25% Discount on Q1 capital & ~ 600 boe/d Montney behind pipeThey're really focused on divvy: if prices and capital at all make it possible.
For the rest they have 3.6 wells drilled but uncompleted and their average nr of drills & completed wells in Q1 is ~ 12 so the capital in Q1 can be lighter than '22/'23
They have ~ 600 boe/d montney behind pipe (63% oil) which has not been included in the budget: any time/date they are getting eggress, where they've said they're progressing on, this will be added immediately to production: that's about worth 5 Cardium wells.
Depending on prices and these circumstances BNE can certainly outperform expectations in my view but the budget, as usual, is conervative.
Remember they've kept to the budget and outperformed it even while still buying and drilling a completely new Montney resource play AND still have 3.6 wells in their pocket.
Operationally these guys have killed it and added insane value with the $ 2 mln cost Montney acreage play.
However the share price still doesn't play ball so, in time, the divvy increasingly will have to play that role to unlock monetary value for investors, which hopefully brings along the share price.
R.