News: Sundance pursuing growth after divestment

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Sundance Energy Australia Limited (ASX:SEA) has raised $US116 million through the sale of non-core assets and announced a $US33 million acquisition.  

 

The US-focused oil and gas producer will divest its remaining assets in the Denver-Julesburg basin in Colarado in a $US116 million deal.  

 

Managing Director Eric McCrady says the sale will reap an attractive return and is in-line with the company’s strategy of reinvesting capital into core company-operated projects.

 

Sundance has also inked a $US33 million deal to add a second core Eagle Ford area to its development inventory.

 

Shares in Sundance Energy rose 4.52 per cent following yesterday’s announcements to close at $1.04. 

 

Sundance Energy reported a net profit of $17.8 million in the 2013 calendar year.