Well Cost | Capital Markets | Drilling Activity | Capital Expenditure - 2020 | 2020 Guidance
Surge to Cut Spending, Production in 2020; Touts Latest Montney Drilling
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Surge Energy has detailed its 2020 capital plans. They are planning decreases across the board, including a 5% decline in production.
2020 SummaryThe company also noted it plans to drill 56 wells in 2020, primarily in its Sparky core area (Montney) and will be 'returns-based development drilling'.
Latest Drilling / Ops UpdateSuccessful Q4/19 Drilling Program
During the fourth quarter of 2019, the Company drilled 13 net successful wells, comprised of 12 Sparky wells and one Valhalla Montney well.
In the Sparky core area, Surge expects to add more than 1,500 boepd (>90% oil) from the 12 well program, at an estimated "all-in" capital cost of $13.5 million. Pad drilling continues to deliver significant cost savings, consistently driving the cost per pad well to less than budget estimates…
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