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Storm Ups 2016 Budget; Guiding 2017 Production
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Storm Resources Ltd. has updated its production guidance for 2016 and 2017.
Guidance 2016Capital investment in 2016 is being increased by $20 million from previous guidance with the majority of the increase relating to the construction of the third field compression facility ($15 million) at Umbach.
In addition, two more horizontal wells (2.0 net) will be drilled and two more horizontal wells (2.0 net) will be completed. The higher level of investment in 2016 is expected to result in increased production and cash flow in 2017. Updated guidance also reflects the reduction in completion costs for recently completed horizontal wells, estimated to be $300,000 per well (reducing budgeted cost to $1.9 million from $2.2 million).
Guidance 2017Capital investment in 2017 is relatively unchanged…
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