Capital Markets | Capital Expenditure | Drilling Program | Capital Expenditure - 2018
Deep Basin Operator Cuts 2018 CapEx By 50%; Switch To Liquids Rich Drilling
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Peyto Exploration is cutting its preliminary capital budget announced Nov 8, 2017, ranging from $300-$450 million to $200 to $250 million. The company is now shifting its focus to the liquids rich locations found within the company's Deep Basin asset. This descision is based on the recent 40% decline in near-term natural gas prices.
Greater Sundance Area contain approximately 2.4 TCFe of net Cardium resource with only 14% recovered to date and over 500 internally identified drilling locations.
The Cardium in this area yields between 40 to 60 bbl/MMcf of natural gas liquids (greater than 50% C5+) and Peyto plans to exploit this undeveloped resource with newly designed horizontal wells with higher density fracture treatments.
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