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Tourmaline Running 13 Rigs in Q3; Ramping Up to 17 in 1Q17
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Tourmaline Oil reported that it has largely achieved the 15% 2H 2016 drill-and-complete capital cost reduction targets thus far with the 2H 2016 EP program in all three core areas. This allows for the drilling of incremental new wells within the same capital budget for both Q4 2016 and 2017.
Tourmaline now expects to operate a 14 rig program in 2017, up from 12 rigs previously and still execute a cash flow budget for the year. EP capital spending in the third quarter of 2016 is again expected to be similar to third quarter cash flow.
E&P Update Tourmaline is currently operating 13 drilling rigs with 8 in the Alberta Deep Basin, 2 in NEBC and 3 on the Peace River High. The Company plans to bring approximately 100 wells on-stream between September and December 2016 ; 31 of which have…- ✓ Full news archive — U.S., Canada & international coverage
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