Shares of Sundance Energy Limited [ASX:SEA] are no longer as stagnant as they were during the beginning of the year.
Its shares rising by 5.97% shows investors that they’re capable of turning over efficient production results.
In its latest financial report, Sundance displayed positive figures regarding its production and revenue results.
Sundance knew production was key to its increase
With its total revenue increasing by 3.5%, Sundance decided to focus on production throughout the year.
Production increased by 5% during the first quarter of 2018.
Sundance announced that it had entered an agreement to acquire 21,900 net acres in the Eagle Ford joint venture operation, which is an oil pipeline located in Texas.
The company anticipates that its new operation will develop its net profits for the next quarter.
Sundance reported on its ASX announcement:
‘As at 31 March 2018, the Company had US$1.1 million of cash and no additional borrowing capacity on its existing reserve‐based loan. Subsequent to the acquisition, capital raise and refinancing (all of which closed in April), the Company estimated it had approximately US$130.0 million of liquidity, inclusive of US$75.5 million of undrawn borrowing capacity on its new reserve‐based loan…’
Sundance managed to increase its oil hedges, surpassing the average it usually held.
Now the energy company is focusing on future events, it can further build its portfolio and figures in development.
For Money Morning
PS:10 ASX mining stocks that could make you huge money in the next 12 months and beyond. Download your free report free report: ‘The Top 10 Australian Mining Stocks’ now.