Cardinal Energy Ltd (Alberta) T.CJ

Sagd production start date

[Keyplan]

Does they start ramping up production in 2025?

[Quintessential1]

Yes.  On page 19 of the Investor Presentation they show it starting to ramp up around August of 2025. https://cardinalenergy.ca/wp-content/uploads/2024/02/Q1-2024-Update-FINAL.pdf Onstream targeting is for Q1 2026 1. Reford SAGD Project • Project 1 ready; 18 months from commencement to first steam • 2024 budget includes initial capital to develop 6,000 bbl/d SAGD Project targeting

[lnggasfor202324]

Those numbers from all the SAGD land isn't including either in my numbers from my last post from the top of my head if i remember reading that correctly.

[Quintessential1]

I believe so.  The SAGD production is not included in the near future revenue models with the exception that its cap-ex does affect the payout and debt ratios as capital is obviously being deployed. Not really a big deal if you consider that by the time SAGD is streamed into production in 2026 it will have the effect of increasing production by about third at a lower cost per barrel than

[Quintessential1]

That should be 10-12% annually and about 1% monthly as you go. GLTA