Aurora has participated in a substantial operational program through the reporting quarter at the Sugarkane Gas & Condensate Field generating a number of operational and production highlights, which are summarised below:
- An updated reserves estimate to 31 October 2011 was generated by Ryder Scott Company. Ryder Scott allocated Aurora total gross proved (1P) reserves of 72.8 mmboe and 79.7 mmboe of proved plus probable (2P) reserves.
- On a BOE basis, these figures represent a 400% increase in 1P reserves and 167% increase in 2P reserves from the reserves estimates as at 31 December 2010.
- Cash receipts from oil and gas sales were $31 million for the quarter ($22 million after royalties). Cash balance at the end of the quarter was $70 million.
- A $300 million senior secured revolving debt facility was executed with a syndicate of banks with an initial $85 million borrowing base, reviewed as production increases. An initial drawdown of $30 million was made during the 4th quarter.
- Updated 2012 drilling schedule – further acceleration of development with a revised plan to drill 158 gross (35 net) wells.
- A total of 18 gross new wells were drilled in the quarter, 4 wells were being well tested at quarter end and an additional 14 gross (3.7 net) wells were put on production.
- At the quarter end there were 71 gross wells on production including 6 farmout wells (12.91 net), 83 gross wells having been drilled and 6 new wells underway.
- In addition work-over operations involving the installation of artificial gas lift assemblies were carried out on 10 producing wells in the Excelsior AMI and 5 producing wells in the Longhorn AMI. As wells must be taken off production for work over, these activities have had an impact on produced volumes during the quarter but will be beneficial for long term well performance.
- Aurora’s total quarterly production was 553 mmscf of rich gas and 272,237 bbls of condensate and light oil. Net to Aurora, after royalties, total production was 323 mmscf of gas, 200,583 bbls of condensate and 34,028 bbls of NGL, which equates to 288,400 boe, an increase of 19% over the previous quarter.
- Average gross Aurora production rates during the quarter were 4,257 boe/d including NGL’s. Net to Aurora, after royalties and including NGL’s, average production was 3,135 boe/d. For the month of December Aurora’s effective average production rate was 4,807 boe/d gross and 3,530 boe/d net of royalties including NGL’s.
- Activity continued on installation of field infrastructure with 6 out of a total of 9 central facilities operational by the end of the year. A further 3 are scheduled to be completed during the first quarter of 2012. New and existing wells are being tied into these facilities in an incremental fashion.
For further information please download PDF below:
