BlackPearl provided a status update surrounding its Onion Lake Thermal SAGD project (Phase I), noting current rates of 6,300 bbl/d which is above its nameplate capacity of 6,000 bbl/d and is obviously positive.Additionally, its revised LOC was taken down to $117.5 mm from $150 mm which should not be a surprise to the market in light of WCS price deterioration since last review.There are no changes to our forecasts. We continue to offer an Outperform ranking on a $1.55/sh 12-month target price
12 Jul 2016
Provides Onion Lake Phase I SAGD Update Above Nameplate, Revised LOC
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Provides Onion Lake Phase I SAGD Update Above Nameplate, Revised LOC
BlackPearl Resources (PXX:TSE) | 0 0 -1.7% | Mkt Cap: 380.0m
- Published:
12 Jul 2016 -
Author:
Robert Fitzmartyn -
Pages:
6
BlackPearl provided a status update surrounding its Onion Lake Thermal SAGD project (Phase I), noting current rates of 6,300 bbl/d which is above its nameplate capacity of 6,000 bbl/d and is obviously positive.Additionally, its revised LOC was taken down to $117.5 mm from $150 mm which should not be a surprise to the market in light of WCS price deterioration since last review.There are no changes to our forecasts. We continue to offer an Outperform ranking on a $1.55/sh 12-month target price