Impact: Slightly positive. Production ramp-up at Pengrowth's Lindbergh thermal project appears to be ahead of our forecasts for 2Q15e and for the balance of this year given current production of 14,400 bbl/d and a corresponding iSOR of 1.99x which is equivalent to 0.9x its year-end 16,000 bbl/d production target. Further, the Company reiterated its intention to dispose of $600 mm of non-core assets by year-end to help reduce corporate debt levels.
30 Jun 2015
PENGROWTH ENERGY CORPORATION (PGF) SHIPS FIRST LINDBERGH PRODUCTION ON THE HUSKY SALES LINE, REPORTS CONTINUED STRENGTH IN LINDBERGH PRODUCTION AND INTENT TO SELL UP TO $600 MILLION OF NON-CORE ASSETS
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PENGROWTH ENERGY CORPORATION (PGF) SHIPS FIRST LINDBERGH PRODUCTION ON THE HUSKY SALES LINE, REPORTS CONTINUED STRENGTH IN LINDBERGH PRODUCTION AND INTENT TO SELL UP TO $600 MILLION OF NON-CORE ASSETS
Pengrowth Energy (PGF:TSE) | 0 0 -3.2% | Mkt Cap: 508.1m
- Published:
30 Jun 2015 -
Author:
Michael Hearn -
Pages:
2
Impact: Slightly positive. Production ramp-up at Pengrowth's Lindbergh thermal project appears to be ahead of our forecasts for 2Q15e and for the balance of this year given current production of 14,400 bbl/d and a corresponding iSOR of 1.99x which is equivalent to 0.9x its year-end 16,000 bbl/d production target. Further, the Company reiterated its intention to dispose of $600 mm of non-core assets by year-end to help reduce corporate debt levels.