Aurora lifts profit on higher production

Aurora Oil & Gas has almost doubled its full-year profit after a solid spike in the number of new wells in production.

The Subiaco-based oil and gas producer reported an unaudited net profit of $US116.4 million in the year to December 2013, up from $US58.8 million in 2012.

The company brought 160 new wells into production over the course of the year, with a total of 387 operating wells producing an average of 21,300 barrels of oil equivalent per day.

Aurora's revenue increased by 91 per cent to $US562.7 million, with a higher realised natural gas price offsetting price falls in condensate and natural gas liquids. 

A 13 per cent fall in overall capital expenditure reflected a year of fewer acquisitions, although the company still spent $US115 million on new purchases.

Aurora is currently the subject of a $1.84 billion takeover offer from Canadian oil company Baytex Energy. 

Aurora's board of directors has recommended the offer to shareholders and the company has entered into a scheme of implementation deed with Baytex.

Its shares were trading 4.5 cents lower at $4.15 at 10:38am WST.