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Aurora production surges in March Q

30th April 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Takeover target Aurora Oil & Gas has reported a 16% increase in production during the first quarter ended March, as 32 wells were placed on production at its Sugarkane acreage, in South Texas.

The ASX- and TSX-listed miner noted that production volumes for the quarter increased to 21 100 barrels of oil equivalent a day, up 16% on the previous quarter and up 54% on the previous corresponding quarter.

Gross quarterly production reached 2.58-million barrels of oil equivalent, which was a 14% increase on the previous quarter.

The increase in production also resulted in a 16% increase in revenue, compared with the fourth quarter of last year, with Aurora receiving some $182-million in revenue, comprising 86% oil and condensate, 7% natural gas liquids and 7% natural gas.

Aurora was in the midst of a takeover offer from Canada’s Baytex Energy Corporation.

In February, Baytex launched a A$1.8-billion takeover offer for Aurora, offering shareholders A$4.10 in cash for every share held.

Edited by Creamer Media Reporter

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