Kelt Exploration Ltd T.KEL

CNRL Wembley 67% liquids?

[PabloLafortune]

So in their latest presentation Canadian Natural provides some information on their Wembley play,  The capital efficiency is now $6,800 per boe (IP365). More importantly, they are saying 10,000 liquids and 30,000 mcf gas by year end from 18 wells so 67% liquids. If so, that could explain a few things.

[Seppelt]

Wembley is a wide area. Kelt is further east of CNQ and if I remember correctly its production curve is less than 60% liquids. Still higher than about 40/60 in Oak. Kelt is now drilling 3 and 4 wells pads in Wembley. That should improve the cost and it will take time for the actual data on production mix and decline rates. It wouldn't hurt if results are above average but at higher commodity

[PabloLafortune]

Is it possible that CNRL is targeting the lower Montney? In Kelt's latest presentations, they inserted a line about delineating that formation. The $$$ on 8-10% more oil would certainly be compelling - almost pays for the well D&C. Keep in mind commodity prices were much lower when CNRL allocated $100M to Wembley capex (out of many competing projects on a $3.4B budget) for 2021, plus the