UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934
For the month of April 2018
Commission File Number 000-55246
Sundance Energy Australia Limited
(Translation of registrants name into English)
633 17th Street, Suite 1950
Denver, CO 80202
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a
|
Exhibit |
|
Description |
|
99.1 |
|
ASX Market Release, dated April 13, 2018 2P Reserves with PV10 of US$936.6 Million |
|
99.2 |
|
ASX Market Release, dated April 13, 2018 Sundance Posts Second Deposit |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
Sundance Energy Australia Limited | |
|
|
|
|
|
|
By: |
/s/ Cathy L. Anderson |
|
|
Name: |
Cathy L. Anderson |
|
Date: April 18, 2018 |
Title: |
Chief Financial Officer |
|
32 Beulah Road, Norwood, South Australia 5067ACN112 202 883 Telephone: +61 8 8363 0388 Facsimile: +61 8 8132 0766 www.sundanceenergy.com.au Sundance Energy Australia Limited ABN 76 112 202 883
FOR IMMEDIATE RELEASE
General Manager The Company Announcements Office Australian Securities Exchange
2P Reserves with PV10 of US$936.6 Million
Sundance Energy Australia Limited (ASX: SEA, Sundance) is pleased to announce its Proved and Probable Reserves (2P Reserves) at 31 December 2017, inclusive of 2P Reserves acquired in the recently announced Eagle Ford acquisition (the Acquisition).
Sundances estimated 2P Reserves, pro forma for the Acquisition, based on Nymex strip pricing, were prepared by Ryder Scott Company, L.P.
· 2P Reserves at year-end 2017, pro forma for the Acquisition, of 170.7 mmboe with a pre-tax present value (discounted at 10%) (PV10) of approximately US$963.6 million or A$1.2 billion · Proved reserves, pro forma for the Acquisition, at year-end 2017 of 100.9 MMboe with a PV10 of approximately US$706.3 million or A$904.7 million · Sundances proved reserves were 22.4% proved developed producing by volume and 81% liquids (61% oil)
Eric McCrady, Sundances Managing Director and CEO, commented that we are very pleased to be moving towards completion of this Acquisition on 23 April. The pro forma 2P Reserves that were independently estimated by Ryder Scott demonstrate the significant value this transaction has created for our shareholders. As we begin drilling we have the opportunity to prove additional reserves and value through our enhanced completion designs and potential cost savings. |
|
|
|
|
NYMEX strip (varying) pricing as of 31 December 2017, adjusted by lease for transportation fees and regional price differentials, used for the Reserves is shown in the following table:
|
Year |
|
WTI Oil |
|
Henry Hub |
|
|
2018 |
|
59.36 |
|
2.82 |
|
|
2019 |
|
56.19 |
|
2.81 |
|
|
2020 |
|
53.76 |
|
2.82 |
|
|
2021 |
|
52.29 |
|
2.85 |
|
|
2022 |
|
51.70 |
|
2.89 |
|
|
2023 & thereafter |
|
51.67 |
|
3.05 |
|
Footnotes and Definitions
Operating costs used in this report are based on operating expense records of Sundance.
Capital costs used in this report were provided by Sundance and are based on authorizations for expenditure and actual costs from recent activity.
Future net revenue is after deductions for Sundances share of production taxes, ad valorem taxes, capital costs, and operating expenses but before consideration of any income taxes.
PV10 is defined as the discounted Net Revenues of the Companys reserves using a 10% discount factor.
Reserves are estimated in US dollars. US dollars are converted at 1.2809 USD/AUD.
1P Reserves or Proved Reserves are defined as Reserves which have a high likelihood or a 90% probability that the quantities actually recovered will equal or exceed the estimate.
2P Reserves or Probable Reserves are defined as Reserves which have at least a 50% probability that the quantities actually recovered will equal or exceed the estimate.
boe is defined as barrel of oil equivalent, using the ratio of 6 mcf of Natural Gas to 1 bbl of Crude Oil. This is based on energy conversion and does not reflect the current economic difference between the value of 1 MCF of Natural Gas and 1 bbl of Crude Oil.
m is defined as a thousand.
mmboe is defined as a million barrels of oil equivalent.
For more information, please contact:
|
United States |
Australia |
|
Eric McCrady, Managing Director |
Mike Hannell, Chairman |
|
Tel: +1 (303) 543 5703 |
Tel: +61 8 8363 0388 |
About Sundance Energy Australia Limited
Sundance Energy Australia Limited (ASX: SEA) is an Adelaide-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 Mississippian/Woodford.
A comprehensive overview of the Company can be found on Sundances website at www.sundanceenergy.com.au.
Competent Persons Statement
This presentation contains information on Sundance Energys reserves which has been reviewed by Stephen E. Gardner, a Professional Engineer employed by Ryder Scott Company, L.P. who practices under State of Colorado license number 44720. Mr. Gardner has consented to the inclusion of this information in the form and context in which it appears.
Summary Information
The following disclaimer applies to this document and any information contained in it (the Information). The Information in this presentation is of general background and does not purport to be complete. It should be read in conjunction with Sundances other periodic and continuous disclosure announcements lodged with ASX Limited, which are available at www.asx.com.au. You are advised to read this disclaimer carefully before reading or making any other use of this document or any information contained in this document. In accepting this document, you agree to be bound by the following terms and conditions including any modifications to them.
Forward Looking Statements
This presentation includes forward-looking statements. These statements relate to Sundances 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.
The forward-looking statements reflect the Companys views and assumptions with respect to future events as of the date of this presentation 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. 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 presentation 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.
|
32 Greenhill Road, Wayville, South Australia 5034 ACN112 202 883 Telephone: +61 8 8363 0388 Facsimile: +61 8 8132 0766 www.sundanceenergy.com.au Sundance Energy Australia Limited ABN 76 112 202 883
FOR IMMEDIATE RELEASE
General Manager The Company Announcements Office Australian Securities Exchange
Sundance Posts Second Deposit
Today Sundance used a portion of the proceeds received from the retail portion of the rights offering totaling A$34.1 million (US$26.2 million) plus proceeds from its currency hedge totaling US$0.5 million to post the second deposit under the PSA equal to US$25.0 million.
Closing is scheduled for 23 April 2018 and it is intended that the final payment due to the Sellers will be funded with proceeds from the Conditional Placement. Sundance has currency hedges covering 100% of the remaining proceeds of the offering.
About Sundance Energy Australia Limited
Sundance Energy Australia Limited (Sundance or the Company) (ASX: SEA) is an Adelaide-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 Sundances website at www.sundanceenergy.net.
Summary Information
The following disclaimer applies to this document and any information contained in it (the Information). The Information in this release is of general background and does not purport to be complete. It should be read in conjunction with Sundances other periodic and continuous disclosure announcements lodged with ASX Limited which are available at www.asx.com.au and Sundances 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 Companys 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.
The forward-looking statements reflect the Companys 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 our 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. Sundance does 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 |
Australia |
|
Eric McCrady, Managing Director |
Mike Hannell, Chairman |
|
Tel: +1 (303) 543 5703 |
Tel: +61 8 8363 0388 |