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Sundance Energy Advise Oil Production Activity Update
Perth, Feb 13, 2006 (ABN Newswire) - Sundance Energy Australia Limited (ASX: SEA), through its wholly owned subsidiary, Sundance Energy, Inc., advises the status of its 2006 U.S. Ashland Prospect drilling program at 0900 hours (USMST) on 10 February 2006, as follows:
The Company is pleased to announce that the first well in its 2006 12-14 well U.S. drilling program, the Wilson #B 14-12, successfully spudded on 10 February 2006. The Wilson is the Company's second horizontal well in its Ashland Prospect located in the state of Oklahoma. It is also the first of Sundance's American wells to be operated by the Company's new joint venture partner, Continental Resources, Inc.
The Wilson is the Company's first well sited in a highly prospective area of the Ashland Prospect in which both Newfield Exploration, Co. (U.S. $6.5 billion market cap) and Devon Energy, Corp. (U.S. $30 billion market cap) have completed productive wells. Both Newfield and Devon have leasehold interest in the Wilson's drilling and spacing unit, and the Company expects that both will participate in the Wilson.
The well's primary target formation is the Woodford Shale. The plan for the Wilson 14-12 is to drill vertically to the top of the Woodford Shale, at which time that formation will be cored. Continental will then utilize a broad array of assessment technology to analyze the core, in order to secure a detailed understanding of the target formation's reservoir characteristics and mineralogy; a full suite of logs will be run, including a formation imaging log. That analysis will help set the technical predicate for future operations in the Prospect area.
Following the coring operation, the well will be plugged back, and a horizontal bore will be drilled through the Woodford Shale approximately 2000 feet (610 metres), following which the well will be fracture stimulated and completed for production.
A comprehensive overview of the Ashland Prospect and its drilling outlook was lodged with the ASX as part of Sundance's Prospectus, a copy of which can be found on the Company's website at www.sundanceenergy.com.au.
About SUNDANCE ENERGY AUSTRALIA LIMITED
Sundance Energy Australia Ltd. is an Adelaide-based, independant energy exploration company. Its wholly owned US subsidiary, Sundance Energy, Inc., is located in Boulder, Colorado, USA. Sundance was created for the purpose of acquiring and exploring oil and gas rich acreage in Australia and the United States. Presently the Company owns acreage in the Cooper/Eromanga Basin of Australia totalling approximately 2,500,000 acres (4,000 sq. km.). In addition, Sundance owns oil and gas rights in greater than 8,500 mineral acres in the Arkoma Basin of Oklahoma, and approximately 3,000 mineral acres in the prolific Elm Coulee Bakken shale oil field in Montana. The Oklahoma prospect is focused on shallow, non conventional, blanket gas resevoirs, while the Montana prospect targets over-pressured shale oil resevoirs. The Australian permits are focused on larger, more conventional oil and gas structures. For 2006, Sundance expects to drill a minimum of three wells in Australia and ten wells in the
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