DENVER, July 11, 2018 (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, today provided an update regarding the Company’s recent development activities.
The Paloma Ranch 7H well had a completed lateral length of 7,690’ and initiated flowback on 2nd June. Initial 30-day production (“IP-30”) results were 1,345 barrels of oil equivalent per day with oil representing 62% (or 829 barrels) of volumes. The Peeler Ranch 8HC and 9HC wells initiated flowback on 26th June and had completed lateral lengths of 5,642’ and 5,820’ respectively. Early Peeler Ranch production results to date are in line with well performance expectations.
Sundance began drilling both wells on the two well Harlan Bethune 34H and 35H pad in Live Oak County with the Patterson 229 rig during the third week of June. The Company has completed drilling the 35H well and is presently drilling the intermediate section of the 34H well.
Sundance additionally mobilized the Patterson 589 rig to the two well Justin Tom 05H and 06H pad in Atascosa County and began drilling both wells during the second week of June. The Company has finished drilling, casing and cementing the vertical section of both wells and is presently drilling ahead in the lateral of the 05H well.
Sundance has executed a one year contract on the Patterson 229 rig and a 90 day contract on the Patterson 589 rig, both at fixed day rates in-line with assumptions used for the Company’s previously announced capital expenditure program.
Sundance mobilized its frac crew to the two well Allen MCM 1HA and 2HA pad in McMullen County and initiated the frac job on 6th July. Initial production of the Allen wells is estimated on 1st August. The Company has prepped the recently drilled three well Harlan Bethune 25H, 26H and 27H pad in Live Oak County for frac and intends to mobilize the frac crew there in late July following completion of the frac jobs on the Allen wells. The Company anticipates completing and beginning production on 10 wells in the third quarter.
Year to Date Activities Overview
|IP Date||Completed Lat Length||30-Day
|Paloma Ranch 7H||McMullen||18-Jan-18||17-May-18||2-Jun-18||7,690′||1,345||62||%|
|Peeler Ranch 8HC||Atascosa||1-Mar-18||28-May-18||26-Jun-18||5,642′||–||–|
|Peeler Ranch 9HC||Atascosa||24-Mar-18||28-May-18||26-Jun-18||5,820′||–||–|
|Allen MCM 1HA||McMullen||21-Apr-18||6-Jul-18||–||–||–||–|
|Allen MCM 2HA||McMullen||13-May-18||6-Jul-18||–||–||–||–|
|Harlan Bethune 25H||Live Oak||7-May-18||–||–||–||–||–|
|Harlan Bethune 26H||Live Oak||11-May-18||–||–||–||–||–|
|Harlan Bethune 27H||Live Oak||13-May-18||–||–||–||–||–|
|Justin Tom 05H||Atascosa||17-Jun-18||–||–||–||–||–|
|Justin Tom 06H||Atascosa||14-Jun-18||–||–||–||–||–|
|Harlan Bethune 34H||Live Oak||25-Jun-18||–||–||–||–||–|
|Harlan Bethune 35H||Live Oak||22-Jun-18||–||–||–||–||–|