Sundance Energy Australia Regarding Acquisition

Sundance Energy Australia Limited announces the acquisition of approximately 21,900 net acres in the Eagle Ford oil, volatile oil, and condensate windows in McMullen, Live Oak, Atascosa and La Salle Counties, Texas (Acquisition). The Acquisition is being undertaken via Sundance’s wholly-owned US subsidiary, Sundance Energy, Inc (SINC), with the assets being acquired from a joint venture operated by Pioneer Natural Resources USA, Inc (Pioneer). The purchase price for the Acquisition is approximately US$221.5 million, comprising a two tranche non-refundable deposit of US$73 million (US$48 million of which will be payable 12 Australian Business Days after signing the Acquisition Agreement and the remaining US$25 million payable 7 Australian Business Days thereafter (collectively, the Deposit)), with the balance payable at Closing (targeted for 23 April 2018), net of estimated cash flows from the effective date (1 October 2017) to Closing.

Eric McCrady, Managing Director and CEO of Sundance, commented that “this acquisition represents a compelling, highly accretive opportunity to continue our strategy of aggregating assets in the Eagle Ford. The funding provides ample liquidity to execute a 2 rig development program that should result in significant growth in production, cash flows and net asset value per share.


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