Brief: New Times Energy Corporation Temporarily Shuts Production At GSA AND HRB

New Times

17/05/2024 16:02

May 17 (Reuters) - New Times Energy Corporation Ltd
 0166.HK :
    * TEMPORARILY SHUT-IN NATURAL GAS PRODUCTION OF 8,500
BARRELS OF
OIL EQUIVALENT PER DAY AT GSA AND HRB COMBINED
    * GSA FACILITIES HAVE SUFFERED PARTIAL DAMAGE BY WILDFIRES
    * BRITISH COLOMBIA GOVERNMENT RECENTLY IMPOSED EVACUATION
ORDERS
AT GROUP'S OIL AND GAS PRODUCTION SITES
    * DAMAGE SUFFERED BY GROUP DUE TO WILDFIRES IS PARTIALLY
COVERED
BY INSURANCE
    * EVACUATION ORDERS AT OIL AND GAS PRODUCTION SITES IN
GREATER
SIERRA AREA AND HORN RIVER BASIN
    * GROUP HAS SAFELY EVACUATED ALL AFFECTED PERSONNEL
    * PRECISE AMOUNT OF COMPENSATION PAYABLE BY INSURANCE
COVERAGE,
INCLUSIVE OF BUSINESS INTERRUPTION, SUBJECT TO ASSESSMENT
    * WILL CONTINUE TO MONITOR WILDFIRE SITUATION AND PROGRESS
OF
DRILLING PROGRAM IN MONTNEY FORMATION
    * PLAN TO DRILL FIRST OF TEN WELL PROGRAM IN WEST GOLD CREEK
AREA
OF ALBERTA WITH SCHEDULED SPUD DATE IN Q4 REMAINS UNCHANGED

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