DRILLING

Aurora sets funding wheels in motion

AURORA Oil & Gas has officially set up a $US300 million ($A289.62 million) senior secured revolving credit agreement with a syndicate of banks to fund its 2012 drilling program in the Sugarkane field in Texas.

James McGrath

The revolving credit facility period is for five years but after an initial borrowing base of $85 million, Aurora will be able to borrow more, to be calculated by reference to proved reserves. Aurora...

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