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Lindbergh Pilot expansion gets the green-light

Lindbergh Pilot expansion gets the green-light

Pengrowth Energy received regulatory approval for a 17,500 bbl/day expansion of its Lindbergh thermal project. The existing Lindbergh pilot produces 12,500 bbl/day of bitumen from the Cold Lake formation, although the facility exceeded nameplate capacity in the first quarter of 2016. Lindbergh uses steam-assisted gravity drainage (SAGD) technology to extract bitumen from the oil sands.

Despite the green-light, the company won't be allocating capital or making a final investment decision until oil prices recover.

AERIAL VIEW OF THE LINDBERG SAGD PILOT
LINDBERGH BY THE NUMBERS:

 REGION 
Cold Lake
 RESERVOIR 
McMurray
SAGD
 NO. OF WELLS 
44 operating • 46 total (Q1/2016)
 SOR 
Q1/16 @ 2.3 • Q3/15 @ 2.1
 CAPACITY 
12,500 bpcd
 AVG PROD'N 
Q1/16 @ 15,256 bpcd
 OPEX 
Q1/16 @ $8.81 • Q3/15 @ $9.86/bbl
 EXPANSION 
+ 17,500 bbl/day expansion approved
 OWNERSHIP 
100% Pengrowth Energy

Pengrowth Energy is headquartered in Calgary, Alberta and also has a presence in the natural gas market. Aside from Lindbergh, Pengrowth's assets include Cardium and Swan Hills light oil and the Groundbirch and Bernadet Montney gas projects.

Pengrowth's shares trade on both the Toronto Stock Exchange (TSX:PGF) and on the New York Stock Exchange (NYSE:PGH).

Western Canadian Select stages a spectacular May rally

Western Canadian Select stages a spectacular May rally

Alberta wages show signs of recovery

Alberta wages show signs of recovery

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