Aurora Oil & Gas Limited - On Market Takeover - Eureka Energy Limited
PERTH, Australia, May 21, 2012 /CNW/ - Aurora Oil & Gas Limited (Aurora) (ASX: AUT) (TSX: AEF) notes the release today by Eureka Energy Limited (ASX: EKA) regarding the execution of facility documents for a conditional debt facility with Macquarie Bank. As a shareholder, Aurora is concerned about the terms of the facility, and in particular the details concerning the possible grant of options, the details of which were only announced today, as well as a "make whole" payment of up to A$3.75m which Eureka is required to be paid to Macquarie Bank on drawdown of the initial tranche of US$15 million.
Aurora also notes a Dow Jones article issued today which states "Aurora is exploring the withdrawal of the bid because it is worried the up to US$50 million debt facility that Eureka has lined up through Macquarie Bank is too costly and can be drawn down without shareholder approval." Aurora notes whilst it has instructed its lawyers to investigate the avenues that are open to Aurora in light of the announcement today by Eureka of the agreement to grant options to Macquarie Bank, no decision has been made in that regard should such an avenue be open to Aurora.
Aurora Oil & Gas Limited ABN 90 008 787 988
Level 20, 77 St. Georges Terrace, Perth, WA 6000, Australia
GPO Box 2530 Perth, WA 6001, Australia
t +61 8 9440 2626, f +61 8 9440 2699, e firstname.lastname@example.org
Aurora Oil & Gas Ltd - Parent to Aurora USA Oil & Gas, Inc.
1111 Louisiana, Suite 4550, Houston, TX 77002 USA
t +1 713 402 1920, f +1 713 357 9674