From GlobeNewswire:

Parex Resources Inc. has released its 2024 budget and three-year outlook, with plans to target an average production of 57,000 boe/d in 2024 and an estimated funds flow of $625 million. The company achieved record average production in 2023, with positive test results at the Arauca-8 exploration well. Parex plans to focus 75% of its capital expenditures on investments in operated blocks and to initiate a notice of intention to make a normal course issuer bid to the Toronto Stock Exchange for calendar 2024. The 2024 corporate guidance includes an estimated Brent Crude Oil average price of $75/bbl and a funds flow range of $590-660 million. The company also plans to drill approximately five near-field exploration targets across various strategic blocks in 2024, with the big ‘E’ exploration program targeting transformational opportunities for the company.

In terms of its capital expenditure breakdown and activity overview, Parex plans to spend approximately $210 million on development activities, $90 million on development facilities, $40 million on near-field exploration, and $50 million on big ‘E’ exploration. Additionally, the company plans to utilize new seismic processing technology to drill its high-impact targets. Parex’s Q4 2023 average production was 57,329 boe/d, reflecting a 6% increase from Q4 2022, and the company expressed optimism about the promising outcomes seen at Arauca.



Read more: Parex Resources Announces Record Full-Year & Fourth Quarter