Ashurst has advised Euroz Securities Limited as joint lead manager and underwriter in a A$63.1 million equity raising by Sundance Energy Australia Limited.

The A$63.1 million equity raising comprised of a A$48.1 million underwritten placement and a capped A$15 million raising under the share purchase plan by Sundance Energy.

As a result of strong investor demand, the placement was heavily oversubscribed.

Ashurst lead partner on the deal, Roger Davies said: "Sundance Energy was able to raise a significant amount (approximately 15% of its market capitalisation) in a heavily oversubscribed offering at a low 11.8% discount to its last traded price (and only a 8.7% discount to the five-day volume weighted average price) in a difficult market.

"This shows equity markets are still open for issuers with attractive assets and growth upside, in this case Sundance's North American producing oil & gas assets and particularly its interest in the South Texas Eagle Ford basin acquired through its merger with Texon Petroleum earlier this year."

Proceeds from the placement will be used primarily to accelerate development of Sundance Energy's Eagle Ford and Mississippian/Woodford acreage.

The Ashurst team included partner Roger Davies and special counsel Matthew Rumpus.