Sundance buys out Cooper Basin assets

Cooper Basin in South Australia

Cooper Basin in South Australia

Sundance Energy Australia has acquired New Standard Energy Ltd’s US and Cooper Basin assets including oil and gas producing wells.

The company yesterday confirmed the transfer of $15 million, an issue of 6 million Sundance shares as well as the assumption of a net working capital debt of $0.9 million for the acquisition. 

Sundance has directly acquired interest in NSE’s Cooper Basin permit PEL 570 and the company’s Colorado County Project in the US.

Sundance allegedly plans to sell 25 per cent of all the assets acquired from New Standard Energy.

According to a statement released by New Standard Energy, the deal has eliminated all of the company’s outstanding debt and provides sufficient ongoing liquidity to allow the company to “complete a strategic review to assess the status of the remaining portfolio, the energy market outlook, the equity market for small oil and gas explorers and the best path for rebuilding shareholder wealth.”

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