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BRIEF-Parex Plans To Increase Production And Re-Start Capex Programs

Published 2020-06-24, 04:42 p/m
© Reuters.
PXT
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June 24 (Reuters) - Parex Resources Inc PXT.TO :

* PAREX PLANS TO INCREASE PRODUCTION AND RE-START CAPEX PROGRAMS

* PAREX RESOURCES INC - Q2 2020 AVERAGE SALES VOLUMES ARE ESTIMATED AT 42,700 BARRELS OF OIL EQUIVALENT PER DAY

* PAREX RESOURCES INC - VOLUNTARILY CURTAILED Q2 PRODUCTION VOLUMES

* PAREX RESOURCES INC - EXPECT TO GRADUALLY INCREASE PRODUCTION INTO Q4 WITH A TARGETED RANGE OF 44,000-48,000 BOE/D

* PAREX RESOURCES INC - PRODUCTION IS CURRENTLY ABOVE 40,000 BOE/D

* PAREX RESOURCES INC - ESTIMATES Q3 2020 PRODUCTION TO AVERAGE 42,000-44,000 BOE/D.

* PAREX RESOURCES INC - WILL BE BUILDING CONTINGENT PLANS TO ADD A DIVERSE EXPLORATION PROGRAM FOR Q4 2020

* PAREX RESOURCES INC - COMPANY IS DEBT-FREE

* PAREX RESOURCES INC - ESTIMATED POTENTIAL H2 2020 CAPITAL PROGRAM OF $65-$70 MILLION FOR A TOTAL FULL-YEAR 2020 CAPITAL OF $145-$155 MILLION

* PAREX RESOURCES INC - AS AT MARCH 31, 2020, COMPANY'S WORKING CAPITAL WAS $330 MILLION

* PAREX RESOURCES INC SEES Q2 CAPITAL EXPENDITURES $10-$12 MILLION

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