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Canadian Natural Resources is the largest and one of, if not the most respected name in the Canadian energy sector. As such, it is always interesting to follow what the company is up to, where it is allocating its capital, and any changes in asset mix or activity levels. That’s why it was noteworthy over the last 30 days that the company has licensed 31 Montney wells west of Grande Prairie. Prior to these licences, over the last two years CNRL only had 48 other Montney licences in this area, so this appears to be indicating a potential pickup in activity levels at Wembley. The company also only had 34 Montney spuds in this area over the last 2 years, so these licences alone could almost double that recent spud count if drilled. This area is noteworthy as it is where CNRL acquired the Wembley assets from Cenovus in Q4 2021. At the time of Cenovus ’ press release in Q4 2021, the acquiring company was not listed, but the asset transfers have been shown on BOE Intel for some time. Over the last 2 years, CNRL has acquired 123.2 net sections of mineral rights via transfer in this […]
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