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Perpetual IDs 1Q20 Capex, Well Plans; Defers Full Guidance Until End of Q1
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Perpetual's board has approved a capital spending program of $6 million for the first quarter of 2020 to drill four (4.0 net) multi-lateral horizontal wells at Ukalta.
Deferring Further Spending Until Borrowing Base Update: Perpetual’s reserve-based credit facility is currently undergoing its borrowing limit redetermination which is likely to reduce the current $45 million borrowing limit effective March 31, 2020 due to reductions in bank lending commodity price forecasts. To preserve liquidity, the Company will defer further capital spending until the credit facility borrowing limit redetermination has been completed.
The Company will issue its 2020 Guidance once…
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