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Chinook Energy Inc. Common CNKEF



GREY:CNKEF - Post by User

Comment by bouquetson Apr 24, 2017 10:57am
144 Views
Post# 26157006

RE:RE:CKE's Quarterly CF will jump sequentially by year end

RE:RE:CKE's Quarterly CF will jump sequentially by year endOops.  Sorry, yes, you're right.  I had a brain fart.  Without Craft, in 4Q, Chinook produced 309 barrels of NGL out of 2,593 boe total.

But to clarify.

The condensate figures reported for the new wells are (as you say) are condensate only (as Chinook's press release makes clear).  But this is because this is a well test and free condensate is collected at the well; the propane and butane are collected later at the processing plant.  

The NGL figures in the MD&A include both the wellhead condensate and the propane and butane. This makes it difficult to compare with Storm, where the NGL and condensate are reported separately.




stockfy wrote: bouquets, please let me correct you because you make a mistake when you read MD&A in Q4 2016. In Q4 2016, you read that CKE produced 451 bbls crude oil per day and 613 NGLs (natural gas liquids) per day. But this figure includes Craft's production too. CKE's on an unconsolidated basis in Q4 produced 2,593 boepd and exited 2016 at 3,000 boepd as quoted from the latest press release below: 

" On an unconsolidated basis (excluding results from Craft), our fourth quarter 2016 production averaged 2,593 boe/d. "

So the bottom line is that CKE's 3 latest Montney wells don't have any low priced NGLs (butane and propane) according to the official press release, and all their liquids are high-priced Free Condensate (C+ pentane) that sells at a premium to WTI and boosts the IRR per well.

CKE also states it clearly in the press release and presentation, it's Free Condensate, there is not a word about low-priced natural gas liquids (NGLs) in their official results from the 3 latest Montney wells.


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