- Kelt Exploration (TSX:KEL) has revealed that it will delay the start-up of its natural gas wells until Q4 2024 as a result of higher-than-average natural gas storage inventories and weak gas prices
- The company still anticipates closing out the year with daily production between 45,000 to 50,000 barrels of oil equivalent during Q4 2024
- Average production for 2024 is forecasted to be in the 34,000 to 36,000 BOE per day range
- Shares of Kelt Exploration are down 2.16 per cent to C$6.35 as of 12:37 pm ET
Kelt Exploration (TSX:KEL) has revealed that it will delay the start-up of its natural gas wells until Q4 2024 as a result of higher-than-average natural gas storage inventories and weak gas prices.
Despite this, the company stated in a news release that it still anticipates closing out the year with daily production in Q4 to fall between 45,000 to 50,000 barrels of oil equivalent (BOE).
Q2 2024 production has notably been impacted by downtime at a third-party facility at the Wembley-Pipestone area and it is expected to average between 30,000 to 31,000 BOE per day.
With Q3 on the horizon, Kelt Exploration anticipates production being reduced as a result of the postponement of certain gas wells that were previously anticipated to come online.
Meanwhile, average production for 2024 is forecasted to be in the 34,000 to 36,000 BOE per day range.
Kelt Exploration is an oil and gas company, focused on the exploration, development and production of crude oil and natural gas resources in Western Canada, with primary operations in Alberta and British Columbia.
Notably, the company has a resource base that includes roughly 339,000 acres of Montney rights and roughly 87,000 acres of Charlie Lake rights.
Shares of Kelt Exploration Ltd. are down 2.16 per cent to C$6.35 as of 12:37 pm ET.
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(Top image of natural gas wells: Adobe Stock)