The Energy Report
Notable Quotes
"With the LOI signed, we urge investors to bolster positions in FCU." (12/22/15) Fission Uranium Corp. - David Sadowski, Raymond James More >
"FCU is taking the right steps regardless of whether PLS is ultimately acquired or developed into a mine." (12/22/15) Fission Uranium Corp. - Heiko Ihle, Rodman & Renshaw More >
"I am quite excited about POE in 2016." (12/16/15) Pan Orient Energy Corp. - Chen Lin, What Is Chen Buying? What Is Chen Selling? More >
"BKX's Oklahoma asset has significant value." (12/16/15) BNK Petroleum Inc. - Michael Charlton, iA Securities More >
"EFR is one of the few companies in a position to write long-term sales contracts and deliver into them at several times its current production rate." (12/17/15) Energy Fuels Inc. - The Gold Report Interview with Eric Coffin More >
NVS Sets the Stage for a Viking Play
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PETER DOIG, GMP Securities
(02/03/2011)
"NVS announced its 2011 capex and guidance which features a continued strong Viking light oil focus. The company has a $60M capital program and is targeting average production of 2,400 boe/d which will represent strong growth of 118% over 2010. NVS has a 2011 exit rate forecast of 3,000 boe/d (2,050 boe/d in 2010 with 66% oil & liquids), setting the stage for good growth again in 2012. We feel it's important to highlight that NVS' oil weighting is forecast to be 80% on average and 85% at the exit for 2011, which was higher than our original estimates and has a positive impact on forecast cash flow levels. The company expects to entirely fund its capex through cash flow and its existing $28M bank lines. The company has a drilling program of 60 (57 net) wells for 2011, of which 51 net wells are expected to be horizontal locations. The Dodsland Viking play will be the primary focus again in 2011 where the company has 110 net sections of land in the area and an estimated Viking drilling inventory of 575 locations on this growing land base. . .NVS will focus ~90% of its capex towards drilling and completions (79% on its Viking play), which should translate into efficient operations for the company in 2011. We also note that NVS is currently completing a Bakken light oil well in Saskatchewan, and two recently drilled wells in the Wembley area." |
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