Logan Energy Corp V.LGN

Alternate Symbol(s): LOECF

Energy Oil & Gas E&P

Logan Energy Corp. is a Canadian energy company. The Company is engaged in exploration, development and production of crude oil and natural gas properties, focused on the Simonette and Pouce Coupe areas of northwest Alberta and in the Flatrock area of northeastern British Columbia, and has recently established a position within the greater Kaybob Duverney oil play with assets in the North Simonette, Ante Creek and Two Creeks areas. The Flatrock asset is an emerging, undeveloped Montney asset for both gas condensate and oil development. High quality subsurface properties underpin this high potential greenfield asset that it will methodically advance towards development. The Pouce Coupe asset is a high-quality Montney asset spanning from the gas condensate to light oil window with repeatable and highly economic inventory. The Simonette asset is an opportunity-rich asset with scale and substantial infrastructure in place.

TSXV:LGN - Post by User

Logan Energy Corp

<< Previous

Bullboard Posts

Next >>

Post by retiredcfon Sep 11, 2023 8:35am

296 Views

Post# 35628968

TD

Maintain their $1.40 target. GLTA

Logan Energy Corp.

(LGN-V) C$1.05

TD Checks into Logan's Operational Activity

Event

TD Provides Update on Logan's Field Activity

Impact: NEUTRAL

Logan Energy, the high-growth Montney company spun out of Spartan Delta, began trading on July 14. Despite less than two months of operations as a standalone entity, the company has been quite active. Field operations are currently focused on its two core Alberta properties — Simonette and Pouce. We looked to public data and reconciled our findings with the company.

In the following page, we have included maps of the two Alberta blocks and outline where on these properties current activity is taking place.

Key Takeaways

Simonette — At Simonette, the company has drilled a total of two wells. One of these wells (05-11-064-26W5) has already been completed and is flowing back. Completion operations on the second well (13-33-061-27W5) are scheduled to start in mid-September. We see one incremental licensed location that is yet to be spud.
Pouce — At Pouce, public data shows three licensed locations from a single pad. We understand that a drilling rig has been directed to the site and the first Logan well in this area will be spud imminently.

Our View

In addition to the administrative tasks associated with forming a new company, Logan has been quick to start field operations. By month-end, in our view, Logan will have drilled three wells (and completed two). The third well will likely be completed shortly thereafter.
From a timing perspective, the IP30 rate at Simonette will likely be known to the company by mid-October, but not likely released to the public until mid-Q4.
We view the release of the first Simonette well results as a potential positive catalyst as it could confirm our view that modern drilling/completion practices on the play will result in improved rates (and returns) relative to the legacy wells that were drilled before 2018.

For additional details on Logan, along with various financial sensitivities and TD-estimated play economics, please see our recently published initiating coverage report here.