PERTH (miningweekly.com) – Dual-listed Aurora Oil & Gas was expecting a 47% increase in 2014 production, compared with the mid-point in 2013, with daily output of between 29 000 and 32 000 barrels of oil equivalent expected.

Full year gross production would average between 10.6-million and 11.7-million barrels of oil equivalent, with net production averaging between 7.8-million and 8.6-million barrels of oil equivalent.

The company said that it would spend between $455-million and $495-million in 2014 to achieve this growth, with between $47-million and $49-million spent on operated drilling and completions, between $368-million and $402-million spent on non-operated drilling and completions, and between $40-million and $44-million spent of facilities, land and other expenditures.

ASX- and TSX-listed Aurora said that the capital spend would be funded from existing cash resources, operating cash flows and existing bank credit facilities.

“Aurora expects to deliver another year of disciplined growth and consistent returns from its Sugarkane assets, as it is now in a low risk, high margin and repetitive development programme,” said CEO Douglas Brooks.

“Well costs have been dramatically reduced while well performance has increased even with tighter well spacing. As such, we are confident our 2014 development drilling programmes, together with the results of our ongoing downspacing in the Eagle Ford shale and future development of the Austin Chalk and Upper Eagle Ford, will deliver strong production growth in 2014.”

Brooks noted that with this being Aurora’s largest non-operated well development programme in the Sugarkane field to date, the company was anticipating scaling back its operated activity during the year to maintain a strong balance sheet and financial flexibility while achieving significant growth.

“We expect this strong growth to continue through 2015 and beyond through the development of our significant remaining well inventory,” Brooks said.