During the reporting period there were a number of corporate and operational highlights:-
- Aurora Oil & Gas Limited (“Aurora”) listed on the Toronto Stock Exchange under the ticker AEF (Australian Stock Exchange ticker AUT).
- In January 2011 the Company completed the second tranche of the A$120 million capital raising announced in December 2010.
- A new 31 December 2010 Reserves Estimate carried out by the Houston based independent reserves evaluation team at Netherland, Sewell & Associates, Inc (“NSAI”) for Aurora’s interests in the Sugarkane Field allocated total proved plus probable plus possible (3P) reserves1 of 83 milion barrels of oil equivalent (“boe”) comprising 53,314,000 bbls of crude oil and condensate and 177.5 Bcf of natural gas net to Aurora and total proved plus probable (2P) reserves of 22 million boe comprising 12, 479,000 bbls of crude oil and condensate and 57.7 Bcf of natural gas net to Aurora.
This represented a 48% increase in 3P reserves and also demonstrated the rapid shift in reserves to 2Preserves as a result of an additional 9 producing wells.
Aurora management believes that there remains considerable scope for reserve increases.
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