Aurora Oil Increases Credit Facility With UBS, Others
Aurora Oil & Gas Limited announced the initial increase in available liquidity under its US$300 million senior secured revolving credit facility agreed with a lending syndicate in late 2011.
The lending syndicate under the company’s senior secured credit facility comprises UBS Loan Finance, Credit Suisse Securities (USA), Toronto Dominion (New York) and Commonwealth Bank of Australia.
The borrowing base increase to US$85 million provides the company with further funding flexibility for its development program at the Sugarkane Field Eagle Ford project in Texas and for general corporate purposes.
No funds are currently drawn from this facility.
The increase in the borrowing base flows from recent upgrades in the Company’s developed producing reserves and increasing production.
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