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CALGARY, AB – Advantage Oil & Gas Ltd. (“Advantage” or the “Corporation”) is pleased to provide an operational update, including a step change in well productivity combined with reduced capital costs. All development in the second half of 2020 was focused on the foundational Glacier asset, using existing infrastructure and owned plant capacity, with a focus on highest internal rate of return wells. Development Program Highlights from the Second Half of 2020 : Drilled 13 wells with exceptional execution. Average penetration rates for the program increased by 27% compared to the previous two Glacier programs, and average total drill costs (including fixed costs) were reduced by 10%. For the last seven wells, spud to rig-release time was only 9 days. Completed and tied-in 6 wells incorporating progressive frac design and geological targeting. Average frac count was increased 13% and total sand placed increased by 8%, using locally sourced sand and a revised fluid design. Post clean-up, IP30 of the first 5 wells averaged 10.5 mmcf/d at an average pressure of 9.1MPa. This exceeded the 2017 to 2019 results by approximately 87%. All wells were choked back to minimize erosional risks and impacts on preexisting wells; after 1.5 months of […]
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