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Outlook: In This autumn/23, Surge will proceed to execute its lively drilling program in each the Sparky and SE Saskatchewan core areas. Surge stays on observe to satisfy the Firm’s 2023 manufacturing exit fee goal of 25,000 boe per day.
Surge is nicely positioned to proceed delivering engaging shareholder returns in 2023 and past, primarily based on the next key company fundamentals:
- Possession of greater than 3.0 billion of internet (internally estimated) OOIP; with a 7.7 p.c restoration issue;
- Possession of greater than 120 million boe of proved plus possible reserves; lengthy P+P reserve life index of >13 years;
- Estimated 25,000 boepd 2023 exit manufacturing (87 p.c liquids);
- 23 p.c annual company decline;
- C$335 million of annualized money move;
- C$42 per boe working netbacks (at US$80 WTI pricing);
- C$48 million annual money dividend ($0.48 per share annual dividend, paid month-to-month);
- Greater than 1,000 (internet) internally estimated drilling areas offering a 13-year drilling stock;
- C$1.4 billion in tax swimming pools (approximate 4 12 months tax horizon at US$80 WTI pricing); and
- Complete Proved plus Possible internet asset worth of C$22.37 per share and Complete Proved NAV of C$13.72 per share.
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