W ith m ixed appraisal results in the W oodford, Sundance’s M ississippian/W oodford 
position generally requires higher prices to m eet our hurdle rates. B ecause of the m ixed 
W oodford results, higher overall unit costs, and depressed pricing at year end, w e 
recognized an im pairm ent charge of ~$60  m illion on these assets at year 20 14. H ad 
prices m aintained their strength, w e likely w ould have been in a position to recover our 
investm ent from  these assets. 
C EO ’S REPO RT 
4
Sundance’s Perform ance versus the ASX 20 0 
A N N UA L PERCEN TA G E CHA N G E 
IN  2P PV10 
(N ET A SSET VA LU E) IN  SU N D A N CE 
YEAR PER D EB T A D JU STED  SH A RE PRICE PER SH A RE IN  A SX20 0 
20 1 4 21.6 % -48.0 % 1.1 % 
20 1 3 6 3 .3 % 29.9% 1 5 .1 % 
20 1 2 -1 5 .6 % 87 .8% 1 4.6 % 
20 1 1 5 9.7% -44.6 % -1 4.5 %