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Aurora Oil & Gas Ltd, Underwritten Equity Raising A$120 million

Highlights

- Underwritten equity placement to raise approximately A$120 million

- Net proceeds to fund development across increased Sugarkane Field net acreage

Aurora Oil & Gas Limited (ASX:AUT, TSX:AEF) ("Aurora") is pleased to announce an A$120 million underwritten equity raising through the issue of 33.8 million ordinary shares at either A$3.55 or C$3.55 per share (the "Underwritten Placement"). Of these ordinary shares, Aurora will offer 18 million ordinary shares at a price of C$3.55 per share pursuant to a short form prospectus in Canada. The remaining ordinary shares are to be placed to institutional and sophisticated investors in Australia and elsewhere (other than Canada).

The issue is to be undertaken under Aurora’s 15% placement capacity and is not subject to shareholder approval. Settlement of the Underwritten Placement is expected on 24 May 2012 and 1 June 2012 for the placement and Canadian prospectus offering, respectively.


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