Scotia--Wells we are watchingIn the Hopper: Other wells we are watching Crew Energy Inc. (CR-T; SO; $1.80/share TP). CR plans to spend the majority of its 2019 capital budget in Q1/19 ($60M to $70M out of $95M to $105M), with five to six drills and eight completions planned for the West Septimus Montney Ultra Condensate Rich (UCR) window. The wells are expected onstream by the end of May 2019 and are a potential catalyst for the stock. The company also plans to drill two Montney exploration wells during 2019 (including the CREW HZ MONIAS A14-34-082-21)
Kelt Exploration Ltd. We expect commentary on the first six wells from KEL’s Inga Montney 24-well pad. Within this set of wells, the company has drilled two into each of the Upper, Middle and IBZ Montney layers with one well in each layer testing plug and perf completion technology (versus the typical ball drop completions in the other wells). Later in the year (likely late Q3/19), we expect to see KEL’s initial ramp-up in the Wembley Montney play (immediately south of Valhalla; see Exhibit 1).
Painted Pony Energy Ltd. (PONY-T; SP; $2.25/share TP). We are watching for follow-up results to PONY’s 2018 South Townsend condensate-rich wells (see our note). The company has drilled one well further to the south (PAINTED PONY HZ KOBES D- 005-H/094-B-09) and licensed three others from a common surface location