D ear Fellow  Shareholders, 
I am  pleased to present Sundance Energy Australia Lim ited’ s 
Annual Report for the 1 2 m onths ended 3 1  D ecem ber 201 4. It 
has been another year of significant progress for Sundance 
across our portfolio of liquids rich oil and gas assets in the U S. 
The C om pany’s strategic focus on grow ing production, cash flow s and reserves from 
large, repeatable resource plays in N orth A m erica continues to deliver positive results 
w ith grow th in production, cash flow s, and reserves. 
D uring late 20 13 and 20 14, w e com pleted the divestm ent of our interest in the W illiston 
B asin in N orth D akota for $51 m illion w hich realised an internal rate of return of 45 percent; 
and also opportunistically divested our interest in the D enver-Julesburg B asin in C olorado 
for $114 m illion w hich realised an internal rate of return of 10 4 percent. These divestitures 
of sm aller, less scalable positions enabled us to focus on developing and grow ing our 
assets in the E agle F ord in Texas and our M ississippian/W oodford assets in O klahom a. 
D espite the reduction in crude oil and liquids prices tow ards the end of the year 
and continuing into 20 15, the operational perform ance and focused, value-adding 
transactions during the past year have positioned the C om pany very favourably for 
future grow th in net asset value and shareholder returns. 
A year of grow ing production, cash flow  and reserves 
In line w ith our strategy w e continued to increase the level of com pany operated assets, 
and successfully m aintained a very strong focus on optim ising our operations and reducing 
costs. This resulted in an im pressive im provem ent in w ell perform ance com bined w ith a 
top tier cost structure. 
Through our operated developm ent program , w e ended 20 14 w ith record production 
of 9,434 barrels of oil equivalent per day (B O E PD ) com pared w ith an exit rate of 5,0 28 
B O E PD  in D ecem ber 20 13 and an average annual production of 6,635 B O E PD  com pared 
to 3,0 15 B O E PD  in 20 13. D uring 20 14 w e drilled and com pleted 42.7 net w ells, prim arily 
in the E agle F ord, bringing our total w ell count to 8 1.3 by 31 D ecem ber 20 14. H igh 
value oil com prised approxim ately 69 percent of our total 20 14 annual production 
and production from  Sundance-operated projects accounted for 8 9 percent of total 
production for the year. 
C orresponding w ith the grow th in annual production, the C om pany’s full year revenues 
increased to $159.8 m illion and A djusted E B ITD A X  increased to $126.4 m illion. 
The C om pany’s developm ent program  also generated significant grow th in C onstant C ase 
reserves during the year. M ore details are contained elsew here in this A nnual Report, 
but in sum m ary our 1P Reserves at the end of 20 14 w ere 26.0  M B O E , 2P Reserves 54.1 
M B O E , and 3P Reserves 147.7 M B O E . This com pares w ith Reserves of 20 .7 M B O E , 34.6 
M B O E , and 92.8 M B O E , respectively , at the end of 20 13. 
In the current price environm ent, w e have elected to scale back our drilling program  to 
m ainly concentrate on lim ited drilling obligations to hold E agle F ord acreage. This w ill 
enable us to m aintain our low  leverage profile, w hich w as approxim ately 1.0 3x debt to 
A djusted E B ITD A X at year end, and focus on grow ing our drilling inventory in an environ -
m ent w ith less com petition for leases and sm all acquisitions. Liquidity w as $84 m illion at 
year end, w ith a borrow ing base redeterm ination in 20 15 expected to m aterially increase 
debt availability if the use of such funds is justified in line w ith our strategy . 
The Eagle Ford – driving value and production grow th 
Sundance has grow n its E agle F ord acreage position from  ~7,20 0  acres upon entering the 
basin to approxim ately 26,160  net m ineral acres in the E agle F ord at the end of 20 14