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Stock impact report

Obsidian Energy to spend additional $50M for Cardium development [Seeking Alpha]

Obsidian Energy Ltd. (OBE) 
Last obsidian energy ltd. earnings: 8/2 06:30 am Check Earnings Report
US:NYSE Investor Relations: obsidianenergy.com/investor-centre
Company Research Source: Seeking Alpha
Obsidian Energy to spend additional $50M for Cardium developmentObsidian Energy (OBE-3.6%) is lower after saying it plans to raise its FY 2018 capital budget by $50M tofund 13 more wells in its Willesden Green property in Alberta during H2, after production from its Cardium drilling program in the play exceeded expectations.OBE expects to add ~2,300 boe/day in FY 2019 from the new wells, with monthly production reaching 3,500 boe/early next year.OBE says the incremental wells will be brought on production with an estimated two-month capital efficiency of $20K/boe per day, averaging more than 80% rate of return at strip prices.See all stocks on the move »Now read:Helmerich & Payne - In Need Of A Better Profit Margin » Show less Read more
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