During the reporting period Aurora Oil and Gas Ltd (“Aurora” or “Company”) (ASX:AUT TSX:AEF) participated in the substantial development program of its Eagle Ford assets in the Sugarkane Gas and Condensate Field in South Texas. These activities have generated a number of corporate, operational and production highlights, which are summarised below:
- Aurora completed and announced year end reserves effective 31 December, 2011. The report was generated by the independent Houston based team of Ryder Scott and allocated Aurora total gross proved (1P) reserves of 80.4 mmboe and total proved plus probable (2P) reserves 92.0 mmboe. These figures were comprised of over 75% liquids.
- On a BOE basis, these figures represent a 450% increase in 1P reserves and 209% increase in 2P reserves from that reported as at 31 December 2010.
- Revenue from oil and gas sales was $40 million for the quarter ($29.5 million after royalties) of which 97% were generated from liquids. Cash balance at the end of the quarter was $210 million.
- A wholly owned subsidiary of the Company successfully issued $200 million of unsecured senior notes in the US.
- A total of 30 gross new wells were drilled and cased in the quarter, 3 wells were being well tested at quarter end and an additional 19 gross [5.1 net] wells were put on production.
- At the quarter end there were 90 gross wells on production including 6 farmout wells (16.60 net), 113 gross wells drilled and 11 new wells underway.
- The retrospective installation of production tubing in existing wells was largely completed by February 2012, with a total of 35 wells involved.
- Aurora’s total quarterly production was 502 mmscf of rich gas and 310,000 bbls of condensate and light oil. Net to Aurora, after royalties, total production was 327 mmscf of gas, 229,000 bbls of condensate and 36,000 bbls of NGL, which equates to 319,000 boe, an increase of 11% over the previous quarter.
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