OBE and Whitecap are joint owners on a lot of ground. (OBE is a 44% owner)
Last year OBE transfered operation of this asset to Whitecap.
Todays Q1/23 NR gives us the first idea of what happenned since.
This is the Pembina Cardium Unit 11
Whitecap apparently got straight to work on this land, with good results.
"Seven (3.1 net) wells were drilled since mid-2022, including 2 (0.9 net) injection wells. The three (1.3 net) wells drilled in the second half of 2022 have average 90-day IP rates of 420 boe/d (93 percent liquids) per well. Our partner’s full-year program includes 12 (5.4 net) Cardium wells in PCU#11."
ie, they drilled 5 producers. Three of those five averaged 420 boe/day during their first 9 days (aka, exellent).
This is like having a brand new area open up for OBE
Reading between the lines - Whitecap has lots of choices when it comes to where to spend its capital. Sounds like they decided this ground was too good to sit on, and talked OBE into handing over control of the drilling schedule, thereby allowing Whitecap to convert that oil in the ground into cash in the bank, for the benefit of both OBE and WCP!
Advantage Loukas.