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Athabasca Reduces 2020 Capex 25% to $95MM; Curtails Heavy Oil Production
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Athabasca Oil Corp. has reported adjustments to its 2020 capital program.
Changes including a $30 million reduction (a decrease of 25% from prior guidance) to its 2020 capital program. The company now plans to spend $95 million.
The company is also proactively curtailing heavy oil production at Hangingstone. The revised $95 million budget primarily includes the completion of the winter program.
Ops Thus FarThe Company has completed the tie-in of 10 Placid Montney wells and intends to bring production on-stream in Q2 2020. The Kaybob Duvernay program is nearing completion with 16 wells expected to be placed on-stream in H1 2020. Athabasca’s working interest remains protected by the capital carry through Q1 2020 with no activity planned for the balance of the year.
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