Daily Archives: August 16, 2018

Global Dairy Platform Announces Dairy Farmers of America CEO Rick Smith as New Board Chair

ROSEMONT, Ill., Aug. 16, 2018 (GLOBE NEWSWIRE) — Global Dairy Platform (GDP), a pre-competitive collaboration of dairy sector organizations focused on encouraging the appropriate intake of nutrient-rich dairy foods and demonstrating the sector’s role in sustainable agriculture, today announced the appointment of Rick Smith, President and Chief Executive Officer of Dairy Farmers of America as Chair of the Board of Directors.

“It is truly an honor to serve as Chair of GDP’s Board of Directors,” noted Mr. Smith. “We are facing global food and health challenges that need short and long-term solutions. The work of GDP creates an avenue for collaborative action that demonstrates dairy’s valuable contribution to global food systems, healthy diets and sustainable livelihoods.”

Mr. Smith will serve on the board along with Fonterra Co-operative Group Chief Executive Officer Mr. Miles Hurrell; China Mengniu Dairy Company Executive Director and Chief Executive Officer Mr. Minfang (Jeffery) Lu; Royal FrieslandCampina Chief Executive Officer Mr. Hein Schumacher and Arla Foods Chief Executive Officer Mr. Peder Tuborgh.

Additional governance members are Dr. Margrethe Jonkman, Deputy Chair of the GDP Board and Chair of the Operational Committee, Corporate Director Research & Development, Royal FrieslandCampina; Dr. Judith Bryans, President, International Dairy Federation; Mr. Jerry Kaminski, Executive Vice President, Chief Operating Officer, International, Land O’Lakes; Ms. Hanne Sondergaard, Executive Vice President and Chief Marketing Officer, Marketing & Innovation, Arla Foods; Ms. Judith Swales, Chief Operating Officer, V&I, Fonterra Co-operative Group; Mr. Jay Waldvogel, Senior Vice President of Strategy and International Development, Dairy Farmers of America.

About Global Dairy Platform
Established in 2006, GLOBAL DAIRY PLATFORM’s membership of dairy companies, associations, scientific bodies and other partners collaborate pre-competitively to promote the necessary intake of nutrient-rich dairy products, build evidence on dairy’s role in the diet, and show the sector’s commitment to responsible and sustainable food production. Together, the collaboration aims to demonstrate dairy’s contribution to global food systems, healthy diets, and sustainable livelihoods. Visit www.globaldairyplatform.com for more information.

Contact: Jerreau Beaudoin
+1 847 627 3387
Jerreau.beaudoin@globaldairyplatform.com

Sundance Energy Australia Limited Reports Second Quarter 2018 Financial and Operational Results

DENVER, Aug. 16, 2018 (GLOBE NEWSWIRE/Knowledge Bylanes) — 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 second quarter 2018 financial and operations results.

Second Quarter 2018 Financial Results

  • Adjusted EBITDAX for the second quarter of 2018 was US$9.4 million, representing a 34.2% Adjusted EBITDAX margin. Adjusted EBITDAX for the first half of 2018 was US $20.7mm, a 40.3% margin and in-line with Adjusted EBITDAX guidance for the first half of the year. These figures exclude certain non-recurring expenses such as acquisition related costs and unrealized hedging losses on derivatives.
  • Total revenue for the quarter increased 29% to US $27.4 million as compared to the same prior year period. Revenue was impacted by the lower share of oil production by volume for the period.
  • Average second quarter realized prices excluding the impact of hedging and fixed price physical delivery contracts were US$67.61 per barrel of oil, US$2.21 per mmbtu of gas, and US$22.37 per barrel of NGL. On a blended basis the average estimated second quarter price realized per Boe for all products excluding the impact of hedging and fixed price physical delivery contracts was US$43.47. Average second quarter price including the impact of hedging was US$35.69 per Boe and US$52.61 per barrel.
  • Cash Operating Costs for the quarter of US $20.28/boe were flat as compared to US $20.39/Boe for the same prior year period. As anticipated, workover expenses for the period of US$1.85/Boe were higher due to the Company’s continued conversion of wells to gas lift and bringing PDNP wells acquired from Pioneer back online. Lease Operating Expense (“LOE”) of US$10.95/Boe remained elevated in the short term primarily as a result of higher gathering costs under the midstream agreements entered at closing of the Pioneer acquisition. These higher midstream tariffs solely and specifically apply only to production from wells put on production by Pioneer prior to closing of the acquisition. All incremental production from new wells on the acquired assets will be charged at new, lower market rates and result in decreased LOE per Boe over time. The Company anticipates LOE per Boe to decline beginning in the fourth quarter of 2018.
  • As of August 15, 2018, the Company’s oil hedges covered a total of 5,313,500 bbls through 2023 with a weighted average floor of US$55.70 and ceiling of US$63.36.  Hedging covered approximately 63% of planned oil production for 2018 and 39% for 2019.

Operational Highlights

  • Second quarter net production was 718,199 Boe or 7,892 Boe/day, exceeding previously released second quarter production guidance of 7,000 to 7,500 Boe/d. This figure includes flared gas of 91,031 Mcf. Net production for the quarter represents an increase of ~14% as compared to the same period for  the prior year and ~14% as compared to the first quarter of 2018.
  • Exclusive of certain prior period adjustments, second quarter net production was ~54% oil by volume, ~30% gas and ~16% NGLs. Oil production for the quarter was temporarily impacted due to certain oilier wells being temporarily shut-in for the installation of artificial lift and to facilitate the completion of offset wells. Oil production by volume for the month of July had returned to 63% and on a go-forward basis the Company expects oil production by volume to represent 60-65% of total production.
  • Net production for the first half of the year was 1,348,386 Boe or approximately 7,450 Boe/d, in-line with the top end of previously released production guidance of 7,000 to 7,500 Boe/d. Net production by volume for the period was 55% oil, 30% gas and 15% NGLs.
  • Sundance brought three gross (3.0 net) wells on its legacy acreage into production during the quarter. Initial production results for the McMullen County Paloma Ranch 7H well and the Atascosa County Peeler Ranch 8HC and 9HC wells are in line with well performance expectations.
  • The Company completed drilling (“SPUD to TD”) five additional gross (5.0 net) wells during the second quarter. These comprised the Harlan Bethune 25H, 26H, and 27H three well pad on the Company’s recently acquired Live Oak County assets and the Allen MCM 1HA and 2HA two well pad on its legacy McMullen County Assets.
  • The Company is continuing its pad drilling program in the third quarter with specific focus on the newly acquired assets in Live Oak County. The Company currently anticipates bringing nine gross wells online during the third quarter, all nine of which have already been drilled.
  • At quarter’s end, the Company was in the process of drilling four additional gross (4.0 net) wells, including the Justin Tom 05H and 06H two well pad on its recently acquired Atascosa County assets and the Harlan Bethune 34H and 35H two well pad on its recently acquired Live Oak County assets. As of the date of this report, the Company had completed drilling these wells and was in the process of drilling the four well James Keith Esse pad with the Patterson 229 rig and the two well Idylwood pad with the Patterson 589 rig, each on its recently acquired Live Oak county acreage.
  • At quarter’s end the Company was additionally in the process of fracking the McMullen County Allen MCM 1HA and 2HA wells. These wells began initial flowback on 14th August. The Company has subsequently fracked both the Harlan Bethune 25H, 26H, and 27H three well pad which began initial flowback on 13th August and the Harlan Bethune 34H and 35H two well pad which is expected to flowing back within the next week. Both Harlan Bethune pads are located in Live Oak County. As of the date of this report, the Company was in the process of fracking the Atascosa County Justin Tom 05H and 06H two well pad.
  • As of the date of this report, the Company has initiated flowback from five gross (5.0 net) wells so far during the third quarter and anticipates initiating flowing back on two gross (2.0 net) wells on August 16th. The Company additionally has two remaining wells (the Justin Tom 05H and 06H) which are drilled but uncompleted.
  • In support of these activities, Sundance has executed a one year contract on the Patterson 229 rig and a 90 day contract on the Patterson 589 rig. Both contracts are at fixed day rates. The Company is in process of finalizing a fixed pricing agreement with a major service provider covering completions services and providing the pressure pumping capacity necessary to execute the Company’s growth plan through the end of 2019.  All service contracts are in-line with the cost assumptions used for the Company’s previously announced 2018 capital expenditure program and provide guaranteed availability the of equipment and services necessary to achieve our development plan.
  • Second quarter development and production related expenditures totaled US$32.1 million.

The table below provides an overview of the Company’s operational activity for the quarter and year-to-date:

Well Name County Spud
Date
Frac Start
Date
IP Date Completed Lat Length 30-Day
IP Rate
(boe/d)
% Oil
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′ 484 92 %
Peeler Ranch 9HC Atascosa 24-Mar-18 28-May-18 26-Jun-18 5,820′ 446 93 %
Allen MCM 1HA McMullen 21-Apr-18 6-Jul-18 14-Aug-18 8,015′
Allen MCM 2HA McMullen 13-May-18 6-Jul-18 14-Aug-18 8,234′
Harlan Bethune 25H Live Oak 7-May-18 24-Jul-18 13-Aug-18 4,973′
Harlan Bethune 26H Live Oak 11-May-18 22-Jul-18 13-Aug-18 4,161′
Harlan Bethune 27H Live Oak 13-May-18 22-Jul-18 13-Aug-18 3,469′
Justin Tom 05H Atascosa 17-Jun-18 12-Aug-18
Justin Tom 06H Atascosa 14-Jun-18 12-Aug-18
Harlan Bethune 34H Live Oak 25-Jun-18 3-Aug-18 16-Aug-18(1)
Harlan Bethune 35H Live Oak 22-Jun-18 3-Aug-18 16-Aug-18(1)
James Keith Esse 06H Live Oak 26-Jul-18
James Keith Esse 07H Live Oak 22-Jul-18
James Keith Esse 08H Live Oak 24-Jul-18
James Keith Esse 09H Live Oak 20-Jul-18
Idylwood 04H Live Oak 3-Aug-18
Idylwood 05H Live Oak 3-Aug-18

(1)  As per Internal Company Estimate.

Acquisition of Pioneer Natural Resources Joint Venture

  • As previously announced, on 23rd April Sundance finalized the Acquisition of approximately 21,900 net acres and 1,700 Boe/d of production in the Eagle Ford from a joint venture operated by Pioneer Natural Resources, USA, Inc. for cash consideration of US$220.1 million, subject to post‐closing adjustments.
  • In order to fund the Acquisition, the Company raised US$260.0 million of new equity. Additionally, the Company extinguished its previously existing term loan of US$125.0 million and reserve‐based loan of US$67.0 million with proceeds from a new syndicated second lien term loan of US$250.0 million.
  • Contemporaneous with the Acquisition closing and the refinanced term loan, the Company entered into a new reserve‐based loan with a US$250.0 million face value and initial availability of US$87.5 million, less a US$12.0 million Letter of Credit posted for minimum revenue guarantees under its new midstream contract.

Company Guidance

  • The Company’s second quarter 2018 net production of 7,892 Boe/day exceeded its previously released guidance of 7,000 to 7,500 Boe/day, and its first half 2018 net production of 7,450 Boe/d was in line with the top end of its previously released production guidance for the same period.
  • The Company intends to turn nine wells to sales during the period. All nine of these wells have been drilled, with five having already initiated production and two additional wells anticipated to do so within the next week.
  • By the end of the third quarter, the Company anticipates it will have finalized drilling substantially all of the wells slated for completion during the fourth quarter. This inventory of drilled, uncompleted wells, combined with contractually assured pressure pumping availability, provides the Company with additional certainty around its full year 2018 production guidance of 9,000-10,000 boe/d.

The tables below set forth the Company’s hedge position as of the date of this report:

HEDGE POSITION OVERVIEW

Total Oil Derivative Contracts Gas Derivative Contracts
Weighted Average Weighted Average
Year Units (Bbls) Floor Ceiling Units (Mcf) Floor Ceiling
2018 810,500 $64.77 $68.73 1,055,000 $2.84 $3.08
2019 1,937,000 $59.74 $65.91 1,932,000 $2.75 $3.18
2020 1,266,000 $53.36 $59.09 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 5,313,500 $55.70 $63.36 7,043,000 $2.71 $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
2018 95,000 $52.29 $65.51 595,500 $66.21 $69.49 120,000 $67.50 $67.50
2019 168,000 $52.51 $52.51 989,000 $61.89 $69.17 780,000 $58.57 $64.65
2020 1,266,000 $53.36 $59.09
2021 612,000 $48.49 $59.23
2022 528,000 $45.68 $60.83
2023 160,000 $40.00 $63.10
Total 263,000 $52.43 $57.21 1,584,500 $63.52 $69.29 3,466,000 $52.38 $61.11

The following unaudited tables present certain production, per unit metrics and Adjusted EBITDAX that compare results of the corresponding quarterly and six month reporting periods:

Three Months Ended  June 30,   Six Months Ended June 30,   % Change
Unaudited 2018   2017   2018   2017   Qtr.-over-Qtr   Yr.-over-Yr.
Net Sales Volumes
Oil (Bbls)   370,549   373,746   735,790   772,381 (0.9 %) (4.7 %)
Natural gas (Mcf)   1,265,199   891,148   2,149,622   1,661,993 42.0 % 29.3 %
NGL (Bbls)   121,611   83,242   201,124   151,288 46.1 % 32.9 %
Total sales (Boe) (1)   703,027   605,513   1,295,184   1,200,668 16.1 % 7.9 %
Total flared gas (Boe)   15,172   22,281   53,202   28,758 (31.9 %) 85.0 %
Total production (Boe)   718,199   627,794   1,348,386   1,229,426 14.4 % 9.7 %
Average Daily Volumes
Average daily production (Boe), including flared gas (1)   7,892   6,899   7,450   6,792 14.4 % 9.7 %
Product Price Received
Total price received (per Boe) $43.47 $35.06 $44.88 $37.03 24.0 %     21.2 %
Total realized price (per Boe)(1)(2) $35.69 $35.20 $36.71 $36.64 1.4 %     0.2 %
Total price received – Oil (per Bbl) $67.61 $47.51 $66.22 $48.56 42.3 %     36.4 %
Total price realized – Oil (per Bbl)(1) $52.61 $48.00 $51.71 $48.20 9.6 %     7.3 %
Total price received – Natural gas (per Mcf) $2.21 $2.24 $2.31 $2.50 1.3 %     (7.6 %)
Total price realized – Natural gas (per Mcf)(2) $2.27 $2.14 $2.35 $2.39 6.4 %     (1.7 %)
Total price received/realized – NGL (per Bbl) $22.37 $17.65 $22.06 $18.52 26.7 %     19.1 %
(1) Includes realized losses on oil derivatives of $2.4 million and a gain of $0.2 million for the three months ended June 30, 2018 and 2017, respectively, and realized losses of $4.0 million and $0.3 million for the six months ended June 30, 2018 and 2017, respectively.  Also includes the impact of a fixed price delivery contract of $8.54/bbl and $9.09/bbl for the three and six months ended June 30, 2018, respectively.
(2) Includes a realized gain on natural gas derivatives of $0.1 million and a loss of $0.1 million for the three months ended June 30, 2018 and 2017, respectively, and a realized gain of $0.1 million and a loss of $0.2 million for the six months ended June 30, 2018 and 2017, respectively.
UNIT COST ANALYSIS Three Months Ended June 30,       Six Months Ended June 30,    
Unaudited 2018     2017   %
Change
  2018   2017   %
Change
Revenue/Boe* $43.47 $35.06 24.0% $39.71 $37.03 7.2%
Lease operating expenses/Boe* (10.95 ) (6.55 ) 67.3% (10.15 ) (6.27 ) 61.9%
Workover expense/Boe (1.85 ) (3.70 ) (49.8%) (1.94 ) (2.42 ) (19.7%)
Production taxes/Boe (2.61 ) (2.39 ) 9.1% (2.84 ) (2.37 ) 20.0%
Cash G&A/Boe(1) (6.87 ) (7.82 ) (12.2%) (5.78 ) (6.63 ) (12.8%)
Net per Boe $21.19     $14.60 45.1% $19.00 $19.34 (1.8%)
   
Adjusted EBITDAX(2)   9,360   8,722 7.3%   20,721   22,549 (8.1%)
Adjusted EBITDAX Margin (3) 34.2 % 41.1 % (16.9%) 40.3 % 50.7 % (20.6%)
* The Company is in the process of finalizing the accounting treatment of the fees charged under the marketing, transportation and processing agreements associated with the newly acquired Eagle Ford assets under IFRS 15 – Contracts with Customers.  The Company anticipates there will be a reclassification of certain fees, resulting in an increase to LOE with a corresponding increase to revenue (no impact to Adjusted EBITDAX).
(1) Cash G&A represents general and administrative expenses (non transaction-related) incurred less equity-settled share based compensation expense, which
totaled income of $0.2 million, and expense of $0.6 million for the three months ended June 30, 2018 and 2017, respectively, and expense of $0.2 million
and $1.1 million for the six months ended June 30, 2018 and 2017, respectively.
(2) See reconciliation of income (loss) attributable to owners of the Company to Adjusted EBITDAX included at end of release.
(3) Adjusted EBITDAX Margin represents Adjusted EBITDAX as a percentage of revenue during the period.

Condensed Consolidated Financial Statements

The Company’s unaudited condensed consolidated financial statements are included below.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended June 30, Six Months Ended June 30,
Unaudited (US$000s) 2018   2017 2018   2017
Revenue $   27,400 $   21,226 $   51,436   44,460
Lease operating, workover and production tax expense   (10,835 )   (7,649 )   (19,350 )   (13,289 )
Depreciation and amortisation expense   (15,027 )   (14,256 )   (27,214 )   (28,415 )
General and administrative expenses   (4,644 )   (5,245 )   (7,675 )   (9,015 )
Transaction-related expenses   (11,351 )   –   (12,377 )   –
Gain (loss) on commodity hedging, net   (16,496 )   4,238   (23,180 )   10,818
Finance costs, net of amounts capitalized   (6,363 )   (2,872 )   (10,345 )   (5,979 )
Loss on debt extinguishment   (2,428 )   –   (2,428 )   –
Impairment expense   (18,936 )   (38 )   (21,893 )   (29 )
Other items income (expense), net   5,222   (3,193 )   6,287   (3,201 )
Loss before income tax    (53,458 )   (7,789 )   (66,739 )   (4,650 )
Income tax expense   (7,552 )   (442 )   (9,855 )   (1,094 )
Loss attributable to owners of the Company $    (61,010 ) $    (8,231 ) $    (76,594 ) $    (5,744 )
* The Company is in the process of finalizing the accounting treatment of the fees charged under the marketing, transportation and processing agreements associated with the newly acquired Eagle Ford assets under IFRS 15 – Contracts with Customers.  The Company anticipates there will be a reclassification of certain fees, resulting in an increase to LOE with a corresponding increase to revenue (no impact to Adjusted EBITDAX).
CONDENSED CONSOLIDATED BALANCE SHEETS
(US$000s) June 30, 2018 December 31, 2017
(Unaudited) (Audited)
Cash $   6,257 $   5,761
Trade and other receivables   11,103   4,006
Other current assets   4,670   3,855
Assets held for sale(1)   40,980   61,064
Total current assets   63,010   74,686
Oil and gas properties   615,320   375,021
Other assets   5,748   4,911
Total assets $   684,078 $   454,618
Current liabilities $   67,206 $   73,072
Liabilities held for sale(1)   980   1,064
Total current liabilities   68,186   74,136
Credit facilities, net of financing fees   233,940   189,310
Other non current liabilities   37,479   13,821
Total liabilities $   339,605 $   277,267
Net Assets $   344,473 $   177,351
Equity $   344,473 $   177,351
(1) The Company’s Dimmit County Eagle Ford assets (and related liabilities) were classified as held for sale as of June 30, 2018 and December 31, 2017.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six Months Ended June 30,
Unaudited (US$000s) 2018 2017
Operating
Receipts from sales $   48,918 $   48,875
Payments for operating and administrative expenses   (40,500 )   (17,919 )
Payments for commodity derivative settlements   (3,667 )   (1,042 )
Other, net (1)   (2,330 )   3,658
Net cash provided by operating activities    2,421   33,572
Investing
Payments for development expenditures   (40,770 )   (47,681 )
Payments for exploration expenditures   (1,911 )   (7,589 )
Payment for Eagle Ford acquisition   (220,132 )   –
Sale of non current assets   –   14,478
Other   (101 )   (399 )
Net cash used in investing activities   (262,914 )   (41,191 )
Financing
Proceeds from the issuance of shares, net   243,304   –
Proceeds from foreign currency derivatives   6,849   –
Interest paid, net of capitalized portion   (12,437 )   (5,272 )
Deferred financing costs capitalized   (16,680 )   –
Proceeds from borrowings, net   58,000   (250 )
Repayment of production loan   (18,194 )   –
Net cash used in financing activities   260,842   (5,522 )
Cash beginning of period   5,761   17,463
FX effect   147   (4 )
Cash at end of period $   6,257 $   4,318
(1)  Includes $2.3 million of income tax payments and $3.9 million of income tax refund (net) for the six months ended June 30, 2018 and 2017, respectively.

Conference Call
The Company will host a conference call for investors on Wednesday, August 15, 2018, at 4 p.m. Mountain Time (Thursday, August 16, 2018 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” 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.

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 June 30,   Six Months Ended June 30, 
Unaudited (US$000s)  2018   2017   2018   2017 
Loss attributable to owners of Sundance $   (61,010 ) $   (8,231 ) $   (76,594 ) $   (5,744 )
Income tax expense   7,552   442   9,855   1,094
Finance costs, net of amounts capitalized   6,363   2,872   10,345   5,979
Loss on debt extinguishment   2,428   –   2,428   –
Loss on interest swap   438   –   438   –
Loss (gain) on derivative financial instruments, net   16,496   (4,238 )   23,180   (10,818 )
Settlement of commodity hedging   (2,311 )   88   (3,894 )   (464 )
Depreciation and amortization   15,027   14,256   27,214   28,415
Impairment expense   18,936   38   21,893   29
Noncash share-based compensation   (184 )   509   186   1,060
Acquisition-related costs included in general and admin expenses(1)   11,351   –   12,377   –
Loss on sale of noncurrent assets   –   1,278   –   1,278
Gain on foreign currency derivatives   (5,847 )   –   (6,838 )   –
Other income, net   120   1,708   130   1,720
Adjusted EBITDAX $    9,360 $    8,722 $    20,721 $    22,549
(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 June 30, 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.

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

Williams Scotsman Completes ModSpace Acquisition

BALTIMORE, Aug. 15, 2018 (GLOBE NEWSWIRE) — WillScot Corporation (Nasdaq: WSC) (“Williams Scotsman”), the leading specialty rental services provider of innovative modular space and portable storage solutions across North America, today announced that it has completed its acquisition of Modular Space Holdings, Inc. (“ModSpace”) for a total purchase price of approximately $1.2 billion.

With the addition of ModSpace, Williams Scotsman now manages over 160,000 modular space and portable storage units serving an even broader customer base from over 120 locations across the United States, Canada and Mexico. The acquisition also expands the breadth and depth of its Ready to Work solutions to existing and incremental customers and markets.

Brad Soultz, President and Chief Executive Officer of Williams Scotsman, commented, “We are pleased to confirm the completion of this transformational acquisition and would like to thank our collective customers, employees, and stakeholders for their support. The combination of these two complementary companies creates the undisputed leader of specialty rental services in North America.”

Soultz continued, “We are excited to welcome the talented and experienced ModSpace employees to our fast growing company. Together we become an even stronger company and partner for our customers. In sum, we believe the value created through the inherent synergies, coupled with the multi-year revenue opportunity associated with the expansion of our Ready to Work solutions, will benefit our shareholders for years to come.”

The company financed the acquisition through a combination of net proceeds from the company’s recent equity and debt offerings and borrowings under its revolving credit facility. Effective upon closing, the company amended and upsized its revolving credit facility to $1.425 billion with an accordion feature allowing up to $1.8 billion of capacity.

About WillScot Corporation

Headquartered in Baltimore, Maryland, WillScot Corporation is the public holding company for the Williams Scotsman family of companies in the United States, Canada and Mexico. WillScot Corporation trades on the NASDAQ stock exchange under the ticker symbol “WSC.” WillScot is a specialty rental services market leader providing innovative modular space and portable storage solutions across North America. WillScot is the modular space supplier of choice for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors. With over half a century of innovative history, organic growth and strategic acquisitions, its branch network includes over 120 locations and its fleet comprises over 160,000 modular space and portable storage units.

Additional Information and Where to Find It

Additional information about the transaction can be found on the Williams Scotsman investor relations website at https://investors.willscot.com.

Contact Information

Investor Inquiries:
Mark Barbalato
investors@willscot.com
Media Inquiries:
Scott Junk
scott.junk@willscot.com

Russia Calls Latest US Sanctions on Companies in Russia, China, and Singapore ‘Useless’

Russia says the latest U.S. sanctions imposed on Russian, Chinese, and Singaporean companies are destructive” and “useless.

The U.S. penalized the three companies Wednesday, accusing them of helping North Korea avoid international sanctions.

The Russian Foreign Ministry said Thursday the new U.S. sanctions come when joint international efforts are needed toward a settlement in North Korea. Moscow said the sanctions could undermine denuclearization talks.

The U.S. has accused a Chinese trading company and its affiliate in Singapore of falsifying documents aimed at easing illegal shipments of alcohol and cigarettes into North Korea. The companies are said to have earned more than $1 billion.

A Russian company was also sanctioned for providing port services to North Korean-flagged ships engaged in illegal oil shipments.

The sanctions freeze any assets the companies may have in the United States and bars Americans from doing business with them.

Source: Voice of America

Thai Airways Donates Relief Items For Flood Victims

Thai Airways on Wednesday donated two tonnes of relief items for flood victims in Sanamxay district, Attapeu Province.

Thai Ambassador to Laos Kiattikhun Chartprasert, representing the airlines company, presented the relief items to Vice Minister of Labour and Social Welfare Baykham Khatthiya.

The relief items included dried food, paper cups, clothing, bedding, tents and bags.

One of the five saddle dams of the Xepian-Xe Nam Noy hydropower project collapsed on July 23 triggering flash flooding in downstream areas. Since then, 39 have been confirmed dead and dozens remained missing.

Source: Lao News Agency

Passing of Former Indian Prime Minister Atal Bihari Vajpayee

On behalf of the people of the United States of America, I extend my heartfelt condolences to the people of India on the recent passing of Former Prime Minister Atal Bihari Vajpayee.

We know that many Indians will reflect on Prime Minister Vajpayee’s many contributions that led to India’s rise as a global and economic power. He championed tirelessly for his country’s development and demonstrated a devotion to improving the lives of every Indian. Standing before the United States Congress in 2000, he famously characterized U.S.-India ties as a natural partnership of shared endeavors.” He recognized early on that the United States and India, based on their shared democratic values, could develop a partnership that would contribute to the economic prosperity and security of the region and the world. Today, our two countries and our bilateral relationship continue to benefit from Prime Minister Vajpayee’s vision, which helped promote expanded cooperation.

The American people and I stand with the people of India as we mourn Prime Minister Vajpayee’s passing. Today, we hold the people of India in our thoughts and prayers.

Source: U.S. State Department

Developers Press Ahead With Dams, Despite Lao Order to Halt New Hydropower Projects

Developers of two proposed hydropower projects in Laos are pressing ahead with plans to build the mega-dams on the Mekong River, despite a recent order by the government to halt new dam investments following a deadly breach in July that killed 35 people and displaced thousands.

A developer working on plans for the 770-megawatt Pak Lay hydropower project in northwestern Laos’ Xayaburi province told RFA’s Lao Service that developers are in the process of conducting a feasibility study and have not been informed by provincial authorities that they should stop their work.

There have been surveys [conducted], but not too much progress has been made, said the official who declined to be named.

Though there was a press conference held by the prime minister to halt dam projects in Laos, local authorities have not come down to tell us to stop this project, he said.

On Aug. 8, the Mekong River Commission’s (MRC) Joint Committee Working Group (JCWG) for the procedures for notification, prior consultation, and agreement decided to begin a six-month prior consultation process for the Pak Lay dam the same day.

The MRC is an intergovernmental organization that works directly with the governments of Cambodia, Laos, Thailand and Vietnam to jointly manage shared water resources and the sustainable development of the Mekong River.

Though the members consult each other and reach agreements on the construction of large dams, and perform research and planning on the environmental and social impacts of projects, the MRC lacks the authority to force members to delay or halt dam-building activities.

The prior consultation will afford the notified countries, the affected communities, and related stakeholders an opportunity to review the project and raise their legitimate concerns on adverse cross-border impacts on the environment and people, said JCWG chair Te Navuth in a statement issued by the MRC on Aug. 10.

It also allows the country proposing the project to better understand such concerns and to identify measures to address them, he said.

Developers of the estimated U.S. $2.4 billion, 912-megawatt Pak Beng hydropower project in northwestern Laos’ Oudomxay Province also have not received an order from provincial authorities to halt or to review construction plans, said a developer who declined to be named.

The Pak Beng project has not been ordered for review, he told RFA. They [provincial authorities] have ordered reviews other dam projects build of clay that would be affected by heavy rain, but for this dam, rain won’t be a problem.

Everything is proceeding as usual, and nothing has changed, he said.

Equal or greater power

On Aug. 7, Lao Prime Minister Thongloun Sisoulith ordered hydropower developers to suspend consideration of new investments in dam projects pending review of the government’s hydropower development strategy and plans, and ordered all existing and future dam operators to submit regular safety reports.

The move was prompted by the collapse of a saddle dam that was part of the U.S. $1 billion Xe Pian Xe Namnoy hydropower project in southwestern Laos’ Champassak province on July 23. The breach displaced about 7,000 people in Champassak and neighboring Attapeu province, with scores still missing.

The operators of the project, which was nearing completion, planned to sell most of the 1,880 gigawatt hours of electricity per year the dam was expected to generate to Thailand.

But in Laos, local authorities have equal or greater power than does the central government, allowing them to override a central order by the prime minister, including the recent one to stop new dam projects. Local authorities can also approve or reject proposals for new dams and order investigations and reviews of hydropower projects.

Officials said they will conduct reviews of the plans for the Pak Beng and Pak Lay projects, but that they believe the Chinese-backed mega-dams will be built because Chinese companies to date have always received approval for such projects.

When they are built, the Pak Beng and Pak Lay dams will be the third and fourth largest hydropower projects on the Mekong mainstream.

The Lao government hopes that its mega-dams will help it become the battery of Southeast Asia and turn it from being one of the region’s poorest nations into a middle-income country through sales of most of the hydroelectricity they produce to Thailand, Vietnam, and China.

Laos plans to eventually have about 140 dams with roughly 30 percent of them already completed, though many of these are located on tributaries of the Mekong.

Environmental NGOs want the Lao government to halt dam construction along waterways in the country, warning that existing hydropower projects are having significant detrimental effects on the environment and on people’s livelihoods. They also fear that dam inspections by Lao officials will not be transparent.

Copyright (copyright) 19982016, RFA. Used with the permission of Radio Free Asia, 2025 M St. NW, Suite 300, Washington DC 20036