Exploration & Production | SAGD | Capital Markets | Capital Expenditure
Connacher Oil and Gas Expands Steam Projects in 2014
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Connacher Oil and Gas Limited announces its initial capital plan for 2014.
With the completion of its 2013 capital plan and the successful results from new in-fill and SAGD wells the Company has committed to a near term capital plan aimed at increasing production and advancing the commercial SAGD+® process and mini-steam expansion projects.
The initial 2014 capital plan is estimated to be up to $50 million. It is anticipated that the Company will drill up to 9 new in-fill wells at Pod One. Up-front engineering work would also continue on the commercial SAGD+® process project at Algar and the mini-steam expansion at Pod One and the ordering of long-lead items would begin. Funding for the initial capital plan will come from cashflow and, as necessary, the Revolving Credit Facility and…
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