Exploration & Production | Capital Markets | Capital Expenditure
Bonterra Boosts Budget to Drill Six Additional Wells
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.