Commencement of development drilling within Aurora's operated Eagle Ford acreage
PERTH, Western Australia, June 3, 2013 /CNW/ - Aurora Oil & Gas Limited (Aurora) (ASX: AUT) (TSX: AEF) is pleased to announce that drilling activities have commenced within the recently acquired Aurora operated Eagle Ford acreage. The F08 drilling rig from Nabors Drilling has now mobilised onto the Heard Ranch, has rigged up and the JP Heard Bower #19H well was spudded on May 31, 2013. Aurora had previously advised commencement of operated drilling activity was expected in early Q3 2013 and is now pleased to report that the first drilling operations have commenced ahead of schedule.
The F08 drilling unit will drill two adjacent wells from the same surface pad location (JP Heard Bower #19H and #20H) and will utilise a batch drilling schedule to further optimise efficiencies. Batch drilling will result in the rig drilling each surface hole section first, before being re-configured for the deeper build and horizontal sections of the well bore for each well. The JP Heard Bower #20, will first be drilled vertically through the Eagle Ford formation as a pilot hole to allow a local type well log to be recorded, which will be used for geo-steering of the future horizontal wellbores in this area. This well will then be side tracked as the JP Heard Bower #20H horizontal Eagle Ford producer.
Aurora will utilise the knowledge gained through participation in the 289 wells that have been spudded on this and the adjacent Sugarkane Field to optimise the well and stimulation design. The two horizontal wells will be positioned 330ft apart within the reservoir (40 acre spacing) and will be zipper fracced (alternating fracs between the two wells) to improve frac efficiency. The wells are planned for approximately 7,000' laterals in the target zone and are anticipated to commence flowback during Q3 2013. The same surface well pad will be used for two more drilling locations later in the development schedule.
Aurora is presently planning to commence drilling operations with a second drilling rig during Q3 2013.
Aurora is an Australian and Toronto listed oil and gas company active in the over pressured liquids rich region of the Eagle Ford shale in Texas, United States. Aurora is engaged in the development and production of oil, condensate and natural gas in Karnes, Live Oak and Atascosa counties in South Texas. Aurora participates in approximately 79,700 highly contiguous gross acres in the heart of the trend, including approximately 21,800 net acres within the Sugarkane Field in the over-pressured and liquids core of the Eagle Ford.
Cautionary and Forward-Looking Statements
Statements in this press release reflect management's expectations relating to, among other things, target dates, Aurora's expected drilling program and the ability to fund development are forward-looking statements, and can generally be identified by words such as "will", "expects", "intends", "believes", "estimates", "anticipates" or similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that some or all of the reserves described can be profitably produced in the future. These statements are not historical facts but instead represent management's expectations, estimates and projections regarding future events.
References herein to "Sugarkane" or the "Sugarkane Field" are references to the Sugarkane natural gas and condensate field within the Eagle Ford and includes the two contiguous fields designated by the Texas Railroad Commission as the Sugarkane and Eagleville Fields.
Although management believes the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are based on the opinions, assumptions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include risks related to: exploration, development and production; oil and gas prices, markets and marketing; acquisitions and dispositions; competition; additional funding requirements; reserve estimates being inherently uncertain; incorrect assessments of the value of acquisitions and exploration and development programs; environmental concerns; availability of, and access to, drilling equipment; reliance on key personnel; title to assets; expiration of licences and leases; credit risk; hedging activities; litigation; government policy and legislative changes; unforeseen expenses; negative operating cash flow; contractual risk; and management of growth. In addition, if any of the assumptions or estimates made by management prove to be incorrect, actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this document. Such assumptions include, but are not limited to, general economic, market and business conditions and corporate strategy. Accordingly, investors are cautioned not to place undue reliance on such statements.
All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Forward-looking information contained herein is made as of the date of this document and Aurora disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law.
SOURCE Aurora Oil & Gas Limited
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