Aurora boosts borrowing base

The borrowing base was granted as a result of the company's 28% increase in its proven reserves to 27.6 MMboe.

More proven reserves at Aurora Oil&Gas's (AUT) flagship shale site in Texas has allowed the company to increase its borrowing base by 50% to US$300 million.

In a statement to the Australian Securities Exchange, Aurora said it lifted its proved, developed and producing (PDP) reserves by 28% to 27.6 million barrels of oil equivalent, which made available the extra capital under the company's revolving credit facility. 

The company anticipates further reserves will be captured by the end of 2013 from the Sugarkane field and the development of the Austin Chalk.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles