Exploration & Production | Drilling & Completions | Capital Markets | Capital Expenditure
Artek Talks 2013 CapEx; Plans Multi-Well Program
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Artek Exploration Ltd. exited 2012 at a record production level of over 4,000 boe/d (approximately 44% oil and natural gas liquids). On the back of this success, Artek is pleased to announce its 2013 capital expenditure budget of $55 to $58 million which contemplates the drilling of approximately 14 to 15 gross (8 to 9 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 upside, including up to 10 gross (6.1 net) horizontal wells in the condensate rich Inga/Fireweed area, 3 to 4 gross (1.2 to 1.6 net) vertical wells in the Leduc Woodbend area and 1 gross (1.0 net) horizontal well in the Peace River Arch area of Alberta.
After a production focused year driven by the…
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