NTEC spudded the first well of the 2022 drilling program in mid-July 2022 with the subsequent 2 wells drilled back to back from the same well pad. These horizontal wells were drilled to a total measured depth of approximately 4,900 meters and completed via a 32 stage stimulation design. NTEC managed to control cost inflation during its drilling program with final drill and complete costs exceeding the original authorizations for expenditure by only one percent whereas producers in other major oil and gas plays in North America have seen cost inflation increases in the double digits.
The Cardium play in West Central Alberta is one of North America’s most significant light oil fields and was initially developed in the 1950’s. Advances in horizontal drilling since the late 2000’s rejuvenated the field. NTEC just finished drilling the sixth and final well of the 2022 drilling program. This well and the two preceding it are one-mile-long laterals that will be brought on production before the end of 2022 to take advantage of strong oil and gas prices over the winter season. The Group will provide a further operational update after the remaining 3 wells in the 2022 drilling program have been brought on production.
Hashtag: #NewTimesEnergy
New Times Energy Corporation Limited (HKSE stock code: 166), headquartered in Hong Kong, is an international resource company that operates natural gas weighted assets in Alberta and British Columbia and is taking steps to transform its business model into clean and sustainable energy, in its effort to be a part of the global “Energy Transition” that is underway, with social responsibility towards the environment and climate change at the forefront.
One of the industry’s most coveted ‘Employer-of-Choice’ recognitions, the Best Place to Work Certification reinforces…
PARIS--(BUSINESS WIRE)--Regulatory News: ESI Group (Paris:ESI) has partnered with industry analysts Aberdeen Strategy and Research…
News Highlights: UMC's 3D IC solution for RFSOI reduces circuit footprint by more than 45%,…
SINGAPORE--(BUSINESS WIRE)--The annual general meeting (“AGM”) of Hafnia Limited (“Hafnia”) is scheduled for 14 May…
HANOI, VIETNAM - Media OutReach Newswire - 2 May 2024 - The nomination portal for…
Confluent’s new AI Model Inference seamlessly integrates AI and ML capabilities into data pipelines Confluent…