Athabasca has a unique liquids-weighted asset portfolio. The production base is underpinned by low decline, long reserve life assets in the oil sands and complemented by a deep inventory of short-cycle time, high returning assets in Light Oil. The asset base has exposure to Canada’s most active resource plays (Montney, Duvernay, Oil Sands) with decades of development potential.
Athabasca Oil Sands Corp ranks #72 in wells drilled in 2022 with 12 wells drilled in Western Canada.
Leismer has over 700 million barrels of Proved plus Probable Reserves and is the Company’s cornerstone thermal oil asset. Current production is ~21,600 bbl/d with a steam oil ratio (“SOR”) of ~2.9x (November 2022). Production from five additional Pad L8 wells drilled in 2022 will commence in Q2 2023 and ramp up to a plateau rate of ~6,000 bbl/d. Leismer is expected to exit 2023 with production of ~24,000 bbl/d. A facility debottleneck project has been sanctioned and will support sustainable growth up to ~28,000 bbl/d in 2024. This production level can be held with modest sustaining capital (~$6/bbl) for many years into the future. Capital scope in 2023 includes an oil processing facility upgrade, along with drilling four additional sustaining well pairs at Pad L8 and four infill wells at Pad L7. The Company is able to leverage existing excess steam capacity and has been proactive in acquiring long lead equipment to ensure successful delivery of the program at a competitive capital efficiency of ~$14,000/bbl/d for the debottleneck project. This project is expected to enhance margins through increased operating scale. The Company has also partnered with Entropy Inc. with plans to sanction the first phase of the CCS project in 2023, utilizing capital and proprietary technology provided by Entropy.
Oil & Gas Permit Download
Athabasca Wells Drilled 2022
At Hangingstone, the Company is preparing for future sustaining well pairs in 2024 and beyond.
At Placid in the Light Oil division, Athabasca will commence drilling a multi-well Montney pad in Q1 2023 with completions and tie-in to follow in the summer. The Montney program is designed to offset natural production declines and maintain strong operating margins. The Company believes its Kaybob Duvernay assets have also demonstrated sustained top-tier results. The Light Oil land position has no near-term expiries and is ready for future development with over 850 Montney and Duvernay locations.
Energy News
