Story in proactive investor SEA not looking to sell , they say looking to participate in a purchase of Helis interest. CR?
Sundance Energy Australia (ASX: SEA) is considering an expansion of its minority interest in the South Antelope field in the Williston Basin, North Dakota, after operator Helis Oil & Gas decided to divest its interests.
Any sale by Helis could provide Sundance with an opportunity to participate in the transaction.
The company said it was currently evaluating its position in the field.
Sundance currently holds working interests ranging from 7% to 50% across the 25,000 acre project.
Three recent wells in South Antelope had produced oil at initial rates ranging from 1444 barrels of oil equivalent per day (boe/d) to 1779boe/d.
North Dakota is also the second largest oil producing state in the U.S. after Texas with production of just over 660,000 barrels per day in June.
SEA Price at posting:
45.5¢ Sentiment: Buy Disclosure: Held
