NSE Completes Transaction with Sundance Energy

New Standard Energy Limited (NSE) has completed the transaction with Sundance Energy Australia Ltd which was announced to the ASX on 29 June 2015.

Under the agreement, Sundance has directly acquired New Standard’s Colorado County Project in the US and indirectly acquired its Atascosa Project and interest in Cooper Basin permit PEL 570 through the purchase of New Standard’s relevant subsidiaries, inclusive of the associated assets and liabilities.

The transaction completed following the approval by New Standard shareholders at the EGM held on 4 August 2015 and the satisfaction of all of the remaining conditions precedent. New Standard has been issued 6 million Sundance shares of which a portion will be escrowed for up to 6 months to meet potential warranty claims post-completion.

The transaction has eliminated all New Standard’s debt and provides sufficient ongoing liquidity to allow the Company to complete a strategic review to assess the status of the remaining portfolio, the energy market outlook, the equity market for small oil and gas explorers and the best path for rebuilding shareholder wealth.
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