Category Archives: PRESS RELEASES

PRA Health Sciences Announces Strategic Alliance between Symphony Health and Close-Up International

RALEIGH, N.C., Aug. 19, 2019 (GLOBE NEWSWIRE) — PRA Health Sciences (NASDAQ: PRAH) announced today that Symphony Health, the company’s data solutions division, has expanded its global data services by entering into a strategic partnership with Close-Up International, a leading Latin American-based provider of medical prescription and sales audits.

“The agreement with Close-Up represents a significant milestone in Symphony Health’s commitment to expanding our services internationally,” said Doug Fulling, President of Symphony Health. “The presence across up to a dozen geographies adds a critical component to Symphony’s offerings that will build and strengthen relationships for both organizations in the United States and Latin America. The data solutions and insights available through Symphony and Close-Up International will drive future drug development and commercialization strategies.”

This alliance officially brings together two global leaders with the unique experience, knowledge and insight to collaboratively work to bring innovative products, services, and solutions to the pharmaceutical and life sciences marketplace. The organizations will exclusively distribute one another’s retail and non-retail data in their respective geographies.

“As we build this alliance, we are focused on bringing greater value to our clients who operate in both of our geographies, helping them to achieve their business objectives while working with the leading providers of data solutions and insights,” stated Norberto Bonaparte, CEO and founder of Close-Up International. “We are committed to bringing innovative solutions to the market as part of this alliance that will benefit our clients’ growth strategies.”

PRA (NASDAQ: PRAH) is a full-service global contract research organization, providing a broad range of product development and data solution services to pharmaceutical and biotechnology companies around the world. PRA’s integrated services include data management, statistical analysis, clinical trial management, and regulatory and drug development consulting. PRA’s global operations span 90 countries across North America, Europe, Asia, Latin America, South Africa, Australia and the Middle East, and more than 16,000 employees. Since 2000, PRA has participated in more than 3,800 clinical trials. In addition, PRA has participated in the pivotal or supportive trials that led to U.S. Food and Drug Administration or international regulatory approval of more than 85 products. To learn more about PRA, please visit

Laurie Hurst, Director, Communications and Public Relations, +1.919.786.8435

A wholly owned subsidiary of PRA Health Sciences, Symphony Health is a leading provider of high-value data, analytics, and technology solutions for biopharmaceutical manufacturers, healthcare providers, and payers. The company helps clients understand disease incidence, prevalence, progression, treatment and influences along the patient and prescriber journeys by connecting and integrating a broad set of primary and secondary data, and providing health research, analytics and consulting expertise. Symphony Health derived data improves health management decisions, and helps clients drive revenue growth while providing critical insights on how to effectively adapt to the changing healthcare ecosystem. For more information about Symphony Health, please visit

Close-Up International is the creator of the first medical prescription audits of the pharmaceutical market in the world, having started in 1968 its expansion to all Latin American countries. The company was also the first launching in the region an automated CRM solution for medical promotion. Close-Up is currently a leading provider of prescription and sales data, advanced analytics and integrated technology solutions to pharmaceutical and consumer healthcare companies in Latin America. Close-Up International is the unique Latam service provider able to integrate an end-to-end solution evolving Promotion, Distribution and Sales on Retail and Non-Retail Markets, providing details on Market Dynamics, Payors, Therapies and it consolidates and integrates all the sales and prescriptions information of all the countries in the region through an advanced technological application (Regional Analyzer). A highly trained professional team and state-of-the art technology solutions with more than 950 active customers. Close-Up services help customers to evaluate business opportunities with data and technology solutions for each phase of the life-cycle of a product: launch planning, selection of medical target, measurement of promotional and commercial effectiveness, strategy and management of distribution channels, for retail, non-retail pharmaceutical markets. For more information about Close-Up International, visit

New Virtusa Study Finds Digital Customer Experience, Innovation, and Cost Reduction are Top Priorities for Banks

Independent study commissioned by Virtusa and produced by Finextra identifies the current Top Global Banking Technology Trends

SOUTHBOROUGH, Mass., Aug. 19, 2019 (GLOBE NEWSWIRE) — Virtusa Corporation (NASDAQ GS:VRTU), a global provider of digital strategy, digital engineering, and IT outsourcing services that accelerates business outcomes for its clients, today announced the findings from The Top Global Banking Technology Trends, a July 2019 research paper commissioned by Virtusa and conducted by Finextra. The paper highlights the key shifts in banks’ approach to their IT platforms over the last 18 months.

“This study with Finextra identifies the current trends in the banking industry and assesses the top focus areas for banks,” said Executive Vice President and Global Head of Transformation Services at Virtusa, Bob Graham. “The banking industry is undergoing a seismic shift that demands banks reinvent themselves. The study shows several trends accelerating over the past year including open banking, cloud, microservices, fintech partnerships, and the use of artificial intelligence and machine learning that are all driving banks to expand the frontiers of digital transformation.”

The research paper has inputs from over 100 banking executives, including C-level executives, vice presidents, and directors from global banks, regional banks, and fintechs from 25 countries across North America, Europe, and Asia Pacific.

According to the study, the market sentiment appears to be positive with budgets freeing up from regulatory compliance initiatives to spend on other programs such as innovation, measures to improve business efficiency, and new products and services. Further findings from the study include the following:

  • Digital customer experience (79%), innovation (45%), and cost reduction (46%) are the top three areas of expenditure
  • 87% of respondents said that their institution is evaluating or has already launched API-based services
  • 50% of respondents are building out a new, dedicated infrastructure for their mobile channels
  • 54% of respondents viewed blockchain for international payments as being of either the highest or a high priority; 44% was the similar figure for domestic payments
  • 86% of respondents have already adopted cloud, with a significant amount (38%) adopting hybrid solutions

The research paper also highlights that banks are now actively partnering with relatively small suppliers, seeking to use regulatory changes to drive new income streams and use new technologies like microservices, artificial intelligence, and blockchain to provide enhanced internal controls, security, and support new customer propositions.

According to the study, the use of APIs is not a new initiative, but regulations and compliance have driven their wider adoption. Banks are embracing their use to meet the expectations of their customers and match the competitive offerings of new entrants. Bank and fintech partnerships are emerging, and although there are challenges in working together, the survey results record 70% of respondents have at least one solution in production.

With over 25 years of industry experience, Virtusa has become the partner of choice for many leading banks and financial services firms. Virtusa supports clients to accelerate business transformation by leveraging digital technologies while driving operational excellence and cost efficiency within the organization. Virtusa supports leading global banking and financial services clients across North America, Europe, Asia Pacific, and Australia, including more than half of the top 30 global banks and many of the top national and regional institutions.

To access the full study, please visit:

To learn more about Virtusa’s Banking and Financial Services capabilities, visit:

To schedule a meeting at Sibos 2019, London; 23- 26 September 2019 and discuss the findings of the report, visit:

About Virtusa Corporation

Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovation engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive business forward at unparalleled velocity enabled by a culture of cooperative disruption.

© 2019 Virtusa Corporation.  All rights reserved.

Virtusa, Accelerating Business Outcomes, BPM Test Drive, and Productization are registered trademarks of Virtusa Corporation.  All other company and brand names may be trademarks or service marks of their respective holders.


Kavita Singh

Ron Favali
Conversion Marketing

Philips unveils HeartStart Intrepid with IntelliSpace Connect across Europe and select markets worldwide

August 19, 2019

Enhanced communication and seamless data sharing capabilities augment clinical and operational efficiencies for patient assessment across emergency care settings

Amsterdam, the Netherlands Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced the launch of the HeartStart Intrepid monitor/defibrillator with IntelliSpace Connect. Created to provide clinical and operational efficiencies at every stage of the emergency care continuum, the solution lets caregivers evaluate and treat patients during the most demanding medical emergencies in both pre-hospital and hospital settings. The Philips HeartStart Intrepid monitor/defibrillator has received CE Mark approval and is available for sale in Europe and other select markets in Asia and Africa [1].

“First responders don’t often know what to expect when they arrive at the scene of an emergency, so they have to be equipped and ready to handle anything that may come up in the field,” said Arman Voskerchyan, Business Leader, Therapeutic Care at Philips. “A full range of monitoring capabilities and decision support tools let emergency staff quickly evaluate and treat patients in life-threatening situations. Enhanced connectivity between care settings helps to streamline communication and improve clinical workflow for caregivers, ultimately allowing them to provide patients with better care.”

The HeartStart Intrepid monitor/defibrillator can also be used across various emergency settings in the hospital, allowing clinicians to assess the patient and deliver the appropriate treatment, including defibrillation if a patient is suffering a sudden cardiac arrest. The cloud-based IntelliSpace Connect data management solution helps set the stage for coordinated care across the patient’s clinical care journey. IntelliSpace Connect supports the integration of emergency event data into electronic patient care reporting (ePCR) and electronic medical records (EMR/EHR) for accurate event documentation to facilitate billing, while secure data storage enables post-event review to drive quality improvement initiatives.

Designed to be lightweight, portable and rugged, the Philips HeartStart Intrepid can endure both the rigors of emergency medical service (EMS) use and the physical demands of the Emergency Department, as well intra-hospital transport. It offers comprehensive vital patient monitoring parameters and diagnostic measurements to speed triage and help clinicians determine the best course of care. To assist in the delivery of quality CPR, the Intrepid also offers the QCPR solution which provides integrated CPR feedback and guidance for both compressions and ventilations.   In addition, with the HeartStart Intrepid, Philips introduces the Traumatic Brain Injury (TBI) Advisory, a unique feature based on key patient vital sign assessment to provide visual guidance to help prevent serious complications in patients with suspected TBI.

IntelliSpace Connect can be accessed through a browser eliminating the need for specialized hardware and software upgrades. Powered by Philips HealthSuite, a secure and reliable cloud platform, IntelliSpace Connect provides a simple, cost-effective option for hospitals through a Software-as-a-Service model [2].

For information on how the solution can improve clinical workflow, simplify record keeping and enhance patient care, while also streamlining communication and collaboration, visit

[1] The HeartStart Intrepid with IntelliSpace Connect is not available for sale in North America.
[2] Not all features are available in all geographies.

For further information, please contact:

Kathy O’Reilly
Philips Group Press Office
Tel: +1-978-221-8919
Twitter: @kathyoreilly

Joost Maltha

Philips Group Press Office
Tel: +31 6 10 55 8116
Twitter: @joostmaltha

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2018 sales of EUR 18.1 billion and employs approximately 78,000 employees with sales and services in more than 100 countries. News about Philips can be found at

Sundance Energy Australia Limited Reports Second Quarter 2019 Financial and Operational Results

DENVER, Aug. 15, 2019 (GLOBE NEWSWIRE) — Sundance Energy Australia Limited (ASX: SEA) (NASDAQ: SNDE) (“Sundance” or the “Company”), a U.S. onshore oil and gas exploration and production company focused in the Eagle Ford in South Texas, reported its second quarter 2019 financial and operations results today.

Second Quarter 2019 Financial Results Highlights

  • Second quarter net sales volumes were 1,264,686 boe or 13,898 boe per day, at the top end of the Company’s public guidance. This represents an increase of ~79% as compared to the same period for the prior year. Second quarter sales volumes were ~59% oil, ~22% gas and ~19% NGLs.
  • The higher than expected gas to oil ratio (“GOR”) for the quarter was driven by two primary factors.
    • The Dimmit assets, and in specific the two well Red Ranch pad brought online in late first quarter, produced at a ~23% oil cut. Pro Forma for the recently announced Dimmit divestiture expected to close in September 2019, oil would have represented ~62% of total sales volumes.
    • Additionally, the four well Roy Esse pad which was brought online during the quarter produced at the expected oil production rate but overachieved in terms of gas production, further increasing the Company’s second quarter GOR.
  • Total revenue for the quarter increased ~84% to US $52.9 million as compared to the same prior year period.
  • Net Income attributable to owners of the Company for the period was US $3.8 million. Adjusted EBITDAX1 for the period was US $33.7 million, representing a ~64% Adjusted EBITDAX margin and ~230% growth as compared to the same period for the prior year.  Adjusted EBITDAX1 for the quarter was slightly below the Company’s guidance primarily due to the lower oil cut and the impact of realized NGL and gas prices.
  • Average second quarter realized prices excluding the impact of hedging were US $61.93 per barrel of oil, US $2.08 per mcf of gas, and US $13.59 per barrel of NGL. This represents a US $2.17 per barrel premium compared to an average WTI price of US $59.76 per barrel for the quarter. Average second quarter realized price per boe including the impact of hedges was US $41.70.
  • Sundance continued to drive down cash operating costs during the second quarter. Total Cash Operating Costs2 of US $15.01 per boe improved 35% as compared to the same prior year period and a 16% improvement as compared to the Company’s first quarter 2019 Cash Operating Costs, primarily due to lower cash General and Administrative (“G&A”), Lease Operating Expense (“LOE”) and Workover expenses per boe.
    • Most notably, LOE of US $5.43 per boe has decreased ~48% as compared to the same prior year period and ~31% as compared to the first quarter 2019.
    • Cash operating costs for the quarter were below guidance of US $17.95 per boe by US $2.94 per boe, or ~16%.
  • As of 1 August 2019, the Company’s oil hedges covered a total of 4,695,000 barrels through 2023. Hedging covered approximately ~8,000 barrels of oil per day for the remainder of 2019 with a weighted average floor of US $60.32 per barrel. These figures represent ~76% of the remainder of 2019 expected oil sales and exclude hedges which have rolled off during the first seven months of 2019.
  • Second quarter development and production related expenditures totaled US $44.3 million, below the low end of capital expenditure guidance of US $45-50 million.
  • Subsequent to the end of the second quarter, the Company announced that it had entered into a definitive agreement to sell its assets in Dimmit County, TX for a purchase price of USD $29.5 million, subject to customary adjustments at closing. The sale is anticipated to close in September 2019.

1 Adjusted EBITDAX is a Non-IFRS measure, please see reconciliation to net income (loss) attributable to owners of Sundance at the end of this release.

2 Cash Operating Costs is a Non-IFRS measure comprising lease operating expenses, including workover expenses, gathering, processing and transportation expenses, production tax expense and general and administrative expenses, excluding share-based compensation and transaction related expenses.

Second Quarter 2019 Operational Highlights

  • Sundance brought 6.0 gross (6.0 net) wells onto production during the second quarter, including the 4.0 gross (4.0 net) well Roy Esse pad in Live Oak County and the 2.0 gross (2.0 net) well Bracken pad in McMullen County.
  • During the second quarter the Company additionally drilled the 4.0 gross (4.0 net) well HT Chapman pad and the first two wells of the 4.0 gross (4.0 net) well H Harlan Bethune pad in Live Oak County. Year to date the Company’s average spud to rig release time was 11.5 days, an improvement of 33% as compared to 2018 average spud to rig release time of 17.24 days.
  • The Company exited the quarter with 6.0 gross (6.0 net) drilled uncompleted (“DUC”) wells in Live Oak County.
    • The HT Chapman pad was turned to sales on 14 August 2019.
    • Drilling of the final two wells of the H Harlan Bethune pad was finalized and the pad is in the process of being completed as of the date of this report.
  • The Company additionally completed the 4.0 gross (4.0 net) well Georgia Buck pad in Live Oak County but delayed turning those wells to sales and left them temporarily shut in to protect them while an offset operator finalized nearby completion activities.
    • Subsequent to the quarter’s end, the Georgia Buck wells were turned to sales on 24 July 2019 and through the date of this report averaged >1,100 boe/d per well for peak 24-hour rates with approximately an 85% oil cut.
  • As of the date of this report, the Company was in the process of drilling the 2.0 gross (2.0 net) well Justin Tom pad in Atascosa County. The Justin Tom wells are being drilled with a targeted extended lateral length of 12,900 feet.
  • On May 29th, Sundance and its midstream partner completed the previously announced capacity expansion of the CGP-41 gas processing plant through the installation of two additional compressors. This expansion work increased the operating gas processing capacity of the plant to 18 mmcfd, sufficient to handle Sundance’s current production in the CGP-41 area. Subsequent to this expansion, Sundance has begun working with its midstream partner to further expand CGP-41 towards its design capacity to accommodate several years of resource development growth. This second round of expansions is expected to be completed during the fourth quarter. Similar to the initial expansion, any such subsequent expansions would be funded by Sundance’s midstream partner up to US $10 million cumulative capital costs.

Third Quarter and Full Year 2019 Guidance Highlights

  • Sundance believes it has reached its peak drawn debt level at the end of Q2 and will be free cash flow positive in the second half of 2019.
  • During the third quarter, the Company anticipates average sales volumes of 14,000 to 14,500 boe per day driven by 12 new Live Oak wells that will produce an average of approximately 30 days per well during the quarter. Sales volumes guidance for full year 2019 remains unchanged at 14,000 to 15,000 boe per day. The Company anticipates an oil cut during the third quarter of ~60% by sales volume.
  • The Company now intends to bring 22 wells online during full year 2019, with certain of those wells being extended reach laterals. During the third quarter, the Company intends to spud 4 total wells and place 12 wells onto production.
  • Second half capital spending guidance is US $60 to 65 million. Third quarter capital spending represents most of this amount, ranging from US $45 to 60 million pending exact completion timing for the extended reach Justin Toms wells which are the last wells the Company will bring online during 2019.  Full Year Capital cost guidance remains unchanged at US $135 to $155 million.

The table below provides an overview of the Company’s operational activity for year-to-date 20193:

Well Name County Spud
24-Hr IP

30-Day /
1,000′ ft

60-Day /
1,000′ ft
Bracken 22H McMullen 24-Jan-19 2-Apr-19 6,792 1,690 1,053 155 964 142 76 %
Bracken 23H McMullen 22-Jan-19 2-Apr-19 6,630 1,397 856 129 824 124 76 %
Roy Esse  15H Live Oak 1-Dec-18 5-May-19 4,718 1,222 864 183 848 180 72 %
Roy Esse  16H Live Oak 28-Nov-18 5-May-19 4,792 1,371 988 206 912 190 75 %
Roy Esse  17H Live Oak 26-Nov-18 5-May-19 4,657 1,077 785 169 743 160 76 %
Roy Esse  18H Live Oak 24-Nov-18 5-May-19 4,702 1,099 805 171 753 160 73 %
Georgia Buck 01H Live Oak 21-Feb-19 24-Jul-19 3,971 1,200 86 %
Georgia Buck 02H Live Oak 23-Feb-19 24-Jul-19 3,814 1,071 86 %
Georgia Buck 03H Live Oak 25-Feb-19 24-Jul-19 3,792 1,133 84 %
Georgia Buck 10H Live Oak 26-Feb-19 24-Jul-19 3,917 1,105 85 %
HT Chapman 11H Live Oak 16-Apr-19 14-Aug-19 5,287
HT Chapman 12H Live Oak 14-Apr-19 14-Aug-19 5,943
HT Chapman 13H Live Oak 12-Apr-19 14-Aug-19 5,894
HT Chapman 14H Live Oak 10-Apr-19 14-Aug-19 5,763
H Harlan Bethune 15H Live Oak 31-May-19
H Harlan Bethune 16H Live Oak 2-Jun-19
H Harlan Bethune 17H Live Oak 4-Jun-19
H Harlan Bethune 18H Live Oak 6-Jun-19
Justin Tom 08H Atascosa 30-Jul-19
Justin Tom 09H Atascosa 25-Jul-19

3 Excludes the Red Ranch 18H & 19H wells in Dimmit County.

The tables below set forth the Company’s hedge position as of 15th August 20194:

Total Oil Derivative Contracts Gas Derivative Contracts
Weighted Average Weighted Average
Year Units (Bbls) Floor Ceiling Units (Mcf) Floor Ceiling
2019 1,229,000 $60.32 $68.19 1,305,000 $2.86 $3.13
2020 2,046,000 $56.92 $60.49 1,536,000 $2.65 $2.70
2021 732,000 $50.37 $59.34 1,200,000 $2.66 $2.66
2022 528,000 $45.68 $60.83 1,080,000 $2.69 $2.69
2023 160,000 $40.00 $63.10 240,000 $2.64 $2.64
Total 4,695,000 $54.95
5,361,000 $2.71
LLS Derivative Contracts Brent Derivative Contracts WTI Derivative Contracts
Weighted Average Weighted Average Weighted Average
Year Units (Bbls) Floor Ceiling Units (Bbls) Floor Ceiling Units (Bbls) Floor Ceiling
2019 70,000 $52.51 $62.51 359,000 $58.72 $71.06 800,000 $61.72 $67.39
2020 2,046,000 $56.92 $60.49
2021 732,000 $50.37 $59.34
2022 528,000 $45.68 $60.83
2023 160,000 $40.00 $63.10
Total 70,000 $52.51 $62.51 359,000 $58.72 $71.06 4,266,000 $54.67 $61.73

4 Excludes realized hedge volumes which rolled off during the first seven months of 2019. WTI pricing includes the impact of WTI-MEH basis hedges.

The following unaudited tables present certain production, per unit metrics and Adjusted EBITDAX that compare results of the corresponding quarterly reporting periods:

Three Months Ended June 30,   Six Months Ended June 30,      
Unaudited 2019   2018   2019   2018   % Change
Net Sales Volumes
Oil (Bbls) 745,130 380,534 1,467,525 745,774 96 % 97 %
Natural gas (Mcf) 1,688,005 1,242,251 2,960,551 2,126,674 36 % 39 %
NGL (Bbls) 238,223 118,506 410,958 198,019 101 % 108 %
Total sales (Boe) 1,264,686 706,081 2,371,909 1,298,239 79 % 83 %
Average Daily Volumes
Average daily sales 13,898 7,759 13,104 7,173 79 % 83 %
Product Price Received
Total price received (per Boe) $41.83 $45.19 $42.43 $45.81 (7 %) (7 %)
Total realized price (per Boe)(1)(2)(3) $41.70 $37.42 $43.94 $37.64 11 % 17 %
Total price received – Oil (per Bbl) $61.93 $68.57 $59.24 $66.73 (10 %) (11 %)
Total price realized – Oil (per Bbl)(1) $61.21 $53.73 $61.18 $52.29 14 % 17 %
Total price received – Natural gas (per Mcf) $2.08 $2.45 $2.29 $2.45 (15 %) (6 %)
Total price realized – Natural gas (per Mcf)(2) $2.20 $2.52 $2.43 $2.50 (13 %) (3 %)
Total price received – NGL (per Bbl) $13.59 $24.00 $16.80 $23.04 (43 %) (27 %)
Total price realized – NGL (per Bbl)(3) $14.33 $24.00 $17.65 $23.04 (40 %) (23 %)
(1) Includes realized losses on oil derivatives of $0.2 million and $2.3 million for the three months ended June 30, 2019 and 2018, respectively, and realized gains of $3.6 million and realized losses of $3.9 million for the six months ended June 30, 2019 and 2018, respectively.  Also includes the impact of a fixed price delivery contract of $8.54/Bbl and $9.09/Bbl for the three and six months ended June 30, 2018, respectively.
(2) Includes realized gains on natural gas derivatives of $0.2 million and $0.1 million for the three months ended June 30, 2019 and 2018, respectively, and realized gains of $0.4 million and $0.1 million for the six months ended June 30, 2019 and 2018, respectively.
(3) Includes realized gains on NGL derivatives of $0.2 million and $0.3 million for the three and six months ended June 30, 2019, respectively.
UNIT COST ANALYSIS Three Months Ended June 30,       Six Months Ended June 30,    
Unaudited 2019     2018   Change   2019   2018   Change
Revenue/Boe (Inclusive of Hedging) $ 41.70 $ 37.42 11 % $ 43.94 $ 37.64 17 %
Lease operating expense/Boe (5.43 ) (10.45 ) (48 %) (6.55 ) (9.88 ) (34 %)
Workover expense/Boe (1.14 ) (1.85 ) (38 %) (1.22 ) (1.94 ) (37 %)
Gathering, processing and transportation /Boe (2.95 ) (1.19 ) 148 % (2.77 ) (0.65 ) 327 %
Production taxes/Boe (2.46 ) (2.67 ) (8 %) (2.63 ) (1.49 ) 77 %
Cash G&A/Boe(1) (3.03 ) (6.84 ) (56 %) (3.19 ) (5.77 ) (45 %)
Net EBITDAX Margin per Boe $ 26.69 $ 14.42 85 % $ 27.58 $ 17.91 54 %
Adjusted EBITDAX(2) $ 33,730 $ 10,211 230 % $ 65,435 $ 21,491 204 %
Adjusted EBITDAX Margin (3) 64.0 % 38.7 % 65 % 62.8 % 44.0 % 43 %
(1) Cash G&A represents general and administrative expenses (non transaction-related) incurred less equity-settled share based compensation expense, which totaled $0.1 million and $(0.2) million for the three months ended June 30, 2019 and 2018, respectively, and $0.3 million and $0.2 million for the six months ended June 30, 2019 and 2018, respectively.
(2) See reconciliation of income (loss) attributable to owners of the Company to Adjusted EBITDAX included at end of release.
(3) Adjusted EBITDAX Margin represents Adjusted EBITDAX as a percentage of revenue, inclusive of commodity derivative settlements, during the period.

Condensed Consolidated Financial Statements
The Company’s unaudited condensed consolidated financial statements are included below.

Three Months Ended June 30, Six Months Ended June 30,
Unaudited (US$000s) 2019   2018 2019   2018
Revenue $ 52,901 $ 28,729 $ 100,641 $ 52,765
Lease operating, workover and production tax expenses (11,411 ) (10,568 ) (24,668 ) (19,082 )
Gathering, processing and transportation expenses (3,735 ) (840 ) (6,560 ) (840 )
General and administrative expenses (non transaction-related) (3,970 ) (4,644 ) (7,838 ) (7,675 )
Transaction-related expense (487 ) (11,351 ) (1,014 ) (12,377 )
Depreciation and amortisation expense (20,927 ) (15,027 ) (41,265 ) (27,214 )
Impairment expense (5,761 ) (18,936 ) (9,240 ) (21,893 )
Finance costs, net of amounts capitalized (8,366 ) (6,363 ) (16,609 ) (10,346 )
Gain (loss) on commodity hedging, net (1) 10,286 (16,496 ) (23,057 ) (23,180 )
Loss on interest rate derivative financial instruments, net (2) (2,406 ) (434 ) (4,026 ) (434 )
Loss on debt extinguishment (2,428 ) (2,428 )
Other items income (expense), net (3) (229 ) 5,656 (210 ) 6,721
Gain (loss) before income tax    5,895   (52,702 )   (33,846 )   (65,983 )
Income tax benefit (expense) (2,119 ) (5,307 ) 6,201 (7,610 )
Gain (loss) attributable to owners of the Company $    3,776 $    (58,009 ) $    (27,645 ) $    (73,593 )
(1) Included an unrealized gain on commodity hedging of $10.5 million and an unrealized loss of $14.2 million for the three months ended June 30, 2019 and 2018, respectively, and unrealized losses of $26.6 million and $19.3 million for the year ended June 30, 2019 and 2018, respectively.
(2) Included an unrealized loss on interest rate swaps of $2.4 million and $0.4 million for the three months ended June 30, 2019 and 2018, respectively, and unrealized losses of $4.1 million and $0.4 million for the six months ended June 30, 2019 and 2018, respectively.
(3) Included a realized gain on foreign currency derivatives of $5.8 million and $6.8 million for the three and six months ended June 30, 2018, respectively.
(US$’000s) June 30, 2019   December 31, 2018
  (Unaudited)   (Audited)
Cash $ 977 $ 1,581
Trade and other receivables 16,623 23,633
Derivative assets – current 4,123 24,315
Other current assets 3,907 3,546
Assets held for sale(1) 23,746 24,284
Total current assets 49,376 77,359
Oil and gas properties 755,118 712,870
Derivative assets – non current 2,033 8,003
Lease right-of-use assets 12,592
Other assets 3,481 3,847
Total assets $    822,600   $    802,079
Current liabilities $ 64,108 $ 70,919
Derivative liabilities – current 2,218 436
Lease liabilities – current 6,942
Liabilities held for sale(1) 1,245 1,125
Total current liabilities 74,513 72,480
Credit facilities, net of financing fees 341,922 300,440
Derivative liabilities – non current 5,288 2,578
Lease liabilities – non current 5,693
Other non current liabilities 29,160 33,206
Total liabilities $    456,576   $    408,704
Net assets $    366,024   $    393,375
Equity $    366,024   $    393,375
(1) The Company’s Dimmit County Eagle Ford assets (and related liabilities) were classified as held for sale as of June 30, 2019 and December 31, 2018.  In July 2019, the Company entered into a definitive agreement to sell its Dimmit County assets for a purchase price of $29.5 million, subject to customary adjustments at closing.  The sale is expected to close by the end of the third quarter.
Six Months Ended June 30,
Unaudited (US$000s) 2019   2018
Receipts from sales $ 102,867 $ 49,620
Payments for operating and administrative expenses (42,145 ) (41,204 )
Settlements of restoration provision (116 ) (29 )
Receipts (payments) for commodity derivative settlements, net 6,638 (3,667 )
Other, net (2,301 )
Net cash provided by operating activities  $ 67,244 $ 2,419
Payments for development expenditures (92,252 ) (40,717 )
Payments for exploration expenditures (564 ) (1,927 )
Payment for Eagle Ford acquisition, net (220,132 )
Sale of non current assets 50
Other (121 ) (79 )
Net cash used in investing activities $ (92,887 ) $ (262,855 )
Interest paid, net of capitalized portion (14,732 ) (12,436 )
Deferred financing costs capitalized (232 ) (16,724 )
Proceeds from borrowings 40,000 250,000
Repayments of borrowings (including production prepayment) (210,194 )
Proceeds from the issuance of shares 253,517
Payments for the costs of capital raisings (10,260 )
Receipts from settlements of foreign currency derivatives 6,849
Other 2
Net cash provided by financing activities $ 25,038 $ 260,752
Total Net Cash Provided (Used) $    (605 )   $    316
Cash beginning of year $    1,581   $    5,761
FX effect 1 180
Cash at end of period $    977   $    6,257

Conference Call
The Company will host a conference call for investors on Thursday 15th August, 2019 at 4 p.m. MDT (Friday, 16th August, 2019 at 8 a.m. AEST).

Interested investors can listen to the call via webcast at The webcast will also be available for replay on the Company’s website.

Additional Information
We define “Adjusted EBITDAX”, a non-IFRS measure, as earnings before interest expense, income taxes, depreciation, depletion and amortization, property impairments, gain/(loss) on sale of non-current assets, exploration expense, share based compensation and income, gains and losses on commodity hedging, net of settlements of commodity hedging and items that the Company believes affect the comparability of operating results such as items whose timing and/or amount cannot be reasonably estimated or items that are non-recurring. Management uses Adjusted EBITDAX to facilitate comparisons of its performance between periods and to the performance of its peers.  This non-IFRS financial measure should not be considered as a substitute for, nor superior to, measures of financial performance prepared in accordance with IFRS.

Below is a reconciliation from the net income (loss) attributable to owners of the Company to Adjusted EBITDAX:

IFRS Income (Loss) Attributable to Owners of Sundance Reconciliation to Adjusted EBITDAX
 Three Months Ended June 30,   Six Months Ended June 30, 
Unaudited (US$000s)  2019   2018   2019   2018 
Income (loss) attributable to owners of the Company $ 3,776 $ (58,009 ) $ (27,645 ) $ (73,593 )
Income tax expense (benefit) 2,119 5,307 (6,201 ) 7,610
Finance costs, net of amounts capitalized 8,366 6,363 16,609 10,346
Loss on debt extinguishment 2,428 2,428
(Gain) loss on derivative financial instruments, net (10,286 ) 16,496 23,057 23,180
Settlement of commodity derivatives financial instruments (168 ) (2,311 ) 3,583 (3,894 )
Loss on interest rate derivative financial instruments, net 2,406 434 4,026 434
Depreciation and amortization 20,927 15,027 41,265 27,214
Impairment expense 5,761 18,936 9,240 21,893
Noncash share-based compensation 142 (184 ) 277 186
Transaction-related costs included in general and administrative expenses and other 487 11,351 1,014 12,377
Gain on foreign currency derivatives (5,766 ) (6,838 )
Other (income) expense, net 200 139 210 148
Adjusted EBITDAX $    33,730 $    10,211 $    65,435 $    21,491

The Company reports under International Financial Reporting Standards (IFRS).  All amounts are reported in US dollars unless otherwise noted.

The Company’s full Unaudited Activities Report as filed with the Australian Securities Exchange (ASX) and Securities and Exchange Commission on Form 6-K for the Quarter Ended June 30, 2019 can be found at

The Company’s 2018 Annual Report as filed with the ASX and Form 20-F as filed with the SEC can be found at

About Sundance Energy Australia Limited

Sundance Energy Australia Limited (“Sundance” or the “Company”) is an Australian-based, independent energy exploration company, with a wholly owned US subsidiary, Sundance Energy Inc., located in Denver, Colorado, USA. The Company is focused on the acquisition and development of large, repeatable oil and natural gas resource plays in North America. Current activities are focused in the Eagle Ford.  A comprehensive overview of the Company can be found on Sundance’s website at

Summary Information

The following disclaimer applies to this document and any information contained in it. The information in this release is of general background and does not purport to be complete. It should be read in conjunction with Sundance’s periodic and continuous disclosure announcements lodged with ASX Limited that are available at and Sundance’s filings with the Securities and Exchange Commission available at

Forward Looking Statements

This release may contain forward-looking statements. These statements relate to the Company’s expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar words or expressions containing same.

These forward-looking statements reflect the Company’s views and assumptions with respect to future events as of the date of this release and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. These include, but are not limited to, risks or uncertainties associated with the discovery and development of oil and natural gas reserves, cash flows and liquidity, business and financial strategy, budget, projections and operating results, oil and natural gas prices, amount, nature and timing of capital expenditures, including future development costs, availability and terms of capital and general economic and business conditions. Given these uncertainties, no one should place undue reliance on any forward looking statements attributable to Sundance, or any of its affiliates or persons acting on its behalf.  Although every effort has been made to ensure this release sets forth a fair and accurate view, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information, please contact:

United States:
John Roberts
VP Finance & Investor Relations
Tel: +1 (720) 638-2400
Eric McCrady
CEO and Managing Director
Tel: +1 (303) 543-5703
Mike Hannell
Tel: + 61 8 8274 2128 or
+ 61 418 834 957