JOHANNESBURG (miningweekly.com) – Significantly impacted on by the wildfire in Fort McMurray, which started in May, Canadian energy company Athabasca Oil has revised its thermal oil division’s full-year production guidance to between 7 500 bbl/d and 8 500 bbl/d.
However, the company’s budget remains unchanged at $11-million, with the field currently ramping back up.
Bitumen production averaged 7 831 bbl/d in June and is forecast to average about 8 600 bbl/d in July.
In Athabasca’s Light Oil division, yearly production guidance remains unchanged between 4 500 barrels of oil equivalent per day (boe/d) and 5 000 boe/d, with increased activity at the Montney well, driving production growth in early 2017.
The company increased its capital budget to $102-million, from $47-million, to reflect the accelerated Montney development programme at Placid.
Meanwhile, Athabasca reports that it achieved production of 11 101 boe/d during the second quarter – an increase of 103% year-on-year – with the Light Oils division attributing 5 743 boe/d.
The company remains in a strong financial position with net cash of $91-million and $607-million in liquidity, further supported by the remaining $218-million Duvernay capital carry balance with Murphy.