Tamarack Valley Energy Ltd T.TVE

Alternate Symbol(s): TNEYF

Energy Oil & Gas E&P

Tamarack Valley Energy Ltd. is a Canada-based oil and gas exploration and production company. The Company's asset portfolio is comprised of oil plays in Alberta, including Charlie Lake, Clearwater and several enhanced oil recovery (EOR) opportunities. The Company has an inventory of low-risk, oil development drilling locations. Its Clearwater oil play is located in north-central Alberta. Its Charlie Lake oil play is located in northwestern Alberta. Its EOR portfolio includes a set of assets across Alberta representing a range of formations and production types. The Company’s subsidiary is Tamarack Ridge Resources Inc.

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Tamarack Valley Energy Ltd

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Post by retiredcfon Dec 04, 2024 8:59am

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Post# 36344773

RBC

December 4, 2024

Tamarack Valley Energy Ltd.
2025 Formal Budget Unveiled

TSX: TVE | CAD 4.48 | Outperform | Speculative Risk | Price Target CAD 5.00

Sentiment: Neutral

Tamarack released its formal 2025 outlook which features a capital program of $430-$450 million, positioned to drive volumes of 65-67 mboe/d with a continued focus on the Clearwater and Charlie Lake. Investment also includes ongoing waterflood/EOR; drilling operations coincide with the commissioning of the CSV Albright plant.

2025 production guidance above RBC/Street estimates. Tamarack's 2025 base guidance of 65-67 mboe/d (83-85% liquids) came in +1%/+2% above current RBC/consensus estimates (midpoint) and represents +4% growth year-over-year on a guidance perspective.

2025 capital program emphasizing sustainability. Tamarack's $430-$450 million 2025 base capital program came in -6%/-4% below RBC/consensus estimates and is in line with 2024 guidance. The budget consists of $315 million for sustaining capital focused on the Clearwater and Charlie Lake and $125 million for growth and waterflood investment (increasing water injection rates by 60% YE24). Growth capital is inclusive of testing additional Clearwater sands and pursuing new zones.

Ongoing Operations - CSV Albright commissioning. TVE noted that it has drilled 4 net wells in Q4/24 in the Charlie Lake and are expected to be completed in 2025 coinciding with the commissioning of the CSV Albright plant in Q1/25. The incremental capacity is expected to deliver higher growth in the latter part of the year with no volumes included in Q1. TVE will continue operating a one rig program in Pipestone/Wembley.