Sundance Energy Australia Limited Announces Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Production Guidance for the Fourth Quarter of 2018; Reports Impairment Expenses for the Third Quarter of 2018
For the nine months, the company reported revenue of USD 106,589,000 against USD 76,044,000 a year ago. Loss before income tax was USD 85,257,000 against USD 10,337,000 a year ago. Loss attributable to owners of the company was USD 92,867,000 against USD 11,764,000 a year ago. Adjusted EBITDAX was USD 51,894,000 against USD 42,039,000 a year ago. Net cash provided by operating activities was USD 30,248,000 against USD 56,199,000 a year ago. Payments for development expenditures were USD 85,325,000 against USD 91,069,000 a year ago. Payments for exploration expenditures were USD 6,401,000 against USD 8,336,000 a year ago.
Third quarter net production volumes were 1,024,987 Boe or 11,141 Boe/day, exceeding the high end of previously released third quarter production guidance of 10,000 to 11,000 Boe/d. Net production for the quarter represents an increase of 28% as compared to the same period for the prior year and a 46% increase as compared to the second quarter of 2018. Third quarter net production were 65% oil, 21% gas and 14% NGLs by volume.
Net production volumes for year to date 2018 were 2,323,329 Boe or approximately 8,510 Boe/d. Net production by volume for the same period was 61% oil, 25% gas and 15% NGLs.
Sundance's net production guidance for the fourth quarter of 2018 is 14,000 to 15,000 boe/d, and net production guidance for full year 2018 remains 9,000 to 10,000 boe/d. During the fourth quarter the Company intends to turn nine to eleven wells to sales.
For the quarter, the company reported impairment expense of USD 1,889,000 against USD 120,000 a year ago.