Sundance Energy Australia Limited Closes on Sale of Dimmit County Assets
October 02 2019 - 2:25PM
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, announced that it had successfully closed on the sale
of its assets in Dimmit County, TX (the “Assets”) as previously
announced on 18th July 2019. The Company received US$17.8 million
at closing and expects to receive the remaining sale proceeds from
the transaction at the end of the 120 day post-close period.
As previously disclosed, the Company’s existing
borrowing base facility does not include any reserves associated
with the Assets. As such, the borrowing base will remain unchanged
upon the close of the sale.
About Sundance Energy Australia
LimitedSundance 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. 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.
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 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.
For more information, please contact:
United States:John RobertsVP Finance &
Investor RelationsTel: +1 (720) 638-2400 |
Eric McCradyCEO and Managing DirectorTel: +1 (303) 543-5703 |
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Australia:Mike HannellChairman Tel: +61 8 8274
2128 |
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