Aurora Oil & Gas Ltd
(ASX:AUT) has finalised its $US120 million acquisition of extra working sites at a US shale field.
Aurora says it has secured four areas of mutual interest within the Sugarkane Eagle Ford Shale field.
The acquisition is highly accretive on a reserves and net present value basis, with Aurora’s 3P, proven, probable and possible reserves increasing 50 per cent to 84 million barrels of oil equivalent.
Aurora says it will now participate in around 60 new wells during 2011, for a total of around 80 wells across the four areas of mutual interest by the end of 2011.
In the year to 30 June 2010, Aurora Oil & Gas booked a net loss just over $3 million.
