Aurora Oil & Gas is bidding to add to its Eagle Ford position through a $107 million acquisition of Eureka Energy. Both are Australian companies that control non-operated acreage in the South Texas shale.
Eureka's assets include 24,743 gross (1,521 net) acres in the Sugarloaf Field in Karnes County. Aurora has 24,033 gross (3,792 net) acres in the same area of the play. The acreage will add to Aurora's 76,989 gross (16,365 net) acres and increase the company's position to almost 18,000 net acres. The Sugarloaf field lies in the middle of the high rate condensate window of the Eagle Ford.
Marathon Oil operates assets in the area and Aurora expects drilling across the properties will double to as many as 150 wells in 2012.
You can read more about Aurora at www.auroraoag.com.au