Cardinal Energy Ltd (Alberta) T.CJ

Trudeau won't like this .

[divime1]

Cardinal has received a reserve based lending commitment from a new lender, Business Development Bank of Canada. The increased liquidity will provide additional support for the Company's announced capital program, including the Company's steam-assisted gravity drainage project in Reford.

 

 Cardinal Energy Ltd. Announces Extension of Credit Facility

 

2024-05-27 02:02 ET - News Release

 

Calgary, Alberta--(Newsfile Corp. - May 27, 2024) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal" or the "Company") announces it has entered into an agreement with its syndicate of lenders to extend and increase its credit facilities ("Facilities"). The Facilities were increased to $200 million (previously $155 million) and the revolving period and maturity date were extended to May 31, 2025 and May 31, 2026, respectively. In connection with the renewal, Cardinal has received a reserve based lending commitment from a new lender, Business Development Bank of Canada. The increased liquidity will provide additional support for the Company's announced capital program, including the Company's steam-assisted gravity drainage project in Reford.

[Quintessential1]

That will probably secure the dividend but I don't think we will see the share price making any big gains until then,  Sit back collect and enjoy. ;-) GLTA

[CJInvestor]

"Not making gains until then"...as in when? After the saag project is done?

[lnggasfor202324]

I'd exspect before then.  Markets are supposed to be forward looking.

[Quintessential1]

Well yeah,  after the initial SAGD project is commisioned and low cost production is brought online increasing revenue.  Possibly until the debt used to pay for it has been paid back down which given the ongoing SAGD development investments may mean after the second leg comes online depending on the markets view of the derisking and development of the first leg having already taken place

[JohnBP1]

Q1, my Majic Carpet says we should get a "bump" before divi X date, 31st May,  yes hang in but beware early June.   

[lnggasfor202324]

Who cares what that little puppet likes.  Hopefully he will be out next election.