Corporate production levels reported to date for 3Q16e are consistent with our current estimate of ~5,460 boe/d. Capital cost reductions have made room for 2x additional heavy oil wells to be drilled before the end of the year and within the Company’s prior $12.5 mm budget. Gear remains on track to achieve its previously discussed exit target of 6,400 boe/d in December. Given no material changes to our near term outlook, we are maintaining our 12-month target price of $1.00 per share al
09 Sep 2016
Gear Energy Expands 2016e Drilling Program on Unchanged Budget
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Gear Energy Expands 2016e Drilling Program on Unchanged Budget
Gear Energy Ltd. (GXE:TSE) | 0 0 0.0% | Mkt Cap: 154.0m
- Published:
09 Sep 2016 -
Author:
Robert Fitzmartyn -
Pages:
6
Corporate production levels reported to date for 3Q16e are consistent with our current estimate of ~5,460 boe/d. Capital cost reductions have made room for 2x additional heavy oil wells to be drilled before the end of the year and within the Company’s prior $12.5 mm budget. Gear remains on track to achieve its previously discussed exit target of 6,400 boe/d in December. Given no material changes to our near term outlook, we are maintaining our 12-month target price of $1.00 per share al