The US listing better get going. WTF is the mgmt waiting for anyway. The Aussies don't know jack about this stock. Maybe we get extra lucky and they all sell when it lists in the US because they don't like the US, and we get to buy more cheap shares.
Sundance Energy Australia (ASX: SEA) expects production from the Daily 4-12-135 horizontal well in McKenzie County, North Dakota, may increase further as it cleans up and the choke is opened.
The well produced 1223 barrels of oil and 1.32 million cubic feet of gas during the first 24 hours of production on a restricted choke.
At these rates, the oil production alone would add about US$1 million (A$960,000) to Sundance’s revenue in a month based on its net revenue interest of 27.29% and current West Texas Intermediate spot prices of US$105.43.
Meanwhile, Sundance’s Breeden 17-2H horizontal well in Laramie County, Wyoming, has been successfully fracture stimulated and has started flowing back on a restricted choke.
The company was free carried for drilling of the well under an agreement with US oil field services giant Halliburton and Macquarie.
It had in December 2010 sold participation rights in up to 40% of its interests to Halliburton and Macquarie for a A$2.4 million non-refundable cash payment and $3.9 million in a drilling carry.
Sundance has also drilled its Leon Pecha 1-11H well in Alfalfa County, Oklahoma to its total depth and has gathered the initial geologic data needed to plan further development of its prospect area across multiple vertical pay zones.
The company had previously said it was targeting total recovery of 150,000 to 250,000 barrels of oil equivalent from each well in the play.
Sundance has a 34.11% working interest in Daily 4-12-135, a 33.75% working interest in Breeden 17-2H and a 87.5% working interest in Leon Pecha 1-11H.