Capital Markets | Heavy Oil | Drilling Program - Wells | 2020 Guidance
Perpetual Talks Q1 2020 Well Plans; Borrowing Base Cut by $10MM
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Perpetual Energy Inc. has detailed its drilling plans for Q1 2020 as well as a change to its borrowing base.
Q1 2020 D&CPerpetual's directors have approved a drilling program for the first quarter of 2020 to drill, complete and tie-in up to four (4.0 net) development wells.
The wells will be offset of its Clearwater heavy oil formation discovery at Ukalta in Eastern Alberta.
The first two exploratory wells were drilled in the third quarter of 2019 and are currently producing oil at a combined rate on clean-up of 160 bbl/d.
Borrowing Base Cut by $10MMPerpetual's syndicate of lenders have completed their semi-annual borrowing base redetermination. The revolving bank debt borrowing limit will be reduced from $55 million to $45 million on or prior to January 22, 2020, with the next…
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