Exploration & Production | Capital Markets | Capital Expenditure
Contango Deferring Drilling Until Prices Rebound; Capex Detailed
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Contango Oil & Gas has outlined its 2015 capital program.
As a result of the dramatic downturn in crude oil, natural gas and natural gas liquids prices in late 2014 and 2015, the negative impact of those price declines on the economics of most domestic resource plays, and the continuing uncertainty as to when, or how much, the commodity price environment might improve, we believe that deferring further drilling in our current resource plays until prices improve is the most prudent strategy to pursue at this time.
Since 60-70% of the PV-10 of a typical resource well’s life (in our areas, and on a flat price basis) is produced within the first 18 months, we believe that the deferral of further drilling in our areas pending a better price environment is a better strategy for realizing value…
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