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Cardinal Energy Ltd (Alberta) T.CJ

Alternate Symbol(s):  CRLFF

Cardinal Energy Ltd. is an oil and gas company with operations focused on low decline oil in Western Canada. It is engaged in the acquisition, exploration and production of petroleum and natural gas in the provinces of Alberta, British Columbia, and Saskatchewan. Its operating areas include the Midale, South District, Central District, and North District. It has over 730 million original oils in place (OOIP) and its low decline production of approximately 3,200 barrels of oil equivalent per day (boe/d) is supported by both water and carbon dioxide (CO2) enhanced oil recovery (EOR). Its South District operating area is located east of Calgary in southeastern Alberta and produces medium gravity crude, as well as liquids-rich natural gas. Its Central District operation is located in East Central Alberta, which is focused on producing oil from multiple, large original oil in place (OOIP) pools. Its North area includes Grande Prairie, Clearwater, House Mountain, Mica, and Mitsue properties.


TSX:CJ - Post by User

Comment by mickeymouseon Nov 07, 2023 1:31pm
296 Views
Post# 35721866

RE:RE:RE:2024 budget and SAGD impact

RE:RE:RE:2024 budget and SAGD impactThe CIBC flash research debt assumptions are interesting - they are suggesting a net debt of 7 million in 2024 - not sure how they get to that number unless they are taking into account the "50 million of capital items in the budget that can be eliminated or deferred to assist the project financing in the event of a significant decline in oil pricing". In any event even if they have a  debt of about 100 milllion at the end of this project that is significantly less than the 170 million debt they had on their balance sheet two years ago in their 2021 Q3 report.

The payback period of 18 months for this project is positive - and the fact they can replicate this in two other locations if the Redford project is a success is very promising - nobody has a crystal ball for oil prices but if they are correct in their assumptons that this project will add 105 million in cash flow in 2026 that is a significant bump to their 2024 number of 290 milliion - their debt can be quickly paid off in that scenario although they may choose to retain cash flow for a second thermal project if Redford is a success.
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