Logan Energy expands Duvernay land and accelerates development in Alberta
- Logan Energy Corp. announced the accelerated development of its Pouce Coupe assets, including a new gas plant and infrastructure improvements.
- The company has revised its 2024 production guidance, maintaining an average production of 8,700 BOE/d while increasing capital expenditures to $140 million.
- These developments are part of Logan's strategy to enhance operational efficiency and reduce costs, aiming for a corporate operating cost below $8.00 per BOE by 2028.
Logan Energy Corp. has taken significant steps to enhance its operational capabilities in Alberta, particularly focusing on its Pouce Coupe assets. The company announced plans to construct a 40 mmcf/d gas plant, a compressor station, and an oil battery, which are crucial for the full-field development of the area. This infrastructure is expected to play a vital role in reducing corporate operating costs to below $8.00 per BOE by 2028. In conjunction with these developments, Logan has updated its 2024 production guidance, maintaining an average production level of 8,700 BOE/d. The company has also increased its capital expenditures for the year to $140 million, reflecting its commitment to advancing its infrastructure and drilling programs. This strategic investment is aimed at optimizing production and enhancing the overall efficiency of operations. The revised guidance indicates a slight increase in the liquids percentage in production, showcasing Logan's focus on maximizing its liquid-weighted drilling inventory. The company is also preparing for a significant increase in production, projecting an average of 12,800 BOE/d in 2025 and aiming for 20,000 to 25,000 BOE/d by 2028. These initiatives underscore Logan Energy's proactive approach to navigating the challenges of the energy market while positioning itself for future growth. The combination of infrastructure development and strategic financial planning is expected to yield positive results, enhancing the company's operational performance and financial stability.