Sundance Energy Shares Mounted after Producing More Oil Than Expected, With Daily Oil Production At The "High End" Of Previously Released Guidance

  • Oct 09, 2018 AEDT
  • Team Kalkine
Sundance Energy Shares Mounted after Producing More Oil Than Expected, With Daily Oil Production At The

On 9 October 2018, Sundance Energy Australia Limited (ASX: SEA) made an announcement regarding the updates of Company’s recent development activities. For the month of September, Sundance’s sales volume was circa 15,300 boepd. It is expected that the Company’s average daily production of third Quarter will be at the high end of its last released guidance of 10,000 to 11,000 boepd. Following this news, the share price of the company increased by 7.955 percent as on 9 October 2018.

In the late third quarter, the Company brought a significant number of wells online due to which the September production rate has been increased. For the fourth quarter, the company is expecting its sales volume to increase by 32 percent over the third quarter to 14,000 – 15,000 boepd. After the completion of Hoskins pad drilling by Paterson 589 rig, Sundance is planning to release the 589 rig and the remainder of its 2018 drilling program will be completed by Patterson 229 rig. The company is expecting the total production of 21,000-22,000 boepd in FY 2019. Due to additional production from the acquired assets, LOE per Boe expenses is expected to decline. Due to the utilization of Pioneer’s existing midstream contracts, the LOE per Boe expenses are expected to be elevated in the near term. Oil sales increased by 14.6% to $43.0 million for the six months ended 30 June 2018 over the prior corresponding period. Natural gas sales increased by 25.7% to $5.2 million from $4.2 million in the prior corresponding period.  

For the six months ended 30 June 2018, the company earned a product revenue of $52.76 million which was $44.46 million in the prior corresponding period. Due to increase in the general and administrative costs, finance costs and loss on commodity derivative financial instruments the loss before tax of the company increased from $4.65 million to $65.98 million. The other comprehensive income of the company $0.26 million compared to the other comprehensive loss of $0.029 million in the prior corresponding period. The basic and diluted loss per share of the company increased 0.5 cents to 2.1 cents. The total current assets of the company reduced from $74.68 million to $62.15 million. The current liabilities of the company reduced from $74.13 million to $70.79 million. The company paid $220.13 million for an acquisition of oil and gas properties. The company is having no debt maturities till the fourth quarter of FY 2022. During the six months, the Company’s exploration expenditures were $6.4 million. The cash flow from operating activities decreased from $33.57 million to $2.42 million. The net cash outflow from investing activities increased from $41.1 million to $262.85 million. The company was having cash and cash equivalent of $6.25 million as on 30 June 2018.  Meanwhile, the share price has risen 20.55 percent in the past three months from $0.073 to $0.088 as of October 8, 2018. SEA’s shares traded at $0.095 with a market capitalization of circa $606.75 million as on 9 October 2018 (AEST 4:00 PM).

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