Hedging | Capital Markets | Drilling Program - Wells | Drilling Activity
Obsidian's 2H Cardium Well Program on Track; Adds to Hedges
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Obsidian Energy detailed updates to its Cardium development program and hedging portfolio.
Phase 2 Cardium Program Update
The 13 well Willesden Green Cardium development program planned for the second half of the year is progressing as planned, with six wells rig released.
Four of those wells have been completed and are expected to be on stream by mid-October. The Company has seven additional wells planned in the fourth quarter of 2019. All locations are expected to be onstream before the end of the year.
The Company is on target to deliver its $120 million capital program, with $75 million of the total spending planned for the second half of the year.
Hedging Program Updates
Recent oil price volatility allowed the Company to build on its fourth quarter hedge position, adding 2,663 barrels per day with an average strike price of $79.62 per barrel, on a Canadian dollar basis. Our hedging policy is designed to provide a level of certainty to our cash flow. While our hedging volumes have increased, we are cautious to only hedge at levels that are constructive to the business.
Currently, the Company has the following crude oil hedges in place:
|
Q3 2019 |
Q4 2019 |
|
|
WTI $CAD |
80.31 |
79.44 |
|
Total barrels/day |
2,650 |
4,613 |
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