Exploration & Production | Capital Markets | Capital Expenditure
Cub Energy Earmarks 2014 Budget; Talks Well Plans
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Cub Energy Inc. has detailed its 2014 capital budget and development plans.
2014 Work Program and BudgetThe company expects to execute a capital expenditure budget of approximately $23 to $27 million (net to Cub) for 2014 and is contingent on the level of operating cash flow.
The program will primarily focus on further development of producing assets in both the eastern and western Ukraine with plans to drill eleven wells (six with a 100% WI and the balance with 25%-30% WI).
With the successful tie-in of the RK-22 well, Cub expects to commence drilling of the follow up RK-21 well during the first quarter of 2014. Two additional wells are planned on the RK licence during the balance of the year.
Additionally, Cub expects additional production volumes through of program of workovers…
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