The sale of the Ashland equity (10% working interest on an averaged basis) and the MB stake (6.25% working interest) has allowed Sundance to pay off the entire amount due under its outstanding credit facility with Macquarie Bank of $US5,886,593.
Macquarie has now released all of its US and Australian security interests in Sundance’s assets, and has held open a $US50 million credit facility, with no commitments, according to managing director Jayme McCoy.
“This transaction leaves Sundance with no debt and a substantial cash balance with which to move forward on the development of our remaining portfolio of highly prospective oil and gas assets,” McCoy said.
Sundance has a portfolio of both Australian and US assets.
It is a 23.333% partner in the recent Stuart Petroleum-operated Cleansweep oil discovery in South Australia’s PEL 100. The partners in this block believe Cleansweep upgrades the prospectivity potential of this permit’s southern margin.
Sundance’s remaining US oil and gas assets include: Indiana’s Buffalo Creek Project, which is targeting the Illinois Basin’s New Albany Shale; and North Dakota’s Phoenix Prospect, targeting the Bakken Shale, and Goliath Prospect, targeting the Red River and Winnipeg formations.
