Aurora Oil & Gas Limited (TSX:AEF) (ASX:AUT) today announced the initial increase in available liquidity under the US$300 million senior secured revolving credit facility agreed with a lending syndicate in late 2011. The borrowing base increase to $85 million provides the Company with further funding flexibility for its developments program at the Sugarkane Field Eagle Ford project in Texas and for general corporate purposes.
No funds are currently drawn from this facility.
The increase in the borrowing base flows from recent upgrades in the Company's proven and proven developed producing reserves and increasing production. Average gross production for the quarter ended March 31, 2012 was 4,800 boe/d which has increased for the month of April to 6,800 boe/d.
The Lending syndicate under the Company's senior secured credit facility comprises UBS Loan Finance LLC., Credit Suisse Securities (USA) LLC, Toronto Dominion (New York) LLC and Commonwealth Bank of Australia.
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