Service & Supply | Oilfield Services | Capital Markets | Capital Expenditure
Western Energy Services Plans 2015 Capex
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Western Energy Services Corp. has announced its planned 2015 capital expenditure budget and a Normal Course Issuer Bid.
Capital BudgetWestern's planned 2015 capital expenditure budget is expected to total approximately $64 million, which includes $22 million in carry forward from Western's 2014 capital program, $6 million in expansion capital, and $36 million in maintenance capital.
The $22 million of carry forward from Western's 2014 capital program relates to the completion of two 5,000m telescopic ELR double drilling rigs, one 6,000m ELR AC triple pad drilling rig and one slant well servicing rig. Due to the recent decline in commodity prices, and the potential for an extended downturn in oilfield service activity, one of the previously announced 6,000m ELR AC triple pad drilling rigs…
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