Sundance Energy’s revenue increases 81% in Q3 | Finance News Network

Sundance Energy’s revenue increases 81% in Q3

Company News

by Kathy Skantzos

US-based onshore oil and gas exploration and production company Sundance Energy Australia (ASX:SEA) recorded an increase of 81 per cent in total revenue to $31.6 million compared to the same period last year in the company’s FY 2017 Q3 results.

This was driven by higher sales volumes which increased by 46 per cent.

Cash operating costs reduced by 26 per cent, due to a reduction in workover-related expenses as well as its higher sales volumes.

The company finalised a $30 million revenue advance agreement with energy company Vitol, providing funds to complete its 2017 development program.

The Texas-focused company saw net production increase by 51 per cent in the quarter compared to the same period last year and 35 per cent higher compared to the second quarter of 2017, despite hurricane-related shut-ins.

Shares in Sundance Energy (ASX:SEA) are trading 6.85 per cent higher to 7.8 cents.  

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.