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NaveenS
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Product Manager - Derrick Petroleum Services. Working in Oil & Gas Industry for 5+ years. Contributed significantly for Database development for Upstream transactions (http://www.1derrick.com/ma-database). Initially worked as a 'Research Analyst' at Reuters. LinkedIn Profile:... More
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  • Cequence Divests Ansell Assets To Bonavista For $130 Million 0 comments
    Jun 19, 2014 5:03 AM | about stocks: CEQXF, BNPUF

    Cequence Energy has entered into an agreement for the sale of its entire interest in its non-operated assets located in the Ansell area for C$141 million (US$130 million).

    Assets overview

    · 18,800 net acres of land

    · Total 2P reserves (WI) of 34.6 MMBOE

    · Current production of 1.6 MBOE/d (90% gas)

    · 49% WI in a 120 MMcf/d sales pipeline and a 30 MMcf/d compressor station

    Bonavista has identified approximately 116 horizontal drilling locations on the acquired assets. Over the next 18 months, Bonavista plans a 34-well Wilrich development program that is expected to increase production of the acquired assets to 6 MBOE/d by end-2015.

    With this acquisition, Bonavista has increased its 2014 capital budget to $580-$600 million, to drill between 100 and 115 net wells resulting in production of between 76-78 MBOE/d, representing a 5% YoY increase over 2013 annual production.

    Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: 1Derrick Stocks: CEQXF, BNPUF
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