bell potter's latest report, page-11

Hey stlamc,

The 4000+ net acres that SEA own, operated by Helis, is the South Antelope Project.

The Bakken Project that SEA are divesting is the ~3,000-3,500 net acre Goliath prospect, which is much less valuable than the South Antelope asset due to inferior economics and really small working interests (in the order of 3% compared to 14-16% in the other 2 SEA areas, South Antelope and Phoenix).

Bell Potter mentions that a sale could go through as early as September, so considering SEA have only marketed the Goliath prospect to our knowledge, they seem to clearly be talking about the Goliath prospect. And unfortunately I don't for one second see this as being worth anywhere near $150-200m. With those kind of figures for "one of Sundance's Bakken assets", they are clearly talking about the South Antelope project, which isn't even up for sale to our knowledge.

The only spanner in the works is that Helis seems to be looking to sell their ~40% WI in the South Antelope project, and if they want to sell their ~40% interest, SEA might have an opportunity to jump on board and sell their 16% interest to the same purchaser. This last bit is guesswork on my behalf assuming that the AFR's article was factual.

I'd say the chances are though that the Bell Potter guy confused the 2 prospects however, hope I'm wrong though as $150-200 million in cash (before tax) would go a longgggg way.