The North Montney - Progress Energy Resources · • The North Montney - Now on the global stage...
Transcript of The North Montney - Progress Energy Resources · • The North Montney - Now on the global stage...
The North MontneyDaniel TopolinskyExecutive Vice President, Exploration & Development
Jim StannardSenior Vice President, Development
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• PETRONAS acquired 50% of Progress’ interest •Altares•Lily•Kahta
• JV Comprises 149,910 gross working interest acres
• ~20% of Progress North Montney lands (gross)
• ~10% of Progress North Montney lands (net)
• Capital budget being expanded • $387MM for 2011/12• $341MM for 2012
• Three rigs operating in Q4 2011
North Montney Joint Venture
KAHTA
LILY
ALTARES
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Altares – Active Area
TLM/SASOLCYPRESSDEVELOPMENT5 Hzls
TLM/SASOLFARRELL CREEKDEVELOPMENT80 Hzls
CANBRIAMDEVELOPMENT7 Hzls
CNRLDEVELOPMENT2 Hzl2 licenses
CANBRIAMFARRELL CREEKDEVELOPMENT14 Hzls
T-North Pipeline
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Altares – 2012 Budget
• 8-10 horizontals in two or three pods
• Compressor station and associated
pipelines
• Refrigeration facility with 50 MMcf/d
capacity, expandable to 100 MMcf/d
T-North Pipeline
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Lily – 2012 Budget
• 9-11 horizontals in three pods
• Two compressor stations and
associated pipelines
T-North Pipeline
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Kahta – 2012 Budget
• 6-8 horizontals in two pods
• 4 vertical delineation tests
• One compressor station and
associated pipelines
T-North Pipeline
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NMJV Summary
Gross 100%($MM)
Capital Carry37.5%($MM)
PRQ net12.5% ($MM)
Wells (Gross)
Altares 125 47 16 8-10
Kahta 78 29 10 6-8
Lily 115 43 14 9-11
Other 23 9 2
2012 341 128 42 23-29
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Dominant Player in the North Montney
• The North Montney- Now on the global stage
• Ten pods in various stages of development
- Adding low cost, high netback production
• North Montney Joint Venture
- Aggressive plans for 2012
• Rich in Additional Opportunities
- Over 350,000 undeveloped acres
- Defining additional pods