Exploration & Production | Capital Markets | Capital Expenditure
Artek Tags 2014 Capital Budget; Outlines Well Plans, Goals
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Artek Exploration Ltd. entered 2014 at a record production level of approximately 4,800 boe/d (approximately 38% oil and natural gas liquids) based on field estimates.
On the back of this success, Artek is pleased to announce its 2014 capital expenditure budget of $61 to $66 million which contemplates the drilling of approximately 14 to 15 gross (9 to 10 net) wells. The currently planned capital program will be weighted 100% to projects targeting oil and condensate with associated natural gas which deliver the best returns and most upside potential for the Company. The program includes 9 to 10 (5.3 to 5.9 net) horizontal wells in the condensate rich Inga/Fireweed area (including 7 Doig horizontals and up to 3 Montney horizontals), 3 horizontal wells targeting Charlie Lake oil in the…
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