RE:RE:Cardium producersEven though not a private company...Tamarack Valley's Cardium assets are rumoured to be for sale.
And most logical thing for TVE to do, is sell their cardium assets while oil prices are high, I do see some companies wanting to get more concentrated.
But obvious TVE wants to sell cardium stuff at some point as they not investing much capital here.
Somewhat a fit for both BNE and Saturn...maybe more interesting in these assets.
TVE probably hasnt sold them yet as be hard to stomach getting 100m for it when high NG prices in 2022 made it freecashflow well. Bidders havent beeen enough.
Not sure what is produces but think 10k boe.
Cons of the TVE cardium stuff is best locations are gassy side, liquid ratio is like 60% ish if lucky. Ricochet wil be much higher on oil content. 2 oil side wells TVE tried were not that economic in 2022, 13 or 17k after 9 months isnt good enough for payback on long wells 2 miles and some NG.
But BNE is master of using 1 mile wells for oil pockets so maybe they could do this better. Strong NG gas well locations.
Pro's of tve cardium is going to be fairly good reclaimation, even the vertical wells are 1980 not 1960's and lots of horizantal wells. Another pro is not drilled out as hard as other parts. Decent reserves, 50m plus. Some of it is also close to BNE wells, so maybe some cost savings on operating.
I do think be some deals by somebody as sellers will want to take advantage of high oil price window.Not in this long term, time to get out and TVE or Cenovus even...dont need the cardium.
Cenous prob has kept the cardium this long as they do have other zones with boomer ng wells in pembina. Different than pur cardium assets.