Big difference is much less wells but more capital efficient Compare the well slide from May'24 to Aug'24, big difference. They're dropping 3 Cardium wells this year still extra. And around 8 in both of the next years. This will massively extend tier 1 Cardium drilling inventory but more importantly: make BNE much more capital efficient to either FCF or grow when they want. MNT will be lower decline and higher recycle ratio's: 3.3.
2023 was 38 wells, 2025 will be only 23 wells. 2024 was 26 and 2026 will be 27 wells.
This is in my view to cash flow into the Bond repayment Oct '25 and any additional wells don't have the time to payback for themselves before that.
Net debt is now constantly dropping each quarter until Q3 2025. With Q1 at $ 133 mln and well withing Q1 divvy range. I expect it to be instated then.
Basically only 4 months from now.
They are where they want: in a position of strength and much more sustainable.
R.