Sundance Energy Provides October 2018 Operational Update
October 8, 2018 - 5:39 PM EDT
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Sundance Energy Provides October 2018 Operational Update
DENVER, Oct. 08, 2018 (GLOBE NEWSWIRE) -- Sundance Energy Australia Limited (ASX: SEA) (NASDAQ: SNDE) (“Sundance” or the “Company”), a U.S. onshore oil and gas exploration and production company focused in the Eagle Ford in South Texas, today provided an update regarding the Company’s recent development activities.
Production Sundance’s sales volume for the month of September was ~15,300 boepd. The Company expects average Third Quarter daily production to be at the high end of its previously released guidance of 10,000 to 11,000 boepd. The Company brought a significant number of wells online late in the Third Quarter, resulting in an elevated September production rate. The Company expects sales volumes of 14,000 – 15,000 boepd in the Fourth Quarter of 2018, a 32% increase over the Third Quarter.
The Company’s production performance during the Third Quarter was driven by bringing 9 wells online, including 5 on the recently acquired Live Oak County acreage and 2 on the recently acquired Atascosa County acreage. All initial production results to date on the Company’s acquired acreage have exceeded expectations.
Well Name
County
IP Date
Completed Lat Length
24-HR IP (boepd)
24-HR / 1,000' ft
30-Day IP (boepd)
30-Day / 1,000' ft
% Oil
Harlan Bethune 25H
Live Oak
15-Aug
4,973
941
189
1,102
222
73%
Harlan Bethune 26H
Live Oak
15-Aug
4,161
1,387
333
1,234
296
79%
Harlan Bethune 27H
Live Oak
15-Aug
3,469
1,264
364
1,183
341
76%
Harlan Bethune 34H
Live Oak
19-Aug
3,506
1,458
416
1,691
482
76%
Harlan Bethune 35H
Live Oak
19-Aug
3,678
1,504
409
1,738
472
79%
Allen MCM 1H
McMullen
17-Aug
8,015
1,388
173
1,291
161
74%
Allen MCM 2H
McMullen
17-Aug
8,234
1,297
158
1,132
137
77%
Justin Toms 5H
Atascosa
3-Sep
6,258
1,117
178
1,296
207
88%
Justin Toms 6H
Atascosa
3-Sep
6,299
913
145
1,042
165
91%
Drilling Activities During the month of September Sundance completed drilling the 2-well Idylwood pad and the 4-well James Keith Esse pad, both located in Live Oak County. Sundance is currently drilling the 2-well Hoskins 20H and 21H pad in McMullen County and the 3-well Harlan Bethune 22H, 23H and 24H pad in Live Oak County.
Once the Paterson 589 rig has completed drilling the Hoskins pad, Sundance plans to release the 589 rig and will complete the remainder of its 2018 drilling program with just the Patterson 229 rig. Sundance anticipates contracting a second rig during the first quarter of next year in order to execute its 2019 drilling program.
Completion Activities In late September, Sundance mobilized its frac crew to the 2-well Idylwood 04H and 05H pad in order to commence its Fourth Quarter completions program. Upon completion of the Idylwood pad frac jobs in mid-October, the Company intends to mobilize the frac crew to the 4-well James Keith Esse 06H, 07H, 08H and 09H pad. The Company anticipates completing and turning to sales between 9 and 11 wells during the fourth quarter.
Year to Date Activities Overview
Well Name
County
Spud Date
Frac Start Date
IP Date
Completed Lat Length
30-Day IP Rate (boepd)
% Oil
Paloma Ranch 7H
McMullen
18-Jan-18
17-May-18
2-Jun-18
7,690'
1,345
62%
Peeler Ranch 8HC
Atascosa
1-Mar-18
28-May-18
26-Jun-18
5,642'
484
92%
Peeler Ranch 9HC
Atascosa
24-Mar-18
28-May-18
26-Jun-18
5,820'
446
93%
Allen MCM 2HA
McMullen
13-May-18
6-Jul-18
17-Aug-18
8,234'
1,132
77%
Harlan Bethune 25H
Live Oak
7-May-18
24-Jul-18
15-Aug-18
4,973'
1,102
73%
Harlan Bethune 26H
Live Oak
11-May-18
22-Jul-18
15-Aug-18
4,161'
1,234
79%
Harlan Bethune 27H
Live Oak
13-May-18
22-Jul-18
15-Aug-18
3,469'
1,183
76%
Justin Tom 05H
Atascosa
17-Jun-18
12-Aug-18
3-Sep-18
6,258'
1,296
88%
Justin Tom 06H
Atascosa
14-Jun-18
12-Aug-18
3-Sep-18
6,299'
1,042
91%
Harlan Bethune 34H
Live Oak
25-Jun-18
3-Aug-18
19-Aug-18
3,506'
1,691
76%
Harlan Bethune 35H
Live Oak
22-Jun-18
3-Aug-18
19-Aug-18
3,678'
1,738
79%
James Keith Esse 06H
Live Oak
26-Jul-18
-
-
5,175'
-
-
James Keith Esse 07H
Live Oak
22-Jul-18
-
-
5,178'
-
-
James Keith Esse 08H
Live Oak
24-Jul-18
-
-
5,180'
-
-
James Keith Esse 09H
Live Oak
20-Jul-18
-
-
5,164'
-
-
Idylwood 04H
Live Oak
3-Aug-18
28-Sep-18
-
6,445'
-
-
Idylwood 05H
Live Oak
3-Aug-18
28-Sep-18
-
5,487'
-
-
Harland Bethune 22H
Live Oak
17-Sep-18
-
-
-
-
-
Harland Bethune 23H
Live Oak
21-Sep-18
-
-
-
-
-
Harland Bethune 24H
Live Oak
25-Sep-18
-
-
-
-
-
Hoskins 20H
McMullen
25-Sep-18
-
-
-
-
-
Hoskins 21H
McMullen
27-Sep-18
-
-
-
-
-
For more information, please contact:
United States: John Roberts VP Finance & Investor Relations Tel: +1 (720) 638-2400
Eric McCrady CEO and Managing Director Tel: +1 (303) 543-5703
Australia: Mike Hannell Chairman Tel: +61 8 8363 0388
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 where the company has a position of approximately 54,600 net acres. A comprehensive overview of the Company can be found on Sundance’s website at www.sundanceenergy.net
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 www.asx.com.au and Sundance’s filings with the Securities and Exchange Commission available at www.sec.gov.
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 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.
