Tourmaline Oil Corp. has signed two offers to proceed its consolidation in Northeast British Columbia’s Montney gasoline play.
Tourmaline mentioned it entered into an settlement to accumulate the steadiness of the jointly-owned Laprise-Conroy belongings by way of the acquisition of Saguaro Sources Ltd., in addition to a separate settlement to accumulate belongings positioned within the Better Septimus space of the South Montney.
The Calgary, Alberta-based firm mentioned in a information launch it expects the acquisitions to shut within the second quarter.
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The 2 transactions will add roughly 20,000 barrels of oil equal (boepd) of present manufacturing, an estimated 369.4 million barrels of oil equal (boe) of present 2P reserves, and roughly 410 primarily Tier 1 future internet drilling places, based on the discharge.
Manufacturing and reserves from these belongings are anticipated to expertise important future progress as every asset is systematically developed as a part of the corporate’s Northeast British Columbia Montney buildout, the corporate mentioned.
Tourmaline famous that the Laprise-Conroy asset is the important thing part of the North Montney Section 2 undertaking, and the Better Septimus asset is complementary and adjoining to Tourmaline’s deliberate Groundbirch two-phase gasoline plant improvement undertaking with a capability of 400 million cubic ft per day / 20,000 barrels per day (bpd).
As a part of these transactions, Tourmaline mentioned it should additionally purchase 9 internet sections and an estimated 54 internet drilling places within the Resthaven space of the Alberta Deep Basin.
Tourmaline mentioned it should difficulty a complete of roughly 13 million widespread shares as consideration for the 2 transactions, “leaving the steadiness sheet in a really robust place for potential additional asset acquisitions going ahead”.
The ultimate variety of shares to be issued pursuant to those acquisitions might be decided on the closing of the transactions based mostly on the worth of Tourmaline widespread shares main as much as the respective cut-off dates, the corporate mentioned.
Manufacturing Updates and Outlook
In the meantime, Tourmaline reported first-quarter common manufacturing of 637,867 boepd, barely forward of the earlier steerage and up 8 % from the primary quarter of the earlier 12 months, with March common manufacturing at 645,036 boepd.
First-quarter common liquids manufacturing, consisting of oil, condensate, and pure gasoline liquids (NGLs), was 147,438 bpd, up 2 % in contrast with the first-quarter 2024 common liquids manufacturing of 145,016 bpd, the corporate mentioned.
Tourmaline’s 2025 forecast manufacturing vary of 635,000 – 665,000 boepd stays unchanged. Manufacturing averaged 660,000 boepd within the first half of April, based on the discharge. The corporate expects second quarter common manufacturing within the 615,000 – 625,000 boepd vary, “reflecting elevated upkeep now scheduled given the anticipated weaker gasoline costs throughout that point interval, notably at Station 2 the place pricing and quantity in April was impacted by upkeep on the third party-operated Aitken storage facility”.
Given the weak Station 2 gasoline costs, Tourmaline mentioned it intends to defer some deliberate second-quarter hydraulic fracturing exercise into the third quarter. The corporate mentioned it continues to anticipate stronger costs at each the Station 2 and AECO hubs throughout the second half as gasoline volumes begin flowing west to the LNG Canada liquefication facility. The corporate said that it will proceed to match the deliberate manufacturing progress to the anticipated rising pure gasoline value curve.
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