Aurora increases presence in Sugarkane

Company News

Aurora Oil & Gas Limited (ASX:AUT) has inked a deal to acquire an additional six per cent in the Sugarloaf Area of Mutual Interest (AMI) in the US, for $US95 million.

Aurora will now hold a 21.8 per cent interest in the liquids rich area.

The acquisition will see the oil and gas explorer increase its net acreage by nine per cent.

Aurora’s chief says the acquisition builds its already strong presence in the Sugarkane field.

In the first half of the 2012 financial year, Aurora Oil & Gas generated a net profit of $30.1 million.

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