We are revising our 2015 annual average production guidance upwards from 93,000 – 100,000 BOE per day to 97,000 – 103,000 BOE per day.
We are increasing our 2015 capital budget by $60 million from $480 million to $540 million.
The additional completions are underpinned by robust economics. The average expected rate of return for the completions (excluding the drilling capital already spent), using a flat West Texas Intermediate oil price of US$60 per barrel, is approximately 60%. The average expected payout period for the completions is less than two years under a flat WTI oil price of US$60 per barrel.