Capital spend planned $19 m19 Nov 2019 09:39
What happens to the planned capital spend? It looked fine to spend $19m of $40m, but now that there’s only $20m?
‘As a result of the Company's successful drilling campaign in Block 95 to date, the Board of Directors has approved an additional $19.0 million of capital expenditures for 2019. Approximately $14.0 million will be deployed to drill and complete the 5H well, which will target updip oil to the northern portion of the structure; and $5.0 million will be directed to bring additional production facilities to the field by mid-2020, as an interim step to installing CPF-2 by year-end 2020. The Company expects the interim capital spent will yield an additional 5,000 BOPD of capacity in mid-2020. As mentioned above, the CPF-2 should bring total field oil production capacity to 20,000 BOPD by year end 2020.’