The IPO offered 38.75 million new shares at an issue price of A$0.20 each and was fully underwritten by Euroz Securities Limited.

Sundance Energy said today it now expects to list on the ASX on Thursday, 28 April 2005, with a total of 78.75 million shares on issue, valuing the Company at listing at A$15.75m.

“We have committed to an intensive drilling program in Australia and the United States,” Sundance Energy chairman Charles Binks said.

“Our first well will be Kitson-1 in the Cooper Basin, which will be shortly followed by the first of the US wells,” Mr Binks said.

Kitson-1 is located on a large northeast-southwest trending anticline and has estimated potential reserves within a four-way dip closure ranging from 0.9 million barrels of oil (MMbbl) to 4.6 MMbbl, and between 5.0-42.0 MMbbl for a larger surrounding fault closed structure.

Sundance Energy will drill the first of four test gas wells into the Woodford Shales in Oklahoma in the US, with a further four contingent wells scheduled shortly thereafter.

“This activity does not require seismic acquisition, and provided the 2005 drilling schedule generates a sufficient revenue stream the company plans an active drilling program in the province throughout 2006,” Mr Binks said.

In Australia, Sundance is acquiring interests in five Cooper Basin blocks, covering a total of 10,117 square kilometres, including two leases in South Australia and three in Queensland.

The blocks comprise a 45% stake in PEL 88 and a 46.67% interest in PEL 100 in South Australia. In Queensland, the Company has a 100% interest in applications for ATPs 616P and 661P, and a 90% interest in ATP 636P.

In the US, Sundance holds 212 oil and gas leases, giving it rights to more than 5,320 acres in the Arkoma Basin, near the town of Gerty.

It said its proposed natural gas wells would target shallow, lower risk blanket formations of 7,500 feet in depth or less and close to readily accessible existing pipeline infrastructure.