Weekly Canadian Oil & Gas Industry Highlights – July 31, 2017

July 31, 2017

Presented by POIM Consulting Group

Major /Interesting Projects

• Bonavista Petroleum Ltd New Compressor 01-01-042-28W4
• Westbrick Energy Ltd large facility upgrade that include Pumps & Compressors 04-06-047-12W5
• Husky Energy 4 new facility license SK & AB
• BlackPearl Resources Inc. 6 new well license 13-04-056-27W3
• Black Swan Energy Ltd 8 new well license BC
• Penn West Exploration 6 well license PAD:11-3-43-8W5-PRODUCERx5

First Facility License Current Year

• Sinopec Daylight Energy Ltd_New Licence_Oil satellite – multiwell_AB_13-30-073-12W6
• Mancal Energy Inc_New Licence_Oil satellite – multiwell _AB_16-31-055-20W4

First Well License Current Year

• Wolf Coulee Resources Inc_AB_MIDNAPORE_09-34-012-18W4
• TORXEN RESOURCES LTD._AB_MEDICINE HAT_11-16-014-13W4
• Insignia Energy Ltd._AB_GRANDE PRAIRIE_04-02-078-11W6
• C GROUP ENERGY INC._AB_DRAYTON VALLEY_03-17-056-14W5
• HILLSDALE DRILLING LTD._SK_Estevan_06-36-014-01W2

First Wells Drilled Since Apr 1 2017

• XTO Energy Canada_AB_GRANDE PRAIRIE_13-20-060-03W6
• Gryphon Petroleum Corp_AB_MEDICINE HAT_14-35-001-20W4
• Sinopec Daylight Energy Ltd_AB_GRANDE PRAIRIE_10-17-069-08W6
• Sitka Exploration Ltd._AB_RED DEER_05-10-034-05W5
• PURE ENVIRONMENTAL WASTE MANAGEMENT LTD._AB_BONNYVILLE_10-25-085-10W4
• Wolf Coulee Resources Inc_AB_MIDNAPORE_09-34-012-18W4
• Primavera Resources Corp._BC_BC_DLS: 14-04-084-20
• Axial Exploration LTD._SK_Estevan_04-28-003-31W1

Rigs First Time Drilling Since Apr 1 2017

• Precision 382_Primavera Resources Corp._BC_BC_DLS: 14-04-084-20
• Precision 149_Devon Canada Corporation_AB_BONNYVILLE_12-34-063-07W4
• Precision 171_PURE ENVIRONMENTAL WASTE MANAGEMENT LTD._AB_BONNYVILLE_10-25-085-10W4
• Alliance 2_MIDALE PETROLEUMS LTD._SK_Estevan_01-25-004-04W2
• Precision 205_Axial Exploration LTD._SK_Estevan_04-28-003-31W1
• Citadel 2_Seven Energy (Canada) Inc_AB_GRANDE PRAIRIE_09-28-064-04W6
• DC 2_Seven Energy (Canada) Inc_AB_GRANDE PRAIRIE_09-28-064-04W6
• Trinidad 56_XTO Energy Canada_AB_GRANDE PRAIRIE_13-20-060-03W6
• Trinidad 59_Sinopec Daylight Energy Ltd_AB_GRANDE PRAIRIE_10-17-069-08W6
• Nabors 70_ORLEN UPSTREAM CANADA_AB_GRANDE PRAIRIE_07-19-063-05W6
• Chinook 17_Sitka Exploration Ltd._AB_RED DEER_05-10-034-05W5
• Precision 292_Rolling Hills Energy_AB_WAINWRIGHT_01-27-034-03W4

Other News

• Crescent Point is increasing its 2017 average production guidance to 174,500 boe/d, up from 172,000 boe/d, based on strong operating results and better-than-expected spring break-up conditions.  Total capital expenditures budgeted for 2017, excluding property and land acquisitions, is unchanged at $1.45 billion.  Five-year plan in the Uinta Basin targets annualized growth upward of 25 percent without factoring in our recent success with extended reach horizontals, increased tonnage per stage of completion and new zone scalability,” said Saxberg. “We intend on advancing the play’s growth potential with our approximately 287,000 net acres, of which we have delineated only 11 percent to date.
• Blackbird has commenced surveying of its Eastern Gathering System, which will tie in production from the 2-20-70-6W6 (11-9 surface) well and service future development wells on Blackbird’s eastern lands south of the Wapiti. Construction is expected to commence post regulatory approval with an estimated budget of $4.4 million. The Eastern Gathering System is anticipated to be brought on stream in the first half of 2018.
• Vermilion Energy Inc. accelerate additional Canadian drilling and completion activity in the fourth quarter of 2017 that was originally planned for 2018. This will allow us to lock-in current services costs and avoid the pre-breakup service constraints we experienced in Q1 2017. Consequently, we are increasing our 2017 capital budget to $315 million, from $295 million previously, to reflect this acceleration.
• Cenovus Energy Reduced planned 2017 capital spending by approximately $200 million to $1.7 billion at the midpoint, with no expected impact to forecast production volumes.
• Athabasca’s 2017 capital budget is unchanged at $210 million and includes running a single rig in the Placid Montney area during H2 2017. Annual corporate production is expected to average between 33,500 – 36,500 boe/d.
• Bonavista Energy Deep Basin For the remainder of the year, we forecast E&D spending up to $46.5 million to drill up to 15 wells.  Spirit River second half of the year, we forecast E&D spending up to $21.2 million to drill up to seven Ansell Wilrich wells. West Central second half of the year, we plan to drill up to 12 wells, with E&D spending of up to $48.9 million inclusive of incremental infrastructure spending.

 

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