RE:RE:RE:What's with that loud flushing sound?This flushing will not stop until well past 52 week lows Lots of money spending with lower oil outputs = lower than target profits = share price hammering
08:45 AM EST, 11/16/2017 (MT Newswires) -- Seven Generations Energy (VII.TO) said on Thursday that its 2017 oil and gas production would be at the low end of its target of 175,000 to 180,000 barrels of oil equivalent per day (boepd) because of problems at a natural-gas plant, even as it eyes growth in 2018 and pushes forward on a plan to boost output above 300,000 boepd by 2022.
The Western Canadian petroleum producer, whose shares have dropped 38% over the past 12 months, expects to spend about $1.7 billion next year, a 6.3% increase from its expected 2017 capital spending, to raise production to about 205,000 boepd.
It said it the money will be directed to drilling in its core shale-gas holdings in Alberta and British Columbia, as well as on production facilities aimed at raising 2019 output to as much as 240,000 boepd and laying the groundwork for its 2022 target of 300,000 boepd.
Seven Generation's Frankfurt-listed shares (7G5.F) were down 0.12 Euros, or 1%, to 11.97 Euros, near a 52 week low of 11.92. The shares closed Wednesday on the Toronto Stock Exchange at $18.25, down $0.44, and at the low end of their 12-month trading range of $16.35 to $32.90.
Price: 18.25, Change: 0, Percent Change: 0