https://www.miningweekly.com
Business|Energy|Flow|Flow
Business|Energy|Flow|Flow
business|energy|flow-company|flow-industry-term

Sundance increases borrowing base

14th November 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Sundance Energy has increased its senior secured borrowing base from $87.5-million to $122.5-million.

MD and CEO Eric McCrady said on Wednesday that the company’s pre-existing available liquidity was sufficient to support its development programmes through the second half of 2019, when Sundance anticipated to be free cash flow positive.

“This significant borrowing base increase will provide us with an additional liquidity cushion to run our business and is a vote of confidence from our lenders in recognition of the recent outstanding results of our development programme.”

Sundance in March this year undertook a $221.5-million acquisition and a $260-million capital raise.

The company acquired 21 900 acres and 1 800 bbl/d of oil equivalent in the Eagle Ford Shale, which included varying working interest in 132 wells. With the completion of the acquisition, the company has a pro-forma net reserve totalling 87.8-million barrels of oil equivalent 1P and 149.3-million barrels of oil equivalent 2P.

Edited by Creamer Media Reporter

Comments

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.122 0.156s - 109pq - 2rq
Subscribe Now