UPDATE 1.30pm: Shares in Aurora Oil and Gas jumped after the company announced a 92 per cent surge in annual profit to $US59 million and forecast further growth in production, revenue and profitability in the year ahead.
The US-focused oil and gas explorer and producer posted revenue of $US295 million for the year, up 293 per cent on the previous year.
The strong result was backed by increased production from the company's Eagle Ford shale assets within the Sugarkane Gas and Condensate Field in Texas.
Aurora boosted its stake in the Sugarkane Field during the period through its $US106 million takeover of Eureka Energy and a separate $US95 million purchase from a US investor.
The acquisition lifted the company's stake in the Sugarloaf working area from 15.8 per cent to 28.1 per cent and boosted net acreage from 16,365 to 19,100.
Aurora said it was well funded for the planned development of the Sugarkane field, today announcing the amount able to be drawn down from its senior secured revolving credit facility increasing from $US150 million to $US275 million.
"The increase in the level of funding available exceeds forecast working capital requirements and provides capacity for capital expenditure programs in excess of that presently forecast for the Sugarkane field," the company said in a statement.Aurora shares closed up 22 cents, or 6.01 per cent, at $3.88.
The new magazine for a new generation of West Australians.Click here to download »
All the latest market figures from Australia and the world.Click here »
'The West Australian' is a trademark of West Australian Newspapers Limited 2013.
All rights reserved.
Select your state to see news for your area.