Wow. This is an unexpected bonus. Fantastic news.
*********
Managaging director's letter: Pg 4.
..... After closing the divestiture, we announced the acquisition of our initial Eagle Ford position via a Scheme of Arrangement with Texon Petroleum Limited.
The high interest, company operated Eagle Ford assets have a strong risk return profile and provide a 90+ well drilling
inventory that will drive our growth for years to come.
By making the acquisition with Sundance shares, we have preserved significant balance sheet flexibility to develop the new assets and seek additional acreage in the area.
In addition to the strong growth and return profile of the Eagle Ford assets, the deal has allowed us to offset the majority of the tax liability generated by the South Antelope sale.
Being able to reinvest this cash instead of using it to pay
taxes will allow us to generate approximately 250 to 300 new
jobs with good pay and benefits while the indirect economic benefit of this investment has a significant multiplier effect from those new jobs.
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Wow. This is an unexpected bonus. Fantastic news....
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