Exploration & Production | Capital Markets | Capital Expenditure
Bonterra Boosts Budget to Drill Six Additional Wells
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Bonterra Energy has announced an increase in capex for 2014.
The Board has approved an increase to the 2014 capital expenditure budget from $120 million to $140 million. The increase in the capital budget will be used to:
- Drill an additional 6 gross (5 net) wells in Q4 2014. These wells are anticipated to be completed and on production in January 2015;
- Expand oil processing and gas handling capacities in the Carnwood area; and
- Participate in the proposed drilling of an additional 4 gross (1.1 net) non-operated wells.
The additional $20 million in capital expenditures will not have a material impact in 2014, and will mainly impact 2015 operations. The Company's guidance numbers, therefore, have not been adjusted for 2014.
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