/5/2014Sundance Energy Australia Limited Announces Launch of Initia...
12/17/2009to Participate in Bakken/Three Forks Test Well
11/30/2009to Appoint Reg Nelson as a Director
3/10/2009Company and Development Update
11/27/2008Development Update
11/13/2008AGM address and presentation
8/12/2008Revenue and Developement Update
6/17/2008Another Extension of US Oil and Gas Interest with Colorado C...
6/4/2008 2008 Development Campaign Update
4/15/2008 Spuds Second Well at Phoenix Prospect
1/2/2008Closes Drilling Deal for Phoenix Prospect
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
AU$ 0.165
11/27 10:00 -
Prev close Open
0.165 0.165
Low High
0.165 0.165
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.165 -%
Volume 1 month var.
0 -%
24hGold TrendPower© : -10
Explores for
Interactive chart Add to compare
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.26+0.83%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.26+5.12%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.48+2.05%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 0.98-0.51%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.77+4.31%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.04+0.00%Trend Power :
Closes Bridge Loan Financing
CA$ 3.73+1.91%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.96+1.11%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.39+1.30%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.20+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.21-10.53%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 48.63-0.61%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :