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Obsidian Energy Announces 2022 Operations Update, 2023 Guidance Update, and Inaugural ESG Report
• 2022 second half development program continues to perform with strong results in Wil...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"Obsidian Energy Announces 2022 Operations Update, 2023 Guidance Update, and Inaugural ESG Report• 2022 second half development program continues to perform with strong results in Willesden Green and Peace River• Recently drilled Seal Clearwater oil well on production • 2023 guidance and return of capital intentions to be announced in January 2023• Inaugural Environment, Social and Governance Report publishedCalgary, Alberta--(Newsfile Corp. - December 16, 2022) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") is pleased to provide an update on our 2022 second half development program, our 2023 guidance, and the release of our inaugural environment, social and governance report for 2021. 2023 GUIDANCE We are committed to delivering a budget that balances production growth and free cash flow generation for 2023. Given the considerable optionality of our asset base coupled with results from drilling programs that are still in progress from our active 2022 capital program, and the recent volatility in both oil prices and heavy oil differentials, we are deferring the release of our 2023 capital budget and associated guidance until January 2023 to allow more time to refine and optimize our operating plans.While evaluating various development opportunities for our 2023 program and considering different pricing scenarios, the Obsidian Energy team is moving ahead with plans and preparation for first quarter 2023 development. We expect that the 2023 program will include drilling in all core areas including first quarter 2023 drilling in our Viking area following the successful step-out well in 2022, and a significant Clearwater exploration and Bluesky program in Peace River. Once the 2023 capital budget has been approved, detailed guidance along with our intentions regarding continued debt repayment and shareholder return of capital will also be provided.2022 DEVELOPMENT PROGRAMSince the end of the third quarter, an additional 14.0 wells (13.4 net) were rig-released, including four Cardium wells (4.0 net) in Willesden Green, three Cardium wells (2.9 net) and one vertical Devonian well (0.5 net) in Pembina, and five Bluesky wells (5.0 net) and one Clearwater well (1.0 net) in Peace River. We expect to finish drilling the remainder of our 35 ...