text: *Dear Fellow Shareholders,*
  
  *I am pleased to present Sundance Energy Australia Limited’s*
  *Annual Report for the 12 months ended 31 December 2014. It*
  *has been another year of significant progress for Sundance*
  *across our portfolio of liquids rich oil and gas assets in the US.*
  CHAIRMAN’S LETTER 
  
  The Company’s strategic focus on growing production, cash flows and reserves from 
  large, repeatable resource plays in North America continues to deliver positive results 
  with growth in production, cash flows, and reserves. 
  
  During late 2013 and 2014, we completed the divestment of our interest in the Williston 
  Basin in North Dakota for $51 million which realised an internal rate of return of 45 percent; 
  and also opportunistically divested our interest in the Denver-Julesburg Basin in Colorado 
  for $114 million which realised an internal rate of return of 104 percent. These divestitures 
  of smaller, less scalable positions enabled us to focus on developing and growing our 
  assets in the Eagle Ford in Texas and our Mississippian/Woodford assets in Oklahoma. 
  
  Despite the reduction in crude oil and liquids prices towards the end of the year 
  and continuing into 2015, the operational performance and focused, value-adding 
  transactions during the past year have positioned the Company very favourably for 
  future growth in net asset value and shareholder returns. 
  
  *Despite the reduction in*
  *crude oil and liquids*
  *prices towards the end of*
  *the year and continuing*
  *into 2015, the opertional*
  *performance and focused,*
  *value-adding transactions*
  *during the past year have*
  *positioned the Company*
  *very favourably for future*
  *growth in net asset value*
  *and shareholder returns.*
  Corresponding with the growth in annual production, the Company’s full year revenues 
  increased to $159.8 million and Adjusted EBITDAX increased to $126.4 million. 