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.