Sundance Energy Australia Limited Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2018; Reports Impairment Expense for the First Quarter of 2018; Provides Production Guidance for the First Half and Full Year 2018; Provides Earnings Guidance for the Year 2018 and 2019
First quarter net production increased 5% to 630,183 Boe, or 7,002 Boe/day as compared to the same period in the prior year. Natural gas was 884,423 Mcf against 770,845 Mcf a year ago. NGL was 79,513 Bbls against 68,046 Bbls a year ago. Total Boe 592,158 against 595,154 a year ago.
The company reported impairment expense of $2,957,000.
Inclusive of the acquisition, the company anticipates average production for the first half of 2018 to be 7,000-7,500 boe/d with significant development activities in the second half of the year increasing full year 2018 production to 9,000-10,000 boe/d. The company projects production of 21,000 to 22,000 boe/d for 2019.
The company anticipates Capital Expenditures of $175 million to $190 million in 2018 and $200 million to $220 million in 2019. The company has issued EBITDAX guidance of $100 million to $110 million and $250 million $275 million for full years 2018 and 2019 respectively.