Brief: Questerre updates Montney activities, sees Q4 capex of CAD 20 mln

Questerre Energy (Canada)

17/10/2014 04:46

OSLO, Oct 17 (Reuters) - Questerre Energy Corp  QEC.TO  
    * Recent developments in the Kakwa-Resthaven area of west 
central Alberta: Production from the Company's joint venture 
acreage resumed earlier this month following a scheduled 
shut-down for third party processing plant maintenance.  
    * Current production, net to Questerre, from this acreage is 
approximately 1,000 boe/d.  
    * Combined with light oil production primarily from 
Saskatchewan, total Company production is now about 1,500 boe/d. 
    * Completion operations are scheduled to commenceshortly on 
three recently drilled wells on the jointventure acreage 
including the 04-19-63-5W6M well("04-19 Well") well, 
01-14-63-6W6M well ("01-14 Well")and the 03-30-63-5W6M well 
("03-30 Well").           
    * Questerre holds a 25% working interest in these wells.  
    * Subject to the completion, equipping and tie-in, two of 
these wells are scheduled to be on production prior toyear-end 
and the third once central processingfacilities are expanded 
early in the new year.  
    * The joint venture has contracted two rigs with 
onedelineating the acreage to the west of the existingproduction 
and the second focused on drilling infill wells. 
    * Status of completion operations on the 14-29-63-6W6M well 
at Kakwa North: During the fracing operations, a leak was 
discovered in the casing in the horizontal section. This has 
prevented operations from continuing. 
    * Operations to repair the leak are now being organized. 
Subject to equipment availability, fracing and testing 
willresume once these repairs are completed. 
    * The Company also reported that it is finalizingdiscussions 
to contract a rig and the associatedequipment for its next well 
at Kakwa North that isscheduled to spud prior to year-end.  
    * Preliminary engineering work is also underway for a 
pipelinetie-in at Kakwa North to a third party processing plant. 
    * At Kakwa South, the Company is finalizing the equipping 
and tie-in of the 16-07-62-5-W6M well, which is expected to be 
on stream by mid-November. 
    * The Company anticipates its capital expenditures forthe 
fourth quarter of this year will be approximately $20 million 
and will be financed by its working capital, cash flow and 
undrawn credit facilities of $50 million. 
 
Source text for Eikon:  ID:nObiXZ1Xda  
Further company coverage:  QEC.TO  QEC.OL  
 
 (Reporting by Camilla Knudsen) 
 ((camilla.knudsen@thomsonreuters.com; +47 2331 6595; Reuters 
Messaging: camilla.knudsen.thomsonreuters.com@reuters.net)) 
 
Keywords: QUESTERRE ENERGY /BRIEF