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Obsidian Energy Announces Early Start to Second Half Development Program and Corporate Update Webcast
23 well, second half 2021 development drilling program to be underway two weeks early Cor...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"Obsidian Energy Announces Early Start to Second Half Development Program and Corporate Update Webcast23 well, second half 2021 development drilling program to be underway two weeks earlyCorporate presentation to be webcast June 16 after the Annual and Special MeetingCalgary, Alberta--(Newsfile Corp. - June 8, 2021) - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") is pleased to announce that we expect to start our 23 well, second half 2021 development program two weeks earlier than anticipated. In addition, following our upcoming Annual and Special Meeting on June 16, 2021, we will hold a webcast presentation that provides a corporate update from our Interim President and CEO, Mr. Stephen Loukas, and other members of management.OPERATIONAL UPDATE Our second half 2021 development program will begin with our Cardium 1-33 Open Creek two-well pad in our East Crimson asset, with our first well expected to spud on June 16. By constructing padsites earlier in the year, we are able to capitalize on the favourable ground and weather conditions this spring and begin our second half development program two weeks earlier than anticipated. \"We're excited to start our second half program early,\" said Mr. Loukas. \"Our two-rig continuous drilling program will build on the strong results of our first half program that includes some new drilling records and pacesetter wells. The continued strength in commodity prices and recent market dynamics are highly encouraging, providing additional potential value to the Company through our significant capability to scale our development drilling, pay down debt and act on opportunities as we identify them.\"We expect to drill 23 wells (20.6 net) in our two-rig continuous drilling program in the remainder of 2021, predominantly in our Willesden Green and Pembina Cardium assets. Combined with the nine (9.0 net) wells drilled in our first half 2021 program (including one well rig-released in December 2020), we expect to bring 25 wells (22.8 net) on production in 2021 with the remaining seven wells (6.8 net) expected on production early in the first quarter of 2022. In addition, we brought the first of three Cardium wells on stream today at our four-well 6-21 Faraway pad in our East Crimson area. The other two wells are expected to be brought o...