Drilling & Completions | Quarterly / Earnings Reports | Second Quarter (2Q) Update | IP Rates-30-Day | Capital Markets | Drilling Activity | Capex Increase | Capital Expenditure - 2018
Yangarra Adds $30MM to 2018 Budget; Improves Cardium IP30s
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Yangarra Resources Ltd. reported its Q2 2018 results.
Highlights - Ups Budget by $30 Million- The Board of Directors approved an increase in the capital budget from $90 million to $120 million for 2018. This budget will allow the Company to continue to utilize 2 drilling rigs which optimizes drilling operations and provides economies of scale.
As the additional spending will occur in the fourth quarter, the existing guidance of 9,000 – 10,000 boe/d average production for 2018 remains unchanged. Yangarra estimates that 22 gross (19 net) wells will be put on production during the second half of 2018, including wells drilled in the first half of 2018 but expected to be completed in the second half of 2018.- Average production of 7,570 boe/d (60% liquids) during the quarter - an increas…
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