DENVER, March 27, 2019 (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 reported its fourth quarter and full year 2018 financial and operations results today.
Fourth Quarter and Full Year 2018 Financial Results Highlights
Operational Highlights
2019 Guidance Highlights
The table below provides an overview of the Company’s operational activity for 2018 and year-to-date 20194:
Well Name | County | Spud Date | Frac Start Date | IP Date | Lateral Length | 30-Day IP (boe/d) | % Oil | 60-Day IP (boe/d) | |
Paloma Ranch 7H | McMullen | 18-Jan-18 | 17-May-18 | 2-Jun-18 | 7,690' | 1,345 | 62 | % | 1,017 |
Peeler Ranch 8HC | Atascosa | 1-Mar-18 | 28-May-18 | 26-Jun-18 | 5,642' | 484 | 92 | % | 404 |
Peeler Ranch 9HC | Atascosa | 24-Mar-18 | 28-May-18 | 26-Jun-18 | 5,820' | 446 | 93 | % | 371 |
Allen MCM 1HA | McMullen | 21-Apr-18 | 6-Jul-18 | 17-Aug-18 | 8,015' | 1,291 | 74 | % | 1,100 |
Allen MCM 2HA | McMullen | 13-May-18 | 6-Jul-18 | 17-Aug-18 | 8,234' | 1,132 | 77 | % | 969 |
Harlan Bethune 25H | Live Oak | 7-May-18 | 24-Jul-18 | 15-Aug-18 | 4,779' | 1,102 | 73 | % | 1,091 |
Harlan Bethune 26H | Live Oak | 11-May-18 | 22-Jul-18 | 15-Aug-18 | 4,073' | 1,234 | 79 | % | 1,066 |
Harlan Bethune 27H | Live Oak | 13-May-18 | 22-Jul-18 | 15-Aug-18 | 3,314' | 1,183 | 76 | % | 901 |
Justin Tom 05H | Atascosa | 17-Jun-18 | 12-Aug-18 | 3-Sep-18 | 6,258' | 1,296 | 88 | % | 1,146 |
Justin Tom 06H | Atascosa | 14-Jun-18 | 12-Aug-18 | 3-Sep-18 | 6,299' | 1,042 | 91 | % | 826 |
Harlan Bethune 34H | Live Oak | 25-Jun-18 | 3-Aug-18 | 19-Aug-18 | 3,528' | 1,691 | 76 | % | 1,588 |
Harlan Bethune 35H | Live Oak | 22-Jun-18 | 3-Aug-18 | 19-Aug-18 | 3,702' | 1,738 | 79 | % | 1,579 |
James Keith Esse 06H | Live Oak | 23-Jul-18 | 12-Oct-18 | 13-Nov-18 | 5,175' | 1,212 | 74 | % | 1,222 |
James Keith Esse 07H | Live Oak | 25-Jul-18 | 12-Oct-18 | 13-Nov-18 | 5,178' | 923 | 75 | % | 966 |
James Keith Esse 08H | Live Oak | 27-Jul-18 | 12-Oct-18 | 13-Nov-18 | 5,180' | 1,119 | 75 | % | 1,148 |
James Keith Esse 09H | Live Oak | 29-Jul-18 | 12-Oct-18 | 13-Nov-18 | 5,164' | 1,333 | 73 | % | 1,291 |
Idylwood 04H | Live Oak | 10-Aug-18 | 28-Sep-18 | 16-Oct-18 | 6,445' | 1,021 | 83 | % | 1,079 |
Idylwood 05H | Live Oak | 7-Aug-18 | 28-Sep-18 | 16-Oct-18 | 5,487' | 1,171 | 81 | % | 1,152 |
Harlan Bethune 22H | Live Oak | 17-Sep-18 | 27-Nov-18 | 15-Dec-18 | 5,301' | 624 | 79 | % | 767 |
Harlan Bethune 23H | Live Oak | 21-Sep-18 | 27-Nov-18 | 15-Dec-18 | 5,621' | 1,330 | 79 | % | 1,134 |
Harlan Bethune 24H | Live Oak | 25-Sep-18 | 27-Nov-18 | 15-Dec-18 | 5,737' | 653 | 74 | % | 687 |
Hoskins 20H | McMullen | 25-Sep-18 | 8-Nov-18 | 2-Dec-18 | 7,266' | 561 | 86 | % | 463 |
Hoskins 21H | McMullen | 27-Sep-18 | 8-Nov-18 | 2-Dec-18 | 7,116' | 909 | 82 | % | 889 |
Roy Esse 15H | Live Oak | 30-Nov-18 | - | - | - | - | - | - | |
Roy Esse 16H | Live Oak | 28-Nov-18 | - | - | - | - | - | - | |
Roy Esse 17H | Live Oak | 26-Nov-18 | - | - | - | - | - | - | |
Roy Esse 18H | Live Oak | 24-Nov-18 | - | - | - | - | - | - | |
Bracken 22H | McMullen | 24-Jan-19 | 10-Mar-19 | - | - | - | - | - | |
Bracken 23H | McMullen | 22-Jan-19 | 10-Mar-19 | - | - | - | - | - | |
Georgia Buck 01H | Live Oak | 21-Feb-19 | - | - | - | - | - | - | |
Georgia Buck 02H | Live Oak | 23-Feb-19 | - | - | - | - | - | - | |
Georgia Buck 03H | Live Oak | 25-Feb-19 | - | - | - | - | - | - | |
Georgia Buck 10H | Live Oak | 27-Feb-19 | - | - | - | - | - | - |
The tables below set forth the Company’s hedge position as of 22nd March5:
HEDGE POSITION OVERVIEW
Total Oil Derivative Contracts | Gas Derivative Contracts | |||||||||
Weighted Average | Weighted Average | |||||||||
Year | Units (Bbls) | Floor | Ceiling | Units (Mcf) | Floor | Ceiling | ||||
2019 | 2,032,000 | $60.33 | $67.19 | 2,690,000 | $2.91 | $3.17 | ||||
2020 | 1,686,000 | $55.01 | $59.65 | 1,536,000 | $2.65 | $2.70 | ||||
2021 | 612,000 | $48.49 | $59.23 | 1,200,000 | $2.66 | $2.66 | ||||
2022 | 528,000 | $45.68 | $60.83 | 1,080,000 | $2.69 | $2.69 | ||||
2023 | 160,000 | $40.00 | $63.10 | 240,000 | $2.64 | $2.64 | ||||
Total | 5,018,000 | $54.91 | $62.88 | 6,746,000 | $2.76 | $2.88 |
CRUDE OIL HEDGE POSITION BY BASIS
LLS Derivative Contracts | Brent Derivative Contracts | WTI Derivative Contracts | |||||||||
Weighted Average | Weighted Average | Weighted Average | |||||||||
Year | Units (Bbls) | Floor | Ceiling | Units (Bbls) | Floor | Ceiling | Units (Bbls) | Floor | Ceiling | ||
2019 | 140,000 | $52.51 | $62.51 | 797,000 | $61.23 | $69.55 | 1,095,000 | $60.68 | $66.07 | ||
2020 | - | - | - | - | - | - | 1,686,000 | $55.01 | $59.65 | ||
2021 | - | - | - | - | - | - | 612,000 | $48.49 | $59.23 | ||
2022 | - | - | - | - | - | - | 528,000 | $45.68 | $60.83 | ||
2023 | - | - | - | - | - | - | 160,000 | $40.00 | $63.10 | ||
Total | 140,000 | $52.51 | $62.51 | 797,000 | $61.23 | $69.55 | 4,081,000 | $53.76 | $61.60 |
The following unaudited tables present certain production, per unit metrics and Adjusted EBITDAX that compare results of the corresponding quarterly and annual reporting periods:
Three Months Ended December 31, | Twelve Months Ended December 31, | % Change | |||||||||||||||
Unaudited | 2018 | 2017 | 2018 | 2017 | Qtr.-over- Qtr | Yr.-over- Yr. | |||||||||||
Net Sales Volumes | |||||||||||||||||
Oil (Bbls) | 844,391 | 438,735 | 2,256,043 | 1,799,752 | 92 | % | 25 | % | |||||||||
Natural gas (Mcf) | 1,121,258 | 1,146,789 | 4,533,604 | 3,621,289 | -2 | % | 25 | % | |||||||||
NGL (Bbls) | 153,672 | 93,574 | 496,624 | 323,669 | 64 | % | 53 | % | |||||||||
Total sales (Boe) | 1,184,939 | 723,440 | 3,508,268 | 2,726,969 | 64 | % | 29 | % | |||||||||
Plant fuel & unaccounted for natural gas and NGLs (Boe) | 27,600 | - | 73,000 | - | 100 | % | 100 | % | |||||||||
flared gas (Boe) | 91,145 | 61,555 | 190,341 | 142,350 | 48 | % | 34 | % | |||||||||
Total production (Boe) | 1,303,684 | 784,995 | 3,771,610 | 2,869,319 | 66 | % | 31 | % | |||||||||
Average Daily Volumes | |||||||||||||||||
Average daily sales | 12,880 | 7,863 | 9,612 | 7,471 | 64 | % | 29 | % | |||||||||
Product Price Received | |||||||||||||||||
Total price received (per Boe) | $ | 49.23 | $ | 39.20 | $ | 48.92 | $ | 38.28 | 26 | % | 28 | % | |||||
Total realized price (per Boe)(1)(2)(3) | $ | 56.04 | $ | 37.56 | $ | 46.84 | $ | 37.67 | 49 | % | 24 | % | |||||
Total price received - Oil (per Bbl) | $ | 60.30 | $ | 53.03 | $ | 65.13 | $ | 49.53 | 14 | % | 32 | % | |||||
Total price realized - Oil (per Bbl)(1) | $ | 70.38 | $ | 50.24 | $ | 62.11 | $ | 48.70 | 40 | % | 28 | % | |||||
Total price received - Natural gas (per Mcf) | $ | 3.03 | $ | 2.45 | $ | 2.65 | $ | 2.41 | 24 | % | 10 | % | |||||
Total price realized - Natural gas (per Mcf)(2) | $ | 2.62 | $ | 2.49 | $ | 2.57 | $ | 2.36 | 5 | % | 10 | % | |||||
Total price received - NGL (per Bbl) | $ | 26.20 | $ | 24.34 | $ | 25.51 | $ | 20.14 | 8 | % | 27 | % | |||||
Total price realized - NGL (per Bbl)(3) | $ | 26.29 | $ | 24.34 | $ | 25.29 | $ | 20.14 | 8 | % | 26 | % | |||||
(1) Included realized gains on oil derivatives of $8.5 million and realized losses of $1.2 million for the three months ended December 31, 2018 and 2017, respectively, and realized losses of $0.1 million and $1.5 million for the twelve months ended December 31, 2018 and 2017, respectively. Also includes the impact of a fixed price delivery contract of $2.97/bbl for the twelve months ended December 31, 2018. | |||||||||||||||||
(2) Included realized losses on natural gas derivatives of $0.5 million and $39 thousand for the three months ended December 31, 2018 and 2017, respectively, and realized losses of $0.4 million and realized losses of $0.2 million for the twelve months ended December 31, 2018 and 2017, respectively. | |||||||||||||||||
(3) Included realized gains on NGL derivatives of $13 thousand for the three months ended December 31, 2018 and realized losses of $0.1 million for the twelve months ended December 31, 2018. |
UNIT COST ANALYSIS | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||
Unaudited | 2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||
Revenue/Boe | $ | 49.23 | $ | 39.20 | 25.6 | % | $ | 48.92 | $ | 38.28 | 27.8 | % | |||||||||
Lease operating expenses/Boe | (6.75 | ) | (7.65 | ) | (11.8 | %) | (8.04 | ) | (6.28 | ) | 28.0 | % | |||||||||
Workover expense/Boe | (1.14 | ) | (1.90 | ) | (39.8 | %) | (1.64 | ) | (1.94 | ) | (15.5 | %) | |||||||||
Gathering and Transportation Expense/Boe(1) | (2.57 | ) | - | 100.0 | % | (1.67 | ) | - | 100.0 | % | |||||||||||
Production taxes/Boe | (2.13 | ) | (2.19 | ) | 27.9 | % | (2.76 | ) | (2.43 | ) | 13.8 | % | |||||||||
Cash G&A/Boe(2) | (2.77 | ) | (4.82 | ) | (42.5 | %) | (4.19 | ) | (5.97 | ) | (29.7 | )% | |||||||||
Net per Boe | $ | 33.87 | $ | 22.64 | 49.6 | % | $ | 30.62 | $ | 21.66 | 41.4 | % | |||||||||
Adjusted EBITDAX(3) | 48,198 | 15,151 | 218.1 | % | 100,092 | 57,189 | 75.0 | % | |||||||||||||
Adjusted EBITDAX Margin(4) | 72.6 | % | 55.8 | % | 30.2 | % | 60.9 | % | 55.7 | % | 9.4 | % | |||||||||
(1) Gathering and Transportation expense excludes the $2.8 million deficiency payment associated with the minimum revenue commitment shortfall under one of the Company's gathering, processing and transportation agreements. | |||||||||||||||||||||
(2) Cash G&A represents general and administrative expenses (non transaction-related) incurred less equity-settled share based compensation expense, which totaled $0.2 million and $0.5 million for the three months ended December 31, 2018 and 2017, respectively, and expense of $0.5 million and $2.1 million for the twelve months ended December 31, 2018 and 2017, respectively. | |||||||||||||||||||||
(3) See reconciliation of income (loss) attributable to owners of the Company to Adjusted EBITDAX included at end of release. | |||||||||||||||||||||
(4) Adjusted EBITDAX Margin represents Adjusted EBITDAX as a percentage of revenue, inclusive of commodity derivative settlements, during the period. |
Condensed Consolidated Financial Statements
The Company’s condensed consolidated financial statements are included below.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
Unaudited (US$000s) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenue | $ | 58,336 | $ | 28,355 | $ | 164,925 | $ | 104,399 | |||||||
Lease operating, workover and production tax expense | (11,878 | ) | (8,495 | ) | (43,641 | ) | (29,029 | ) | |||||||
Gathering, processing and transportation expense | (5,804 | ) | - | (8,633 | ) | - | |||||||||
Depreciation and amortisation expense | (23,468 | ) | (13,354 | ) | (67,909 | ) | (58,361 | ) | |||||||
General and administrative expense | (3,452 | ) | (3,997 | ) | (15,227 | ) | (18,345 | ) | |||||||
Transaction-related expense | (19 | ) | - | (12,396 | ) | - | |||||||||
Gain (loss) on commodity hedging, net(1) | 92,004 | (8,187 | ) | 40,216 | (2,894 | ) | |||||||||
Finance costs, net of amounts capitalized | (8,035 | ) | (4,073 | ) | (25,405 | ) | (13,491 | ) | |||||||
Loss on debt extinguishment | - | - | (2,428 | ) | - | ||||||||||
Impairment expense | (20,163 | ) | (5,434 | ) | (43,945 | ) | (5,583 | ) | |||||||
Other items income (expense), net(2) | (2,912 | ) | 1,215 | 3,794 | (1,004 | ) | |||||||||
Income (Loss) before income tax | 74,609 | (13,970 | ) | (10,649 | ) | (24,308 | ) | ||||||||
Income tax expense (benefit) | (9,880 | ) | 3,300 | (17,490 | ) | 1,873 | |||||||||
Income (Loss) attributable to owners of the Company | $ | 64,729 | $ | (10,670 | ) | $ | (28,139 | ) | $ | (22,435 | ) | ||||
(1) Included an unrealised gain on commodity hedging of $83.9 million and an unrealized loss of $7.0 million for the three months ended December 31, 2018 | |||||||||||||||
and 2017 respectively, and an unrealised gain of $40.8 million and an unrealised loss of $1.2 million for the year ended December 31, 2018 and 2017 respectively. | |||||||||||||||
(2) Included a realized gain on foreign currency derivatives of $6.8 million for the twelve months ended December 31, 2018. |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(US$'000s) | December 31, 2018 | December 31, 2017 | |||||
(Unaudited) | (Audited) | ||||||
Cash | $ | 1,581 | $ | 5,761 | |||
Trade and other receivables | 23,633 | 4,006 | |||||
Derivative assets - current | 24,315 | - | |||||
Other current assets | 3,546 | 3,855 | |||||
Assets held for sale(1) | 24,284 | 61,064 | |||||
Total current assets | 77,359 | 74,686 | |||||
Oil and gas properties | 712,870 | 373,775 | |||||
Derivative assets - non current | 8,003 | - | |||||
Other assets | 3,847 | 6,157 | |||||
Total assets | $ | 802,079 | $ | 454,618 | |||
Current liabilities | $ | 70,919 | $ | 67,454 | |||
Derivative liabilities - current | 436 | 5,618 | |||||
Liabilities held for sale(1) | 1,125 | 1,064 | |||||
Total current liabilities | 72,480 | 74,136 | |||||
Credit facilities, net of financing fees | 300,440 | 189,310 | |||||
Derivative liabilities - non current | 2,578 | 3,728 | |||||
Other non current liabilities | 33,206 | 10,093 | |||||
Total liabilities | $ | 408,704 | $ | 277,267 | |||
Net assets | $ | 393,375 | $ | 177,351 | |||
Equity | $ | 393,375 | $ | 177,351 | |||
(1) The Company's Dimmit County Eagle Ford assets (and related liabilities) were classified as held for sale as of December 31, 2018 and 2017. |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
Twelve Months Ended December 31, | |||||||
Unaudited (US$000s) | 2018 | 2017 | |||||
Operating | |||||||
Receipts from sales | $ | 153,424 | $ | 112,534 | |||
Payments for operating and administrative expenses(1) | (71,250 | ) | (40,000 | ) | |||
Payments for commodity derivative settlements, net | (5,186 | ) | (1,428 | ) | |||
Other, net(2) | (1,703 | ) | 3,670 | ||||
Net cash provided by operating activities | 75,285 | 74,776 | |||||
Investing | |||||||
Payments for development expenditures | (170,363 | ) | (101,043 | ) | |||
Payments for exploration expenditures | (5,294 | ) | (8,351 | ) | |||
Payment for Eagle Ford acquisition | (215,789 | ) | - | ||||
Sale of non current assets | 100 | 15,348 | |||||
Other | (363 | ) | 1,543 | ||||
Net cash used in investing activities | (391,709 | ) | (92,503 | ) | |||
Financing | |||||||
Proceeds from the issuance of shares | 253,517 | - | |||||
Payments for the costs of capital raisings | (10,293 | ) | - | ||||
Receipts from settlements of foreign currency derivatives | 6,838 | - | |||||
Interest paid, net of capitalized portion | (25,394 | ) | (12,381 | ) | |||
Borrowings, net, including production prepayment | 104,806 | 18,444 | |||||
Deferred financing costs capitalized | (16,910 | ) | - | ||||
Other | (297 | ) | - | ||||
Net cash provided by financing activities | 312,267 | 6,063 | |||||
Cash beginning of period | 5,761 | 17,463 | |||||
FX effect | (23 | ) | (38 | ) | |||
Cash at end of period | $ | 1,581 | $ | 5,761 | |||
(1) The twelve months ended December 31, 2018 includes payments of $13.6 million of transaction-related costs. | |||||||
(2) Includes $2.3 million of withholding tax payments and $3.9 million of income tax refund (net) for the twelve months ended December 31, 2018 and 2017, respectively. |
Conference Call
The Company will host a conference call for investors on Wednesday, March 27, 2019 at 3 p.m. MDT (Thursday, 28 March, 2019 at 8 a.m. AEDT).
Interested investors can listen to the call via webcast at http://www.sundanceenergy.net/events.cfm. The webcast will also be available for replay on the Company’s website.
Additional Information
We define “Adjusted EBITDAX”, a non-IFRS measure, as earnings before interest expense, income taxes, depreciation, depletion and amortization, property impairments, gain/(loss) on sale of non-current assets, exploration expense, share based compensation and income, gains and losses on commodity hedging, net of settlements of commodity hedging and items that the Company believes affect the comparability of operating results such as items whose timing and/or amount cannot be reasonably estimated or items that are non-recurring. Management uses Adjusted EBITDAX to facilitate comparisons of its performance between periods and to the performance of its peers. This non-IFRS financial measure should not be considered as a substitute for, nor superior to, measures of financial performance prepared in accordance with IFRS.
Below is a reconciliation from the net income (loss) attributable to owners of the Company to Adjusted EBITDAX:
IFRS Income (Loss) Attributable to Owners of Sundance Reconciliation to Adjusted EBITDAX | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
Unaudited (US$000s) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Income (Loss) attributable to owners of Sundance | $ | 64,729 | $ | (10,670 | ) | $ | (28,139 | ) | $ | (22,435 | ) | ||||
Income tax expense (benefit) | 9,880 | (3,300 | ) | 17,490 | (1,873 | ) | |||||||||
Finance costs, net of amounts capitalized | 8,035 | 4,073 | 25,405 | 13,491 | |||||||||||
Loss on debt extinguishment | - | - | 2,428 | - | |||||||||||
Loss (gain) on derivative financial instruments, net | (92,004 | ) | 8,187 | (40,216 | ) | 2,894 | |||||||||
Settlement of commodity hedging | 8,070 | (1,186 | ) | (599 | ) | (1,670 | ) | ||||||||
Loss on interest rate derivative financial instruments, net | 2,435 | - | 2,435 | - | |||||||||||
Depreciation and amortization | 23,468 | 13,354 | 67,909 | 58,361 | |||||||||||
Impairment expense | 20,163 | 5,434 | 43,945 | 5,583 | |||||||||||
Noncash share-based compensation | 170 | 513 | 515 | 2,076 | |||||||||||
Acquisition-related costs included in general and administrative expenses(1) | 19 | - | 12,396 | - | |||||||||||
Loss (gain) on sale of noncurrent assets | (10 | ) | (106 | ) | 5 | 1,461 | |||||||||
Gain on foreign currency derivatives | - | 0 | (6,838 | ) | - | ||||||||||
Deficiency related to minimum revenue commitment shortfall | 2,757 | - | 2,757 | - | |||||||||||
Other (income) expense, net | 486 | (1,148 | ) | 599 | (698 | ) | |||||||||
Adjusted EBITDAX | $ | 48,198 | $ | 15,151 | $ | 100,092 | $ | 57,189 | |||||||
(1) Professional fees included in general and administrative expense related to the Company's Eagle Ford acquisition, which closed April 23, 2018. |
The Company reports under International Financial Reporting Standards (IFRS). All amounts are reported in US dollars unless otherwise noted.
The Company’s full Unaudited Activities Report as filed with the Australian Securities Exchange (ASX) and Securities and Exchange Commission on Form 6-K for the Quarter Ended December 31, 2018 can be found at www.sundanceenergy.net.
The Company’s 2017 Annual Report as filed with the ASX and Form 20-F as filed with the SEC can be found at www.sundanceenergy.net. The Company expects to file our 2018 Annual Report with the ASX by March 31, 2018.
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. 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 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 8274 2128 or + 61 418 834 957 |
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1 Adjusted EBITDAX is a Non-IFRS measure, please see reconciliation to net income (loss) attributable to owners of Sundance at the end of this release.
2 The Company’s reserves at 31 December 2018 were announced and filed with the ASX on 11 and 15 March 2019.
3 Adjusted EBITDAX is a Non-IFRS measure, please see reconciliation to net income (loss) attributable to owners of Sundance at the end of this release.
4 Excludes the held for sale Red Ranch 18H & 19H wells in Dimmit County which were DUC wells at 12/31/18 and were brought online in February 2019.
5 Excludes realized hedge volumes which rolled off in January and February 2019.