Background to Aurora Oil & Gas

The Founders of Australis, Jon Stewart, Ian Lusted and Graham Dowland, were formerly the key executives of Aurora Oil & Gas Limited.

Aurora was an oil and gas exploration and production company established in 2005 and listed on the ASX with a market capitalisation of A$28 million. In 2011, Aurora was dual listed on the Toronto Stock Exchange. Aurora built a portfolio of significant unconventional assets in the Eagle Ford shale trend in South Texas, USA.

At Aurora, Messrs Stewart, Lusted and Dowland were instrumental in implementing a growth strategy with disciplined capital management which ultimately culminated with managing the sale of Aurora in 2014 for A$2.6 billion (including assumed debt of A$800 million).

From 2005 to its sale in 2014, Aurora achieved early entry into the Eagle Ford shale and then developed into a profitable entity with Net Profit After Tax for 2013 of US$116 million, production in excess of 21,000 net boe/d and proven net reserves (1P) of approximately 122 million boe.