Sundance Energy Australia Limited reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2018. For the quarter, revenue was $24,036,000 compared to $23,233,000 a year ago. Loss before income tax was $13,280,000 compared to profit before income tax of $3,142,000 a year ago. Loss attributable to owners of the company was $15,583,000 compared to profit attributable to owners of the company of $2,491,000 a year ago. Net cash provided by operating activities was $12,933,000 compared to $19,033,000 a year ago. Payments for development expenditures were $7,058,000 compared to $16,073,000 a year ago. Payments for exploration expenditures were $1,359,000 compared to $1,409,000 a year ago. Adjusted EBITDAX was $12,342,000 compared to $13,828,000 a year ago.

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.