WCP: Pembina Area Code, NAL resources was there too and BNE | OBE Message Board Posts


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Msg  21735 of 21753  at  10/28/2022 1:58:01 AM  by

Resilience


 In response to msg 9282 by  Nawaralsaadi
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WCP: Pembina Area Code, NAL resources was there too and BNE

If you click on this old previous post of Nawar you see Whitecap had about as much acreage as BNE in the Cardium.
 
Also NAL resources was in that area (see P5):

https://www.gbm.scotiabank.com/content/dam/gbm/import/campaign-with-featured-article/7406514/mandates/nal/NAL-OpportunityDetail-CentralAlberta&SE-Saskatchewan-.pdf

The T45 section is also visible if you look well on the old post Nawar posted. 
 
This is what was said jan 2021 about NAL/Pembina:
 

"We will be drilling 6.0 (4.8 net) wells in west central Alberta including 4 (3.8 net) ERH Cardium oil wells and 1 (0.9 net) ERH Cardium injection well in the continued re-development of our operated Pembina Cardium waterfloods and 1 (0.2 net) Glauconite liquids rich gas well on NAL lands.

The West Central Alberta NAL assets continue to perform above expectations with production 4% (600 boe/d) higher than forecasted at the time the NAL Combination was announced."

 
This is what was said about the area in the 27th sept '22 NR:
 
"Central Alberta. We plan to invest approximately $153 million to drill 33 (25.2 net) wells, including 11 (9.9 net) Glauconite wells and 21 (14.3 net) Cardium wells. The Central Alberta business unit has achieved recent success through refined development plans, including ERH ("extended reach horizontal") wells, along with production optimization through owned facilities. A total of 29 (21.9 net) ERH wells are planned for 2023 with the business unit planning to run between two and three drilling rigs."
 
Although it's clear that the Montney now is the growth engine of WCP, I don't think it's so far-fetched that BNE might be on the table given that management and shareholder returns view very much fit George's profile. Much more than OBE or other companies. 
 
Not anytime soon but maybe mid of next year as timing of BNE debt reduction Matches WCP debt milestones timing. 
 
It also fits with the match great on great acreage/companies theme during consolidation, that Grant has been talking about while buying NAL, Torc & XTO. 
 
R.  
 
 
 


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