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Sundance Energy

Sundance Energy drilling at new Texas oil lease

Sundance made a large-scale acquisition in the March quarter.

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Crude Oil WTI is trading at US$71.25 per barrel, over 10% higher for the month

Sundance Energy Australia Ltd (ASX:SEA) commenced drilling a three well pad earlier this week on its newly acquired leases in Live Oak County, Texas.

Drilling is expected to finish in late June of 2018 with initial production from this pad to begin late in the September quarter after it is fracture stimulated.

During March, Sundance entered into a US$221.5 million transaction to acquire 21,900 net acres and 1,700 barrels of oil equivalent per day of production in the Eagle Ford region of Texas.

To fund the acquisition, the company raised US$260 million of new equity.

Second rig active in McMullen County

Sundance has a second rig currently operating in McMullen County on its legacy assets.

Drilling on this pad should be completed in early June 2018, which will mark the successful completion of drilling of its first five wells in McMullen County during 2018.

Frac operations will begin on the McMullen County assets in late May of 2018.

All of these wells should begin production between late June and the end of July 2018.

Quick facts: Sundance Energy

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Market: TSX-V
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